Dec 29, 2022   SOURCE: BusinessWire

Global Electrical Steel Market 2022 to 2031 - Featuring TISCO, Nippon Steel, Posco and JFE Steel Among Others - ResearchAndMarkets.com

The "Electrical Steel Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global electrical steel market.

The global electrical steel market is expected to grow from $24.80 billion in 2021 to $26.28 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%.

The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $33.12 billion in 2026 at a CAGR of 7.50%.

Companies Mentioned

  • ThyssenKrupp AG
  • TISCO
  • Nippon Steel
  • Posco
  • JFE Steel
  • Nicore Electrical Manufactory Co. Ltd.
  • Voestalpine
  • ArcelorMittal
  • AK Steel (Cleveland-Cliffs)
  • SAIL
  • Cogent Power Ltd.
  • Tempel Steel Company
  • Phoenix Mecano AG
  • JFE Steel Corporation
  • Leicong Industrial Co., Ltd.
  • United States Steel Corporation
  • Novolipetsk Steel
  • Allegheny Technologies Inc.

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The electrical steel market consists of sales of electrical steel by entities (organizations, sole traders, or partnerships) that refer to a ferromagnetic material made up of iron that contains varying amounts of silicon (Si) that range from 1% to 6.5%.

Electrical steel is soft magnetic material with enhanced electrical properties that are widely used across applications such as small relays, solenoids, electric motors, generators, and many other electromagnetic devices.

The main types of electrical steel include grain-oriented and non-grain-oriented. Grain-oriented electrical steel is used in efficient transformers and large, high-performance generators. Grain oriented electrical steel contains 3% silicon steel that is processed under carefully controlled conditions and is used in transformers and generators.

Electrical steel is used in different industries such as energy, automotive, household appliances and manufacturing for applications in large power transformers, distribution transformers, small transformers, power generators and audio transformers.

Increasing demand for the electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market. Electrical steel has high flux density and low iron loss properties, and thus are used in electric motors to realize high motor efficiency.

For instance, in countries like China, the US, and Europe the sales of electric cars increased by nearly 160% in the first half of 2021 over 2020 in the same period. According to firm Wards Intelligence, US hybrid vehicle sales in 2021 jumped 76% over the previous year. Thus, increasing demand for electric and hybrid vehicles will contribute to the growth of the electrical steel market.

The increasing development of sustainable products is a key trend gaining popularity in the electric steel market. Companies in the market are focusing on manufacturing electric steel that is environment friendly and emits lower greenhouse gases.

For instance, in 2022, Germany based steel manufacturer, ThyssenKrupp AG developed electric steel with 50% lower CO2 emissions for use in power and distribution transformers. The low emission electric steel has low core losses and thus achieves high efficiencies in current transport. ThyssenKrupp would supply it for manufacturing transformers with CO2-reduced electrical steel for new digital E.ON medium-voltage stations in Germany.

In November 2021, US based industrial metals manufacturer, Worthington Industries, Inc. announced the acquisition of Tempel Steel Company for $255 million. The acquisition would make Worthington Industries a leading company in the rapidly growing electrical steel market that includes transformers, machine motors and electric vehicle (EV) motors. Tempel Steel Company is a US based steel company offering precision motors and transformer laminations for the electrical steel market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

For more information about this report visit https://www.researchandmarkets.com/r/6zwtnv