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The global electrical steel market size was evaluated at USD 23.4 billion in 2020 and is expected to expand at a compounded annual growth rate (CAGR) of 4.9% from 2021 to 2028. Increasing electricity generation worldwide is one of the key driving factors for market growth. As the name implies, electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These properties make it highly desirable for applications related to electricity consumption, distribution, and generation.
Electrical steel finds application in generators, electric motors, relay, solenoid, and other electromagnetic devices, which are further used in power distribution systems and other related applications. The U.S. is the second-largest electricity generator in the world. In 2020, the country generated around 4,000 TWh of electricity from its utility-scale generators and reported an increase of 16.7% from 2019 in power generation by renewables.
Despite the pandemic, which majorly affected the global economic growth, the plug-in vehicle sales were around 3.24 million in 2020, over 43% higher than in 2019. With an increase of 137% in EV sales from 2019 to 2020, Europe surpassed China and became the largest EV market in 2020. Rising EV production propels the use of electric motors, thus, boosting electrical steel consumption.
The rising demand for electrical steel has compelled manufacturers to expand their production. For instance, in May 2021, JSW Steel and JFE Steel Corporation signed an MoU to begin a feasibility study for establishing a joint venture company in India for manufacturing and sales of electrical steel sheets in the country.
In terms of revenue, the Non-grain Oriented Electrical Steel (NGOES) dominated the market for electrical steel and accounted for the largest revenue share of more than 70.0% in 2020. NGOES finds application in the entire energy value chain from generators to electric motors and appliances. It is available in numerous grades depending upon properties, composition, and applications.
In 2020, the transformer segment held the largest revenue share of more than 52.0% of the overall market. Increasing complexity in electrical grids, penetration of EVs, rise in digital loads, and growth in decentralized generation have augmented the need for transformers.
The motor segment is anticipated to register the fastest growth rate across the forecast period. The high frequency, high permeability, and excellent magnetic properties of electrical steel make it preferable in electric motors. Increasing emphasis on EV production is propelling the need for electric motors, which is eventually expected to benefit market growth.
Asia Pacific dominated the electrical steel market and accounted for the largest revenue share of more than 71.0% in 2020. Based on region, North America held a revenue share of more than 8.0% of the global market in 2020. Growing emphasis on power generation and EV production in the region has propelled the need for electric motors and charging stations, which in turn is driving the market for electrical steel. For instance, in March 2021, Foxconn announced to build EVs in North America by 2023. The company plans to invest NTD 10 billion (USD 354 million) for the next three years for EV-related and other operations.
Europe was the second-largest regional segment of the market for electrical steel in 2020. The EV market is the key growth driver for the consumption of electrical steel in the region. With 1.4 million EVs sold, Europe held a 45% share of global EV sales in 2020. The growing EV market attracted foreign companies to invest in the region.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2028. For this study, Grand View Research has segmented the global electrical steel market report based on product, application, and region:
#1 steel, #2 steel, cast iron, light iron, unprepared steel, steel turnings, dirty motor blocks, P&S, unprepared P&S, baling, busheling, P&G busheling, miscellaneous steel, bed frames, anything and everything magnetic, all appliances, refrigerators, washers, dryers, microwaves, toasters, cash registers, George Foreman grills, strollers, gym equipment, exercise bikes, treadmills, dumbbells, weights, benches, trash cans, cast iron radiators, water heaters, boilers, oil tanks, tractors, bike frames, cages, car or truck bodies, motors, rotors, car or truck rims, shelving, nails and screws, tools, large machinery, chain, barrels, garage clean-outs, nuts & bolts, railings, sign post, fence post, chain link fence, springs, barrels, cages, bins, cast iron sinkers, air conditioners
Machine shops, sheet metal, duct work, roofing materials, framing materials, plumbing materials, electrical materials, fencing materials, sump pumps, fuses, control panels, stainless steel kitchen equipment, metal desks, chairs, folding chairs, file cabinets, springs, welding scrap, torching, torch scrap, fans, drills, train scrap, chain link fence, fence poles, plows
Manufacturer of Arnon electrical steel for motor and transformer applications. Grain and non-grain oriented electrical steels are available. Non grain oriented is offered in 0.005 in. and 0.007 in. thicknesses and laminations from 0.0118 in. to 0.0185 in. Features include high frequency and low coercivity. Engineering, designing, prototyping, fabrication, calibration, turnkey and testing services are available. Aerospace, defense, oil and gas, consumer and industrial, automotive, medical, energy storage and advertising markets are served. Meets IEC 60404-8-8 standards.
