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Written by Business News » Updated on: October 21st, 2024
IMARC Group has recently released a new research study titled "Electrical Steel Market Report by Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), Application (Transformers, Motors, Generators, and Others), End Use Industry (Energy and Power, Automobiles, Household Appliances, Building and Construction, and Others), and Region 2024-2032", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global electrical steel market size reached US$ 39.9 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 64.5 Billion by 2032, exhibiting a growth rate (CAGR) of 5.3% during 2024-2032.
Request to Get the Sample Report: https://www.imarcgroup.com/electrical-steel-market/requestsample
Factors Affecting the Growth of the Electrical Steel Industry:
Growing Demand for Electric Vehicles (EVs):
The rising adoption of electric vehicles (EVs) is one of the major factors boosting the market growth. Moreover, the rising application of electrical steel for the manufacturing of electric motors and transformers, which are integral components of EVs, is catalyzing the market growth. Along with this, the imposition of various emissions regulations and incentives by governments for EV purchases, thereby increasing the need for electrical steel to produce more efficient and powerful electric motors, is favoring the market growth. Furthermore, rapid advancements in EV technology, such as the development of high-performance magnets and more efficient motor designs, are stimulating the market growth.
Expansion of Renewable Energy Sources:
The ongoing shift towards renewable energy sources is positively impacting the market growth. Electrical steel is vital in the production of transformers and generators used in renewable energy systems such as wind turbines and solar power plants, as these systems require high-quality electrical steel to improve efficiency and reduce energy losses. Moreover, the burgeoning installation of wind turbines across the globe, boosting the demand for electrical steel as it is used in the core components of wind turbine generators, is fostering the market growth.
Rapid Technological Advancements and Innovations:
The rising innovations in electrical steel manufacturing processes, such as the development of non-oriented and grain-oriented electrical steels that enhance magnetic properties and reduce energy losses, are bolstering the market growth. Moreover, the introduction of advanced coating technologies and processing methods that improve steel's durability and performance, making it more suitable for industries, including automotive, industrial machinery, and energy, is catalyzing the market growth. Additionally, the rise of smart grids and energy-efficient technologies, driving the need for high-quality electrical steel to support the evolving infrastructure, is boosting the market growth.
Speak to An Analyst: https://www.imarcgroup.com/request?type=report&id=4637&flag=C
Electrical Steel Market Report Segmentation:
By Type:
Non-grain oriented electrical steel accounted for the largest market share due to its widespread use in transformers and rotating machinery, where its magnetic properties are crucial for performance and efficiency.
By Application:
Motors represented the largest segment as electrical steel is essential for improving the efficiency and performance of industrial and automotive motors, which are in high demand across various sectors.
By End Use Industry:
Energy and power accounted for the largest segment due to the extensive use of electrical steel in transformers, generators, and other critical infrastructure components needed to support power generation and distribution.
Regional Insights:
Asia Pacific’s dominance in the electrical steel market is attributed to its rapid industrialization, significant investments in energy infrastructure, and high demand for electrical steel driven by booming manufacturing and automotive sectors.
Global Electrical Steel Market Trends:
The increasing urbanization and the need for energy efficiency, creating the demand for electrical steel in building and infrastructure projects is acting as a growth-inducing factor. Moreover, the introduction of smart grids, which require advanced transformers and power distribution systems, driving the need for high-performance electrical steel to enhance grid stability and efficiency is fostering the market growth. Additionally, the development of advanced materials with higher permeability and lower core losses that open new opportunities in various applications, including high-frequency transformers and electric drives, is contributing to the market growth.
Top Companies Operated in Electrical Steel Industry:
Key Highlights of the Report:
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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