Electrical Steel Market
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Market Snapshot
2025 Market Size
US$ 24.3 billion
Estimated Base Value
2035 Forecast
US$ 45.6 billion
Projected Market Value
CAGR 2026–2035
6.5%
Compound Annual Growth
Largest Segment
In the full report
Fastest Growing Segment
In the full report
Leading Region
Asia Pacific
Fastest Growing Region
Asia Pacific
Top Country
In the full report
By Market Share
Largest market
Key Players
China Steel Corporation
Emerging Players
ArcelorMittal, Tata Steel
Indicative preview. The market size, forecast and CAGR are our published estimates. The segments, regions, countries and companies on this page show the report's scope; their sizes, shares and growth rates are researched and modelled when the full report is prepared. How our figures are built
Electrical Steel Market Overview
The Electrical Steel Market involves the production and distribution of specialized iron alloys designed to minimize energy loss in electrical equipment. These materials, primarily silicon steel, are essential for manufacturing cores in transformers, electric motors, generators, and other electromagnetic devices. Key buyers include manufacturers in the energy and power generation, automotive and transportation, industrial manufacturing, and consumer electronics sectors. The market is crucial for industries focused on improving energy efficiency and developing advanced electrical infrastructure.
The Electrical Steel Market is estimated at $24.3 Bn in 2025 and is forecast to reach $45.6 Bn in 2035, exhibiting a CAGR of 6.5% from 2025 to 2035. Demand is driven by the global expansion of renewable energy projects, rapid industrialization, and increasing energy efficiency standards. The surging production of electric vehicles also fuels demand for specific types of electrical steel. However, volatility in raw material prices and high energy consumption during production present challenges for market stability.
The market is segmented by Type (Grain-Oriented Electrical Steel, Non-Grain-Oriented Electrical Steel - Fully Processed, Non-Grain-Oriented Electrical Steel - Semi-Processed), Application (Transformers, Electric Motors, Generators, Electric Vehicles), and End-User (Energy & Power Generation, Automotive & Transportation, Industrial Manufacturing). Geographically, the market is served across Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. Leading companies include China Steel Corporation, Usiminas, MMK, and Jindal Steel & Power. The full report provides an in-depth analysis of these segments, market dynamics, and competitive landscape.
Market Definition & Overview
The Electrical Steel Market encompasses the global production, distribution, and consumption of specialized iron alloys engineered with specific magnetic properties to minimize energy loss in electrical equipment. This market primarily deals with silicon steel, which is crucial for manufacturing cores in transformers, motors, generators, and other electromagnetic devices. It is segmented into Grain-Oriented Electrical Steel (GOES), vital for high-efficiency transformers, and Non-Grain-Oriented Electrical Steel (NGOES), used in rotating machinery like motors. The market's dynamics are driven by global industrialization, power infrastructure development, the growth of renewable energy, and the expanding electric vehicle sector, focusing on material innovation for improved energy efficiency.
Scope
- Global market coverage across all major continents and countries
- Analysis by product type (GOES, NGOES), application, and end-use industry
- Historical data from 2018-2022 and forecast period from 2025-2035
Inclusions
- Grain-oriented electrical steel (GOES) sheets and coils
- Non-grain-oriented electrical steel (NGOES) sheets and coils
- Electrical steel specifically for transformer cores
- Electrical steel for motor and generator laminations
- High-permeability and conventional grades of electrical steel
- Sales, production volumes, and pricing trends for electrical steel
Exclusions
- Standard carbon steel or stainless steel products
- Finished electrical components like complete motors or transformers
- Raw iron ore or silicon mining activities
- Magnetic materials used outside of electrical energy conversion
- Soft magnetic composites or powder metallurgy products
Market Size Forecast
Executive Summary
- The Electrical Steel market is valued at $24.3 Bn in 2025 and is forecast to reach $45.6 Bn by 2035, reflecting a robust CAGR of 6.5% as demand accelerates across every major segment and region over the ten-year outlook.
- Asia Pacific leads the market today and is also expected to grow fastest over the forecast period.
- Accelerating EV adoption and robust grid modernization initiatives globally are driving a significant demand surge for high-efficiency electrical steel grades, particularly in Asia and Europe, necessitating advanced material innovation.
- Intense competitive pressures, coupled with geopolitical supply chain re-alignment, are compelling major producers to strategically invest in capacity expansion and integrated upstream capabilities to secure critical raw materials.
