Electrical Steel Market
Electrical Steel Market Study by Grain-Oriented and Non-Grain Oriented for Inductors, Motors, and Transformers from 2024 to 2034
Analysis of Electrical Steel Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Electrical Steel Market Outlook (2024 to 2034)
With projections to expand at a CAGR of 8.5%, as per this latest study by Fact.MR, the global electrical steel market is expected to increase from a valuation of US$ 30.7 billion in 2024 to US$ 69.4 billion by the end of 2034.
Electrical steel exhibits superior moldability and lightweight properties compared to conventional steel, making it a preferred choice for electronic systems in automobiles, where manufacturers prioritize enhancing features while minimizing vehicle weight. The increasing sales of automobiles are notably bolstering the growth of the electrical steel market.
With high-powered electrical steel core motors installed in hybrid/electric vehicles, the demand for non-grain-oriented electrical steel (NGOES) is rising to ensure efficient and seamless operation. In addition, the automotive sector relies on several small transformers and inductors that necessitate electrical steel, further propelling electrical steel market growth throughout the forecast period.
- In 2022, POSCO started the construction of an electrical steel production facility. The steel manufacturer in South Korea plans to invest US$ 805 million in the construction of the plant. The facility will have an annual production capacity of 300,000 tons of NOES.
Growing emphasis on energy efficiency by governments is also driving demand for electrical steel. Governments in countries like India, the UAE, and China are rolling out initiatives aimed at enhancing power generation, which is forecasted to drive market growth. The market is witnessing a trend towards smart transformers, along with the replacement of aging transformers and advancements in transmission lines, all poised to trigger a notable uptick in product demand.
Electrical steel, recognized for its high efficiency and sustainability, aligns well with the United Nations' sustainable development agenda, offering vendors in the electrical steel market substantial revenue opportunities. The landscape of electrical steel production is evolving as manufacturers capitalize on the demand for hybrid electric vehicles and increased wear-resistant steel plate manufacturing.
| Report Attribute | Detail |
|---|---|
| Electrical Steel Market Size (2024E) | US$ 30.7 Billion |
| Projected Market Value (2034F) | US$ 69.4 Billion |
| Global Market Growth Rate (2024 to 2034) | 8.5% CAGR |
| China Market Value (2034F) | US$ 11.2 Billion |
| Canada Market Growth Rate (2024 to 2034) | 13.4% CAGR |
| North America Market Share (2024E) | 18.5% |
| East Asia Market Value (2034F) | US$ 19.6 Billion |
| Key Companies Profiled | Novolipetsk Steel; Voestalpine Stahl GmbH; POSCO; Nippon Steel; Sumitomo Metal Corporation; ThyssenKrupp AG; JFE Steel Corporation; Cogent Power; ArcelorMittal SA; Aperam SA |
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Will Industrialization and Urbanization Influence Sales of Electrical Steel?
“Increasing Demand for High-Speed Vehicles and Improved Per Capita Electricity Consumption”
Key market driver is the escalating demand for electricity fueled by industrialization and urbanization. Electrical steel, known for its consistent magnetic properties and high permeability, plays a pivotal role in electricity generation, distribution, and consumption, finding wide-ranging applications in transformers, motors, inductors, and other electromagnetic devices.
Another significant factor is the burgeoning electric vehicles (EVs) industry, where electrical steel contributes to enhanced motor efficiency. The rising production of EVs is boosting the demand for electric motors, consequently augmenting the use of electrical steel.
Technological advancements in the electrical industry and the increasing utilization of electrical steel in the power sector are contributing to the expansion of the electrical market size. The growing demand for high-speed vehicles and improved per capita electricity consumption further drive market expansion. However, the market faces challenges, including the high price of raw materials, which significantly hampers growth. Despite these obstacles, the market is poised for significant growth from 2024 to 2034.
Which Electrical Steel Market Trends are Significant for Manufacturers?
“Increasing Infrastructure Development Projects and EV Production”
Increasing electricity generation worldwide is a key driving factor. Electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction, making it highly desirable for applications related to electricity consumption, distribution, and generation. The growth of the electric vehicle (EV) industry is another driver for the market. Electrical steel contains specific magnetic properties crucial for use in rotors and stators in EV motors.
