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Electrical Steel Sheet Market Size & Share, By Type, Application, End-Use Industry, Regional Forecast, Industry Players, Growth Statistics Report 2024-2032

Report ID: FBI 3182


Published Date: May-2024


Format : PDF, Excel

Market Outlook:

Electrical Steel Sheet Market size surpassed USD 37.58 Billion in 2023 and is expected to exceed USD 66.8 Billion by end of the year 2032, observing around 6.6% CAGR between 2024 and 2032.

Base Year Value (2023)

USD 37.58 Billion

19-23 x.x %
24-32 x.x %

CAGR (2024-2032)


19-23 x.x %
24-32 x.x %

Forecast Year Value (2032)

USD 66.8 Billion

19-23 x.x %
24-32 x.x %
Electrical Steel Sheet Market

Historical Data Period


Electrical Steel Sheet Market

Largest Region

Asia Pacific

Electrical Steel Sheet Market

Forecast Period


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Market Dynamics:

Growth Drivers & Opportunity:

1. Increasing demand for energy-efficient transformers: The growing emphasis on energy efficiency and environmental sustainability has led to a surge in the demand for energy-efficient transformers, which use electrical steel sheets. This is attributed to the rise in power consumption and the increasing adoption of renewable energy sources, driving the electrical steel sheet market.

2. Expansion of the automotive industry: The automotive industry's continuous expansion, particularly in the electric vehicle (EV) segment, is boosting the demand for electrical steel sheets used in motors and generators. As the demand for EVs continues to rise globally, it's expected to create significant growth opportunities for electrical steel sheet manufacturers.

3. Technological advancements in electrical steel production: The development of new and advanced production technologies for electrical steel sheets has improved their performance and efficiency. These advancements have led to the production of high-quality electrical steel sheets with reduced core losses, making them more attractive for various applications such as power generation, distribution, and industrial machinery.

4. Increasing urbanization and infrastructure development: The rapid urbanization and infrastructure development in emerging economies have led to a substantial increase in the demand for electrical steel sheets for power transmission and distribution infrastructure. The growing need for reliable and efficient electrical infrastructure to support urban development is expected to drive the market for electrical steel sheets.

Report Scope

Report CoverageDetails
Segments CoveredType, Application, End-Use Industry
Regions Covered• North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA)
Company ProfiledNippon Steel, JFE Steel, ArcelorMittal, Voestalpine AG, China Baowu Steel Group, POSCO, Tata Steel.

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Industry Restraints:

1. Fluctuating raw material prices: The electrical steel sheet market is heavily dependent on raw materials such as iron ore and coal, which are subject to price fluctuations. This can pose a challenge for manufacturers, leading to cost uncertainty and affecting the overall profitability of the market.

2. Stringent regulations and standards: The electrical steel sheet market is governed by strict regulations and standards concerning energy efficiency, environmental impact, and quality. Compliance with these regulations often requires significant investments in research and development, as well as manufacturing processes, which can create barriers to entry for smaller players.

3. Competitive pricing pressure: The electrical steel sheet market is highly competitive, with numerous players vying for market share. This intense competition often leads to pricing pressures, thereby affecting the profit margins of manufacturers. Additionally, the presence of low-cost alternatives in the market poses a threat to the growth of the electrical steel sheet market.

Regional Forecast:

Electrical Steel Sheet Market

Largest Region

Asia Pacific

XX% CAGR through 2032

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North America:

The electrical steel sheet market in North America is driven by the growing demand for energy-efficient transformers and motors. The United States and Canada are the key contributors to the market growth in this region. The increasing focus on renewable energy sources and the modernization of power infrastructure are expected to fuel the demand for electrical steel sheets in North America.

Asia Pacific:

In Asia Pacific, China, Japan, and South Korea are the major markets for electrical steel sheets. The rapid industrialization and urbanization in this region have led to a significant increase in the demand for electrical steel sheets for various applications, including power generation, distribution, and electric vehicles. China, in particular, is the largest consumer of electrical steel sheets due to its massive manufacturing sector and the government's push for energy-efficient technologies.


In Europe, countries like the United Kingdom, Germany, and France are witnessing steady growth in the demand for electrical steel sheets. The stringent regulations on energy efficiency and the increasing use of renewable energy sources are driving the adoption of electrical steel sheets in the region. Additionally, the automotive industry in Germany and France is also contributing to the demand for electrical steel sheets for electric vehicle manufacturing.

Report Coverage & Deliverables

Historical Statistics Growth Forecasts Latest Trends & Innovations Market Segmentation Regional Opportunities Competitive Landscape
Electrical Steel Sheet Market
Electrical Steel Sheet Market

Segmentation Analysis:


In terms of segmentation, the global electrical steel sheet market is analyzed on the basis of Type, Application, End-Use Industry.

Electrical Steel Sheet Market Analysis


The type segment of the electrical steel sheet market encompasses the various types of electrical steel sheets available in the market. These types may include grain-oriented electrical steel (GOES) and non-oriented electrical steel (NOES), which are designed for specific applications and have different magnetic properties. The type segment plays a crucial role in determining the efficiency and performance of electrical equipment and devices, making it a significant factor in the market analysis.


The application segment of the electrical steel sheet market refers to the different uses of electrical steel sheets across various industries. These applications may include transformers, electric motors, generators, and automotive components. Each application requires specific electrical steel sheet characteristics, such as high magnetic permeability, low core loss, and high electrical resistivity. Understanding the diverse applications of electrical steel sheets is essential in analyzing market demand and trends.

End-Use Industry

The end-use industry segment of the electrical steel sheet market focuses on the industries that use electrical steel sheets in their manufacturing processes. These industries may include energy, automotive, electrical, and electronics. Each industry has unique requirements for electrical steel sheets, depending on the specific applications and performance standards. Analyzing the end-use industry segment provides valuable insights into market dynamics, demand patterns, and emerging trends in the electrical steel sheet market.

Overall, segment analysis of the electrical steel sheet market, including the type, application, and end-use industry, is essential for understanding the market landscape, identifying growth opportunities, and developing targeted marketing strategies. By comprehensively evaluating each segment, industry stakeholders can make informed decisions and effectively navigate the competitive dynamics of the electrical steel sheet market.

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Competitive Landscape:

The electrical steel sheet market is highly competitive and dynamic, with several key players vying for market share. The market is driven by increasing demand for electricity and the growing automotive industry. The major players in the market are constantly investing in research and development to introduce innovative product offerings and expand their global presence. Additionally, strategic alliances, partnerships, and mergers and acquisitions are being pursued by key players to strengthen their market position. The competition in the electrical steel sheet market is also driven by factors such as cost competitiveness, product quality, and technological advancements.

Top Market Players:

1. Nippon Steel

2. ArcelorMittal


4. JFE Steel Corporation

5. voestalpine

6. Baoshan Iron & Steel Co., Ltd. (Baosteel)

7. Cogent Power Inc.

8. Tata Steel

9. AK Steel

10. Thyssenkrupp AG

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Electrical Steel Sheet Market Size & Share, By Typ...

RD Code : 24