- Stringent global energy efficiency regulations are fundamentally reshaping product portfolios, with a distinct shift towards premium, grain-oriented electrical steels, impacting market segmentation across developed economies.
- The long-term market outlook is defined by relentless innovation in non-grain-oriented steel for high-frequency applications and sustainable production methods, positioning specialized players for significant competitive advantage.
- Strategic partnerships and selective M&A activities are intensifying within the value chain, as companies seek to consolidate market share and leverage technological synergies for next-generation electrical infrastructure demands.
- Divergent regional growth trajectories highlight Asia's role as the primary production hub, while North America and Europe prioritize specialized, high-performance steels essential for advanced industrial and energy applications.
Key Market Takeaways
Critical findings and data points from this market research study.
Current Market Valuation
The Electrical Steel Market is currently valued at $24.3 billion in the base year.
Projected Future Value
The market is projected to reach a significant $45.6 billion by the forecast year.
Consistent Growth Rate
This growth trajectory represents a robust Compound Annual Growth Rate (CAGR) of 6.5% over the forecast period.
Overall Market Growth
Starting from $24.3 billion in the base year, the Electrical Steel Market demonstrates strong momentum, poised to nearly double to $45.6 billion at a 6.5% CAGR.
Regional Leadership
Asia-Pacific is anticipated to remain a leading region, driven by its expanding manufacturing bases and increasing infrastructure development.
Electrification Trend
The accelerating adoption of electric vehicles (EVs) and the growing renewable energy sector are key trends fueling the demand for electrical steel.
Market Dynamics
Market Trends
- Shift towards high-efficiency grain-oriented electrical steel (GOES).
- Growing demand for energy-efficient transformers.
- Increasing adoption of non-grain-oriented (NGOES) for motors.
- Volatile raw material prices impact market stability.
Growth Drivers
- Global expansion of renewable energy projects.
- Rapid industrialization and urbanization drive power demand.
- Government regulations promote energy efficiency standards.
- Surging electric vehicle production fuels demand for NGOES.
Restraints
- Volatility in raw material prices poses a significant challenge for manufacturers.
- High energy consumption during production increases operational costs for steelmakers.
- Stringent environmental regulations add compliance burdens and necessitate investment.
- Intense competition from global players pressures pricing and profit margins.
Opportunities
- Develop advanced electrical steel for high-frequency applications.
- Expand into emerging markets with growing infrastructure needs.
- Innovate manufacturing processes to enhance cost-effectiveness.
- Collaborate with EV and power sectors for tailored products.
Market Dynamics Framework · 2026–2035
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Market Segmentation
| Segment | Sub-segments |
|---|---|
| By Type | Grain-Oriented Electrical SteelNon-Grain-Oriented Electrical Steel - Fully ProcessedNon-Grain-Oriented Electrical Steel - Semi-Processed |
| By Application | TransformersElectric MotorsGeneratorsInductors & ChokesElectric VehiclesRenewable Energy SystemsHome Appliances |
| By End-User | Energy & Power GenerationAutomotive & TransportationIndustrial ManufacturingConsumer ElectronicsConstruction & InfrastructureAerospace & Defense |
| By Form | CoilsSheetsStripsLaminationsPunched BlanksRings |
| By Grade & Material Properties | Conventional GradesHigh Permeability GradesLow Core Loss GradesLaser-Scribed GradesHigh Strength Grades |
| By Coating Type | C2 CoatingsC3 CoatingsC4 CoatingsC5 CoatingsC6 Coatings |
Regional Analysis
- Asia-Pacific leads the electrical steel market, primarily driven by China and India. Extensive industrialization, massive investments in power infrastructure development, and a booming automotive manufacturing sector, including electric vehicles, fuel this dominance.
- The Asia-Pacific region is also the fastest-growing market for electrical steel. Rapid urbanization, significant infrastructure projects, and increasing demand for energy-efficient transformers and motors, supported by government initiatives for renewable energy, propel this growth.
- A noteworthy trend is the surging demand for high-grade Non-Grain-Oriented (NGO) electrical steel in North America and Europe. This is significantly driven by the booming electric vehicle (EV) market and increasingly stringent energy efficiency regulations for electric motors.
| North America | Latin America | Europe | Asia Pacific | Middle East & Africa |
North America
- Characterized by significant investments in grid modernization, renewable energy projects, and a steady increase in electric vehicle production, contributing to consistent demand for electrical steel.
Latin America
- Experiences growth from infrastructure development, expanding industrial sectors, and increasing electrification projects across key economies like Brazil and Mexico.