Electrical steel helps enhance motor efficiency by minimizing core energy losses and accelerating the vehicle’s range. Rising EV production is driving the use of electric motors while increasing infrastructure development activities such as the construction of power grids, electrical transformers, and distribution networks are also contributing to the demand for electrical steel.
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Country-wise Insights
Fact.MR, a market research and competitive intelligence provider, through its newly published analysis, asserts that North America is projected to hold 27.9% share of the global market by 2034. Manufacturers of electrical steel have broadened their presence to various international regions such as Southeast Asia, Central and South America, and Australia. This expansion enables them to diversify their supply chains, thereby reducing dependence on a single supplier.
What is Driving Electrical Steel Sales in the United States?
“Rising Generation and Adoption of Renewable Energy”
| Attribute | United States |
|---|---|
| Market Value (2024E) | US$ 4.1 Billion |
| Growth Rate (2024 to 2034) | 13.3% CAGR |
| Projected Value (2034F) | US$ 14.2 Billion |
Electrical steel sales in the United States are fueled by several key factors. Government incentives and emission regulations encouraging electric vehicle (EV) adoption are key drivers. This is boosting the demand for electrical steel used in EV motors. In addition, the significant generation and adoption of renewable energy, particularly wind and solar power is driving the need for electrical steel in generators and transformers.
Infrastructure modernization initiatives, including power grid upgradation, are further boosting demand for electrical steel. Ongoing research and development efforts in the automotive and energy sectors of the nation are driving innovation.
Why Does China Hold a Leading Position in the East Asia Market?
“Growing Demand for Energy-Efficient Equipment”
| Attribute | China |
|---|---|
| Market Value (2024E) | US$ 3.4 Billion |
| Growth Rate (2024 to 2034) | 12.8% CAGR |
| Projected Value (2034F) | US$ 11.2 Million |
China dominates the market in East Asia due to several reasons. China's steel industry is heavily biased towards integrated blast furnace-converter route. Increasing industrialization and urbanization in China have led to a rise in the demand for energy-efficient equipment. This has resulted in a surge in the consumption of electrical steel which is a crucial component in the manufacturing of various electrical components such as transformers, motors, generators, and other electrical equipment.
China's growing automotive industry, particularly the electric vehicle segment, has also contributed to the high demand for electrical steel. These factors combined have enabled China to dominate the market in East Asia.
Category-wise Insights
The electrical steel market is categorized into three segments such as inductors, motors, and transformers, based on application. Out of these segments, transformers are estimated to account for a leading electrical steel market share of 39.4% in 2024.
Which Factors are Driving Use of Electrical Steel in Transformers?
“Robust Magnetic Permeability of Electrical Steel Driving Use in Transformer Manufacturing”
| Attribute | Transformers |
|---|---|
| Segment Value (2024E) | US$ 12.1 Billion |
| Growth Rate (2024 to 2034) | 8.3% CAGR |
| Projected Value (2034F) | US$ 26.8 Billion |
Increasing complexity of electrical grids and the proliferation of digital loads have heightened the demand for transformers. The penetration of electric vehicles (EVs) and the expansion of decentralized generation have further amplified this demand. Electrical steel, known for its robust magnetic permeability, is predominantly utilized in the power industry, making it a vital component in transformer manufacturing. Increased industrial development and escalating electricity consumption further contribute to the rising demand for transformers. These indispensable components efficiently and safely transmit and distribute electricity within power systems.
Growing emphasis on green energy and advancements in the transformer industry bolster market growth. The reconstruction and modernization of aging power infrastructure stand as significant factors driving this trend. Furthermore, the increasing adoption of renewable power, particularly in the United States and Europe, alongside the replacement of aging transformers, is fueling market expansion. The need for compliance with energy efficiency regulations is also driving demand for transformers.
Which Properties of Non-Grain Oriented Electrical Steel are Key?
“Low Core Loss of Non-Grain Oriented Electrical Steel”
| Attribute | Non-Grain Oriented |
|---|---|
| Segment Value (2024E) | US$ 16.9 Billion |
| Growth Rate (2024 to 2034) | 8.3% CAGR |
| Projected Value (2034F) | US$ 37.6 Billion |
Non-grain-oriented product type holds a leading market share. This category of electrical steel is known for its uniform magnetic properties in all directions and is extensively used in the manufacturing of iron cores for high-speed motors due to its superior performance. The increasing demand for energy-efficient motors and transformers across various industries, coupled with the growing emphasis on reducing energy loss, has significantly contributed to the dominance of non-grain-oriented electrical steel in the market. Its unique properties, such as high permeability and low core loss, make it an ideal choice for a wide range of applications, further solidifying its leading position in the market.