ISO 9001: 2015 certified distributor of steel in a wide range of alloys, sizes and forms including electrical, electrogalvanized, enameling, expanded, file and fineblanking steel. Alloys include stainless steel, tool steel and carbon steel. Also ISO 9001: 2008 certified distributor of aircraft quality stainless steel. Forms available include pipes, bars, tubes and tubing, wires, rods, sheets, plates, coils, angles, channels, springs, blanks, flanges, frames, inserts, columns, cylinders, discs, moldings, beams, ends, pins, plugs, rings, rolls, saws, shells, studs and strips. Markets served include chemical, automotive, aircraft and aerospace, medical, mechanical and food and beverage.
Manufacturer of standard and custom channels, profiles, mouldings, angles, tubing, rings, rims, railings, brackets, Z bars and clamps. Also, panels, fins, plates, track caps or covers, slats, strips, gaskets and flashings offered. Roll forming and fabrication services provided. Serves the agricultural, architectural, beverage, ceiling, conveyor, electrical, textile, woodworking and military industries. Made in the USA.
Worldwide distributor of electrical steel, high temperature steel, high tensile steel, & maraging steel for aircraft, electrical & other industrial applications. Stainless steel round, square, rectangular tubing & piping, mill & ornamental finishes. Polished bar, sheet & coil. Polished No. 3, No. 4, No. 6, & 180 grit thru Ra specifications. Capabilities include sheet, plate, flat bar, square bar, angle, square & rectangular tubing. Services include complete precision sawing, cut-off services, flat surface finishing, precision hydraulic accushearing, precision shearing, water jet cutting, welding, polishing, & laser cutting. Industries served include aerospace, medical, pharmaceutical, aircraft, biotech, chemical, food process, marine, packaging & pharmaceutical.
Manufacturer and distributor of drill, electric furnace, electrical, file, flapper valve, flat ground stock, free-machining and galvanized steel. Available in all sizes and shapes including channels, strips, bars, rods, plates, angles, sheets, wire mesh, pipe and tubes. Capabilities include shearing, MIG/TIG welding, heat treating, tempering, quenching, forming, band saw/waterjet/flame/plasma cutting, punching and drilling. Serves the aerospace, shipbuilding, heavy equipment, defense, construction and architectural industries. Stock items available. Meets MIL-P Spec, ASTM, ASME and AMS standards.
Distributor of electrical steel. Various capabilities include shielding, etching, annealing, beveling, grinding, blasting, boring, milling, testing, plating, fabrication, cutting, deburring, drilling, electropolishing, forging, grooving, honing and threading. Items are available in stock.
ISO 9001:2015 certified distributor of wire, strip and slit coil products used for electrical applications. Wire products range from 0.005 in. to 0.625 in. diameter and strip from 0.0020 in. to 0.065 in. thick by 0.024 in. to 24 in. wide. Industries served include automotive, aerospace, medical, consumer goods, electronics, oil and gas, spring applications, power generation and environmental. Strip products can be oscillate/traverse wound on reels and spools, ribbon wound, or be provided as block coils on cores. Provides strip edges including 1, 3 and 5 edges, and specialty skived edges to print. Slits narrow widths to exacting tolerances. Reach and RoHs compliant.
Distributor of steel sheets for the agriculture, automotive, construction, electrical, HVAC, transportation, water and marine industries. Carries a wide variety of stock in hot dipped galvanized, galvannealed, aluminized, hot rolled and HRPO and CR in master coil, slit to size or cut to length. Available in different tensile and yield strengths and various grades and coatings. 041b061a72