The United States electrical steel market is expected to sustain a robust position with a projected Compound Annual Growth Rate (CAGR) of 5.40% through 2033, primarily driven by the increasing adoption of electrical steel in electric vehicle manufacturing and the expansion of sustainable mobility initiatives, highlighting the industry’s ongoing growth and adaptability to evolving technological trends and environmental priorities.
NEWARK, Del, Nov. 03, 2023 (GLOBE NEWSWIRE) — The electrical steel market is estimated at US$ 42,135.7 million in 2023, with a projected value of US$ 44,326.7 million by 2033. The demand for electrical steel is expected to rise at a CAGR of 6.5% from 2023 to 2033. The electrical steel industry is propelled by the increasing demand for electricity across various sectors, including energy, automotive, and manufacturing.
The emphasis on energy efficiency and the rapid expansion of the renewable energy sector contribute to the heightened demand for electrical steel products. Moreover, the ongoing advancements in electrical infrastructure, such as the modernization of power grids and the development of smart cities, bolstered the need for high-quality electrical steel.
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The industry faces several challenges, including fluctuating raw material prices, which can significantly impact the production costs of electrical steel. Additionally, the emergence of alternative materials, such as aluminum and plastics, threatens the demand for electrical steel. Stringent environmental regulations and compliance requirements also hinder the industry’s growth, as adherence to these standards can increase manufacturers’ operational costs.
With the increasing emphasis on sustainable energy solutions, investing in new technologies for the production of eco-friendly electrical steel presents a promising avenue for growth. Expanding into emerging markets, particularly in regions witnessing rapid industrialization and infrastructural development, offers significant market penetration and expansion potential.
Focusing on niche markets, such as high-performance electrical steel applications, could provide a competitive edge for industry players. The industry is witnessing a shift toward the development of high-performance electrical steel products that offer enhanced magnetic properties and energy efficiency. This trend is largely driven by the increasing demand for advanced electrical steel to produce transformers and motors.
“There is a growing emphasis on the adoption of sustainable manufacturing practices, encouraging the integration of eco-friendly processes and materials in the production of electrical steel.” – Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Electrical Steel Market:
- Grain-oriented electrical steel dominates the industry, with a significant market share of 51.7% in 2023.
- Motors emerged as the top application type, capturing a substantial market share of 45.6% in 2023.
- The United States maintains a resilient position in the electrical steel market with a projected CAGR of 5.40% through 2033.
- Canada’s electrical steel market is expected to witness a steady CAGR of 6.10% through 2033.
- Germany sustains its growth momentum with a robust CAGR of 6.00% through 2033 in the electrical steel market.
- Italy exhibits a steady CAGR of 5.10% through 2033 in the electrical steel industry.
- France showcases a notable CAGR of 7.00% through 2033 in the electrical steel market.
- The United Kingdom maintains a robust CAGR of 6.50% through 2033 in the electrical steel industry.
- Spain sustains its growth trajectory with a stable CAGR of 5.60% through 2033 in the electrical steel market.
- China’s demand for electrical steel is rising, with a projected CAGR of 7.20% through 2033.
- India’s adoption of electrical steel is expected to rise at a CAGR of 8.20% through 2033.
- Japan’s electrical steel industry projects a CAGR of 6.30% through 2033.
- The demand for electrical steel in ASEAN is projected to rise at a CAGR of 7.40% through 2033.
- Australia and New Zealand (ANZ) demonstrate an expected CAGR of 6.20% in the electrical steel market through 2033.
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Competition Outlook of the Electrical Steel Market
The electrical steel market is marked by intense competition among key players striving to secure their positions and expand their market share. Key market players, including ArcelorMittal, Nippon Steel & Sumitomo Metal Corporation, JFE Steel, POSCO, ThyssenKrupp, NSSMC, AK Steel, Baosteel, TATA Steel, and Masteel are actively engaged in various strategic initiatives to maintain their competitive edge and meet the evolving demands of the industry.
These companies are focusing on crucial strategies such as investing in research and development to develop innovative electrical steel products, expanding their global presence to tap into new markets and broaden their customer base, and emphasizing superior customer service to build and maintain strong relationships with their clientele.
Recent Developments by Players in the Electrical Steel Market
- NSSMC developed a new type of electrical steel that is 50% more durable than conventional.
- AK Steel announced plans to build a new electrical steel production facility in the United States. The facility is expected to start operations in 2023, with a production capacity of 500,000 tons annually.
- Baosteel developed a new type of electrical steel that is 30% more corrosion-resistant than conventional.
- TATA Steel announces plans to invest US$ 1 billion in its electrical steel production facilities in India. To increase production capacity and improve the quality of the steel.
- Masteel developed a new type of electrical steel that is 40% more recyclable than conventional.
Key Companies in the Market
- Novolipetsk Steel
- Voestalpine Stahl GmbH
- Nippon Steel & Sumitomo Metal Corporation
- ThyssenKrupp AG
- JFE Steel Corporation
- Cogent Power
- ArcelorMittal SA
- Aperam SA
- Baosteel Group
- AK Steel Holding Corp
- Allegheny Technologies, Inc.
- Phoenix Mecano AG
- Leicong Industrial Co., Ltd.
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By Product Type:
- Grain-oriented Electrical Steel
- Non-grain Oriented Electrical Steel
- 1 HP to 100 HP
- 101 HP to 200 HP
- 201 HP to 500 HP
- 501 HP to 1000 HP
- Above 1000 HP
By End Use:
- Household Appliance
- Others (Construction, Fabrication)
- North America
- Latin America
- East Asia
- South Asia
- The Middle East and Africa
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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The market value of the stainless steel market is anticipated to reach a high of US$ 215.89 billion by the year 2033.
The demand of carbon steel to witness a year over year growth of 2.7% in 2022 reaching a value of about US$ 833,683.7 Million by the end of 2022. The global business is projected to witness a growth rate of 5.1% over the forecast period of 2022 and 2030.
Latin America and the MEA regions are also expected to witness steady growth in the medium carbon steel market owing to demand in railway and construction industries in these regions.
The total sales of high carbon bearing steel are slated to grow at a robust CAGR of around 6.9% during the forecast period from 2022 to 2032, totaling nearly US$ 269 Billion by 2032.
With rising usage of these coatings in transformers and motors, the overall sales of electrical steel coatings are slated to grow at a steady CAGR of 5.5% between 2022 and 2032, totaling a market valuation of US$ 488.3 Million by 2032.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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Originally published at https://www.einpresswire.com/article/666063677/electrical-steel-market-poised-for-robust-growth-expected-to-reach-us-44-326-7-million-by-2033-with-a-6-5-cagr-future-market-insights-inc