Know thy Competitors
Competitive landscape highlights only certain players
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Competitive Landscape
Key players in the electrical steel market are Novolipetsk Steel, Voestalpine Stahl GmbH, POSCO, Nippon Steel, Sumitomo Metal Corporation, ThyssenKrupp AG, JFE Steel Corporation, Cogent Power, ArcelorMittal SA, and Aperam SA. Electrical steel manufacturers are forming partnerships with other globally recognized suppliers to develop new technologies and drive market growth into new horizons.
- In 2021, JSW Steel and JFE Steel Corporation inked a memorandum of understanding (MoU) to carry out a feasibility study for the establishment of a GOES sheet manufacturing and sales joint-venture company in India.
Key Segments of Electrical Steel Market Research
-
By Product Type :
- Grain-Oriented
- Non-Grain Oriented
-
By Application :
- Inductors
- Motors
- Transformers
-
By End Use :
- Automobiles
- Manufacturing
- Energy Generation
- Household Appliances
-
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
Table of Content
- 1. Executive Summary
- 2. Industry Introduction, including Taxonomy and Market Definition
- 3. Market Trends and Success Factors, including Macro-economic Factors, Market Dynamics, and Recent Industry Developments
- 4. Global Market Demand Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
- 5. Pricing Analysis
- 6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
- 6.1. Application
- 6.2. Product Type
- 6.3. End Use
- 7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Application
- 7.1. Inductors
- 7.2. Motors
- 7.3. Transformers
- 8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Product Type
- 8.1. Grain-Oriented
- 8.2. Non-Grain Oriented
- 9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by End Use
- 9.1. Automobiles
- 9.2. Manufacturing
- 9.3. Energy Generation
- 9.4. Household Appliances
- 10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, by Region
- 10.1. North America
- 10.2. Latin America
- 10.3. Western Europe
- 10.4. Eastern Europe
- 10.5. East Asia
- 10.6. South Asia & Pacific
- 10.7. Middle East & Africa
- 11. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 12. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 13. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 14. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 15. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 16. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 17. Middle East & Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
- 18. Sales Forecast 2024 to 2034 by Application, Product Type, End Use, and Region for 30 Countries
- 19. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
- 20. Company Profile
- 20.1. Novolipetsk Steel
- 20.2. Voestalpine Stahl GmbH
- 20.3. POSCO
- 20.4. Nippon Steel
- 20.5. Sumitomo Metal Corporation
- 20.6. ThyssenKrupp AG
- 20.7. JFE Steel Corporation
- 20.8. Cogent Power
- 20.9. ArcelorMittal SA
- 20.10. Aperam SA
- 21. Assumptions and Acronyms Used
- 22. Research Methodology
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List Of Table
Table 01: Global Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 02: Global Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 03: Global Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 04: Global Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 05: Global Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 06: Global Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 07: Global Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 08: Global Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 09: Global Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 10: Global Market Value (US$ Mn) Analysis, by Region, 2019 to 2023
Table 11: Global Market Value (US$ Mn) Analysis, by Region, 2024 to 2034
Table 12: Global Market Value (US$ Mn) Opportunity Analysis, by Region, 2024 to 2034
Table 13: North America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 14: North America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 15: North America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 16: North America Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 17: North America Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 18: North America Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 19: North America Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 20: North America Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 21: North America Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 22: North America Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 23: North America Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 24: North America Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 25: Latin America Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 26: Latin America Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 27: Latin America Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 28: Latin America Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 29: Latin America Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 30: Latin America Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 31: Latin America Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 32: Latin America Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 33: Latin America Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 34: Latin America Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 35: Latin America Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 36: Latin America Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 37: Western Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 38: Western Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 39: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 40: Western Europe Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 41: Western Europe Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 42: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 43: Western Europe Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 44: Western Europe Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 45: Western Europe Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 46: Western Europe Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 47: Western Europe Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 48: Western Europe Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 49: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 50: Eastern Europe Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 51: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 52: Eastern Europe Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 53: Eastern