Europe
- A mature market driven by demand for energy-efficient transformers, renewable energy installations, and the growing electric vehicle industry, with a strong focus on quality and innovation.
Asia Pacific
- Dominates the market due to robust industrialization, massive infrastructure projects, and a booming electric vehicle manufacturing sector across countries like China, India, and Japan.
Middle East & Africa
- Shows strong growth potential driven by ambitious national development visions, significant investments in power transmission infrastructure, and nascent industrialization efforts across the region.
Country Analysis
Market size, share and growth for each country are in the full report. Growth across countries is shaped by local regulatory, infrastructure and demand-side factors specific to each geography.
| Region | Countries covered |
|---|---|
| North America | United States, Mexico, Canada |
| Latin America | Brazil, Argentina |
| Europe | Germany, Spain, Russia, France, Italy, United Kingdom |
| Asia Pacific | China, Japan, India, South Korea, Malaysia, Australia, Taiwan, Indonesia |
| Middle East & Africa | United Arab Emirates, Saudi Arabia, South Africa |
Countries Covered (22)
United States, Mexico, Canada, Brazil, Argentina, Germany, Spain, Russia, France, Italy, United Kingdom, China, Japan, India, South Korea, Malaysia, Australia, Taiwan, Indonesia, United Arab Emirates, Saudi Arabia, South Africa
Competitive Landscape
| Key companies | Key Strategy | Key Products |
|---|---|---|
Benxi Iron and Steel Group Co., Ltd. | Expand market share through diversified product offerings and strategic regional presence within China. | Electrical SteelCold Rolled SteelHot Rolled Steel+1 |
China Steel Corporation | Focus on high-value-added products and technological innovation to maintain market leadership and sustainable growth. | Electrical SteelHot Rolled SteelCold Rolled Steel+1 |
MMK (Magnitogorsk Iron and Steel Works) | Enhance product quality and expand into new markets while maintaining cost leadership in its primary operations. | Electrical SteelHot Rolled ProductsCold Rolled Products+1 |
Severstal | Pursue technological leadership and operational excellence to deliver high-quality steel products to diverse industries globally. | Electrical SteelHot Rolled SteelCold Rolled Steel+1 |
Usiminas | Optimize operational efficiency and product mix to capitalize on demand in the South American market, particularly for automotive and energy sectors. | Electrical SteelHot Rolled CoilsCold Rolled Coils+1 |
Companies Profiled (20)
China Steel Corporation, Benxi Iron and Steel Group Co., Ltd., Usiminas, MMK (Magnitogorsk Iron and Steel Works), Severstal, Jindal Steel & Power (JSPL), Erdemir Group, BlueScope Steel Limited, Liberty Steel Group, Stelco Holdings Inc., Dongkuk Steel Group, Samhwa Steel Co. Ltd., KG Dongbu Steel, Anyang Iron & Steel Group Co., Ltd., Xinyu Iron and Steel Group Co., Ltd., Sichuan Changcheng Special Steel Group Co., Ltd., Fushun Special Steel Co., Ltd., Jianhu Longgang Electrical Steel Co., Ltd., PT Krakatau Steel (Persero) Tbk, Jiangsu Changjiang Industrial Group Co., Ltd.
The global Electrical Steel market features a competitive landscape led by China Steel Corporation, Benxi Iron and Steel Group Co., Ltd., Usiminas, MMK (Magnitogorsk Iron and Steel Works), Severstal, and Jindal Steel & Power (JSPL), among other established and emerging players. Market participants continue to compete on product innovation, pricing strategy, geographic expansion, and strategic partnerships to strengthen their position in this evolving market.
* Market share estimates based on company revenue disclosures and public sources; undisclosed figures are marked.
Company Profiles
China Steel Corporation
Benxi Iron and Steel Group Co., Ltd.
Usiminas
MMK (Magnitogorsk Iron and Steel Works)
Severstal
Jindal Steel & Power (JSPL)
Erdemir Group
BlueScope Steel Limited
Liberty Steel Group
Stelco Holdings Inc.
Dongkuk Steel Group
Samhwa Steel Co. Ltd.
KG Dongbu Steel
Anyang Iron & Steel Group Co., Ltd.
Xinyu Iron and Steel Group Co., Ltd.
Sichuan Changcheng Special Steel Group Co., Ltd.
Fushun Special Steel Co., Ltd.
Jianhu Longgang Electrical Steel Co., Ltd.
PT Krakatau Steel (Persero) Tbk
Jiangsu Changjiang Industrial Group Co., Ltd.
