It ensures efficient power distribution with minimal energy losses. The global Electrical Steel Market is estimated to be valued at US$ 43.97 Mn in 2024 and is expected to exhibit a CAGR of 8.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
In recent years, the rising adoption of electrical steel in transformer and motor core applications has boosted the Global Electrical Steel Market Size. Transformers require electrical steel laminations to effectively increase or decrease voltage within infrastructure and industrial applications. Likewise, motors found in appliances, machinery, and vehicles rely on electrical steel laminations to maximize torque output. With rapid industrialization and infrastructure development worldwide, the demand for transformers and electric motors has surged significantly. This has increased the consumption of electrical steel, driving the market growth over the forecast period. Furthermore, technological advancements aimed at reducing core loss and improving permeability of electrical steel have made it more suitable for high-frequency applications.
Segment Analysis
The global electrical steel market is dominated by non-grain oriented electrical steel segment. This segment holds around three-fourth of the total market share as it has excellent magnetic properties and is suitable for applications requiring low electrical losses. It has high resistivity which results in lower eddy current losses. The excellent magnetic properties and low losses have increased its demand in transformers and motors.
Key Takeaways
The global electrical steel market is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis: Asia Pacific region currently dominates the global market and is expected to remain the fastest growing market during the forecast period. China contributes significantly to market growth owning to presence of large electrical equipment manufacturing base in the country. Increasing investments towards rural electrification projects across developing nations such as India is also boosting the regional demand.
Key players operating in the electrical steel market are Yara International ASA, The Mosaic Company, Nutrien Ltd., BASF SE, Agrium Inc. (acquired by Nutrien). These players are focusing on new product developments and acquisition strategies to strengthen their global presence.
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