Europe Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 54: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 55: Eastern Europe Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 56: Eastern Europe Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 57: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 58: Eastern Europe Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 59: Eastern Europe Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 60: Eastern Europe Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 61: East Asia Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 62: East Asia Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 63: East Asia Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 64: East Asia Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 65: East Asia Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 66: East Asia Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 67: East Asia Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 68: East Asia Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 69: East Asia Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 70: East Asia Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 71: East Asia Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 72: East Asia Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 73: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 74: South Asia & Pacific Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 75: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 76: South Asia & Pacific Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 77: South Asia & Pacific Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 78: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 79: South Asia & Pacific Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 80: South Asia & Pacific Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 81: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 82: South Asia & Pacific Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 83: South Asia & Pacific Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 84: South Asia & Pacific Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
Table 85: MEA Market Value (US$ Mn) Analysis, by Country, 2019 to 2023
Table 86: MEA Market Value (US$ Mn) Analysis, by Country, 2024 to 2034
Table 87: MEA Market Value (US$ Mn) Opportunity Analysis, by Country, 2024 to 2034
Table 88: MEA Market Value (US$ Mn) Analysis, by Application, 2019 to 2023
Table 89: MEA Market Value (US$ Mn) Analysis, by Application, 2024 to 2034
Table 90: MEA Market Value (US$ Mn) Opportunity Analysis, by Application, 2024 to 2034
Table 91: MEA Market Value (US$ Mn) Analysis, by Product Type, 2019 to 2023
Table 92: MEA Market Value (US$ Mn) Analysis, by Product Type, 2024 to 2034
Table 93: MEA Market Value (US$ Mn) Opportunity Analysis, by Product Type, 2024 to 2034
Table 94: MEA Market Value (US$ Mn) Analysis, by End Use, 2019 to 2023
Table 95: MEA Market Value (US$ Mn) Analysis, by End Use, 2024 to 2034
Table 96: MEA Market Value (US$ Mn) Opportunity Analysis, by End Use, 2024 to 2034
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List Of Figures
Figure 01: Global Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 02: Global Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 03: Global Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 04: Global Market Incremental $ Opportunity, 2024 to 2034
Figure 05: Global Market Share and BPS Analysis by Application, 2024 & 2034
Figure 06: Global Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 07: Global Market Attractiveness Analysis by Application, 2024 to 2034
Figure 08: Global Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 09: Global Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 10: Global Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 11: Global Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 12: Global Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 13: Global Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 14: Global Market Share and BPS Analysis by Region, 2024 & 2034
Figure 15: Global Market Y-o-Y Growth Projections by Region, 2024 to 2034
Figure 16: Global Market Attractiveness Analysis by Region, 2024 to 2034
Figure 17: North America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 18: North America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 19: North America Market Value Y-o-Y Growth and Forecast, 2034
Figure 20: North America Market Incremental $ Opportunity, 2024 to 2034
Figure 21: North America Market Share Analysis by Country, 2024 & 2034
Figure 22: North America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 23: North America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 24: North America Market Share and BPS Analysis by Application, 2024 & 2034
Figure 25: North America Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 26: North America Market Attractiveness Analysis by Application, 2024 to 2034
Figure 27: North America Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 28: North America Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 29: North America Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 30: North America Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 31: North America Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 32: North America Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 33: Latin America Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 34: Latin America Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 35: Latin America Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 36: Latin America Market Incremental $ Opportunity, 2024 to 2034
Figure 37: Latin America Market Share Analysis by Country, 2024 & 2034
Figure 38: Latin America Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 39: Latin America Market Attractiveness Analysis by Country, 2024 to 2034
Figure 40: Latin America Market Share and BPS Analysis by Application, 2024 & 2034
Figure 41: Latin America Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 42: Latin America Market Attractiveness Analysis by Application, 2024 to 2034
Figure 43: Latin America Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 44: Latin America Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 45: Latin America Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 46: Latin America Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 47: Latin America Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 48: Latin America Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 49: Western Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 50: Western Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 51: Western Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 52: Western Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 53: Western Europe Market Share Analysis by Country, 2024 & 2034