* Market shares and positioning of each company are in the full report.
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Recent Market Developments
ArcelorMittal Commits €1.7 Billion to Spanish Electrical Steel Production
ArcelorMittal announced a major investment of €1.7 billion for the decarbonization of its Gijón plant in Spain, a significant portion of which is dedicated to establishing a new electrical steel facility. This expansion aims to boost high-grade electrical steel supply in Europe, catering to growing demand from the automotive and renewable energy sectors.
JSW Steel Plans Entry into Grain-Oriented Electrical Steel Market
Indian steel major JSW Steel revealed plans to establish a production facility for Grain-Oriented Electrical Steel (GOES) in India, addressing the country's reliance on imports for this critical material. This strategic move aims to enhance domestic manufacturing capabilities for high-efficiency transformers and power infrastructure.
POSCO Accelerates Supply of Advanced 'Hyper NO' Electrical Steel for EVs
POSCO, a leading global steel producer, announced increased focus and supply of its high-performance 'Hyper NO' (Non-Oriented Electrical Steel) grades, specifically engineered for electric vehicle motors. This move supports the rapid growth of the EV market by providing lighter, more efficient materials crucial for next-generation automotive powertrains.
ThyssenKrupp Secures Billions in Funding for Green Steel Transformation
ThyssenKrupp Steel secured substantial government funding, totaling billions of euros, to accelerate its transition to green steel production via hydrogen-based direct reduction technology. This significant investment will transform its Duisburg plant, impacting the entire product portfolio including electrical steel with more sustainable manufacturing processes.
Report Data Parameters
| Parameter | Value |
|---|---|
| Base Year | 2025 |
| Forecast Year | 2035 |
| Historical Period | 2019–2025 |
| Market Size (Base Year) | $24.3 Bn |
| Market Size (Forecast) | $45.6 Bn |
| CAGR | 6.5% |
| Forecast Period | 2026–2035 |
| Geography | Global |
| Countries Covered | 22 Countries |
| Segments Covered | 6 Segments, 32 Sub-segments |
| Companies Profiled | 20 Companies |
Report Value
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Complete Market Size
Market sizing for the base year and a 10-year forecast across three scenarios.
Segment Analysis
Deep-dive segmentation by product, application, end-user, and technology verticals.
Country Analysis
Country-level market data for every country in the report scope, across all major regions.
Company Profiles
Profiles of the leading companies, with disclosed financials, strategy and market share.
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Detailed competitive market share analysis with trend mapping and benchmarking.
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SWOT, Porter's Five Forces, and competitive positioning across market leaders.
Scenario Analysis
Three-scenario modelling (Base / Optimistic / Conservative) with CAGR decomposition.
Regulatory Review
Regulatory landscape, compliance requirements, and policy impact analysis by region.
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Frequently Asked Questions
Common questions about this report and our research
The Electrical Steel market is estimated at $24.3 Bn in 2025. It is forecast to reach $45.6 Bn by 2035, indicating substantial growth over the next decade. These figures reflect the total market value.
The Electrical Steel market is forecast to grow at a CAGR of 6.5% from 2025 to 2035. This growth rate is driven by factors such as increasing demand for energy-efficient electrical equipment and expanding industrialization globally.
The main segments include Grain-Oriented Electrical Steel and Non-Grain-Oriented Electrical Steel by Type. Key applications are Transformers, Electric Motors, and Electric Vehicles. End-users span Energy & Power Generation, Automotive & Transportation, and Industrial Manufacturing.
Leading companies in the Electrical Steel market include China Steel Corporation, Benxi Iron and Steel Group Co., Ltd., Usiminas, MMK (Magnitogorsk Iron and Steel Works), Severstal, Jindal Steel & Power (JSPL), Erdemir Group, BlueScope Steel Limited, Liberty Steel Group, Stelco Holdings Inc., Dongkuk Steel Group, and Samhwa Steel Co. Ltd.
The Electrical Steel market report covers global market scope, analysis by product type (GOES, NGOES), application, and end-use industry. It includes historical data from 2018-2022 and a forecast period from 2025-2035, detailing sales, production volumes, and pricing trends for various electrical steel products.
The Single User and Enterprise licences include the full PDF report, the PowerPoint (PPT), the Excel data workbook and the interactive Online Dashboard. The Online Dashboard gives online access to the interactive dashboard with Excel download, and the Market Snapshot is an executive summary in PDF with the Excel data sheet.
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