Figure 54: Western Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 55: Western Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 56: Western Europe Market Share and BPS Analysis by Application, 2024 & 2034
Figure 57: Western Europe Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 58: Western Europe Market Attractiveness Analysis by Application, 2024 to 2034
Figure 59: Western Europe Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 60: Western Europe Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 61: Western Europe Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 62: Western Europe Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 63: Western Europe Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 64: Western Europe Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 66: Eastern Europe Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 67: Eastern Europe Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 68: Eastern Europe Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 69: Eastern Europe Market Incremental $ Opportunity, 2024 to 2034
Figure 70: Eastern Europe Market Share Analysis by Country, 2024 & 2034
Figure 71: Eastern Europe Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 72: Eastern Europe Market Attractiveness Analysis by Country, 2024 to 2034
Figure 73: Eastern Europe Market Share and BPS Analysis by Application, 2024 & 2034
Figure 74: Eastern Europe Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 75: Eastern Europe Market Attractiveness Analysis by Application, 2024 to 2034
Figure 76: Eastern Europe Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 77: Eastern Europe Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 78: Eastern Europe Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 79: Eastern Europe Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 80: Eastern Europe Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 81: Eastern Europe Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 82: East Asia Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 83: East Asia Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 84: East Asia Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 85: East Asia Market Incremental $ Opportunity, 2024 to 2034
Figure 86: East Asia Market Share Analysis by Country, 2024 & 2034
Figure 87: East Asia Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 88: East Asia Market Attractiveness Analysis by Country, 2024 to 2034
Figure 89: East Asia Market Share and BPS Analysis by Application, 2024 & 2034
Figure 90: East Asia Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 91: East Asia Market Attractiveness Analysis by Application, 2024 to 2034
Figure 92: East Asia Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 93: East Asia Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 94: East Asia Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 95: East Asia Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 96: East Asia Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 97: East Asia Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 98: South Asia & Pacific Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 99: South Asia & Pacific Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 100: South Asia & Pacific Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 101: South Asia & Pacific Market Incremental $ Opportunity, 2024 to 2034
Figure 102: South Asia & Pacific Market Share Analysis by Country, 2024 & 2034
Figure 103: South Asia & Pacific Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 104: South Asia & Pacific Market Attractiveness Analysis by Country, 2024 to 2034
Figure 105: South Asia & Pacific Market Share and BPS Analysis by Application, 2024 & 2034
Figure 106: South Asia & Pacific Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 107: South Asia & Pacific Market Attractiveness Analysis by Application, 2024 to 2034
Figure 108: South Asia & Pacific Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 109: South Asia & Pacific Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 110: South Asia & Pacific Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 111: South Asia & Pacific Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 112: South Asia & Pacific Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 113: South Asia & Pacific Market Attractiveness Analysis by End Use, 2024 to 2034
Figure 114: MEA Market Value (US$ Mn) Historical Analysis, 2019 to 2023
Figure 115: MEA Market Value (US$ Mn) Forecast and Analysis, 2024 to 2034
Figure 116: MEA Market Value Y-o-Y Growth and Forecast, 2019 to 2034
Figure 117: MEA Market Incremental $ Opportunity, 2024 to 2034
Figure 118: MEA Market Share Analysis by Country, 2024 & 2034
Figure 119: MEA Market Y-o-Y Growth Projection by Country, 2024 to 2034
Figure 120: MEA Market Attractiveness Analysis by Country, 2024 to 2034
Figure 121: MEA Market Share and BPS Analysis by Application, 2024 & 2034
Figure 122: MEA Market Y-o-Y Growth Projections by Application, 2024 to 2034
Figure 123: MEA Market Attractiveness Analysis by Application, 2024 to 2034
Figure 124: MEA Market Share and BPS Analysis by Product Type, 2024 & 2034
Figure 125: MEA Market Y-o-Y Growth Projections by Product Type, 2024 to 2034
Figure 126: MEA Market Attractiveness Analysis by Product Type, 2024 to 2034
Figure 127: MEA Market Share and BPS Analysis by End Use, 2024 & 2034
Figure 128: MEA Market Y-o-Y Growth Projections by End Use, 2024 to 2034
Figure 129: MEA Market Attractiveness Analysis by End Use, 2024 to 2034
Know thy Competitors
Competitive landscape highlights only certain players
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- FAQs -
How big is the electrical steel market size in 2024?
The global electrical steel market size is valued at US$ 30.7 billion in 2024.
What are the projections for the global electrical steel market?
The market for electrical steel has been forecasted to expand at 8.5% CAGR and reach US$ 69.4 billion by 2034.
What is the projected market growth rate for North America?
The North America market for electrical steel is forecasted to expand at 13% CAGR through 2034.
What is the current market share value for North America?
North America accounts or 18.5% stake in the global market in 2024.
How is the East Asia market projected to fare through 2034?
The market in East Asia is projected to expand at 8.4% CAGR through 2034.
What are the statistics listed for the market in Japan?
The Japan market is forecasted to expand at 8.2% CAGR and reach US$ 5.7 billion by 2034.
Electrical Steel Market