Electrical Steel Market Forecast, Growth Factors, Segments And Emerging Trends 2025-2034


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What is the forecasted revenue size of the electrical steel industry by 2029?

The electrical steel market size has grown strongly in recent years. It will grow from $35.72 billion in 2024 to $37.75 billion in 2025 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, government incentives to end-user industries, rise in power consumption, and increasing use of household appliances.

The electrical steel market size is expected to see strong growth in the next few years. It will grow to $50.28 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to global population growth and urbanization, rising investment in renewable power generation, and increasing demand for electricity and electric vehicle sales. Major trends in the forecast period include focusing on co2-reduced electrical steel as a sustainable base material, developing new and innovative products, investing in manufacturing innovative electrical and environmentally friendly electrical steel, focusing on strategic partnerships and alliances, and adopting new technologies.

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Which industry-specific innovations are acting as key drivers for the electrical steel market?
Increasing demand for 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 is thus used in electric motors to realize high motor efficiency. For instance, in April 2024, according to the International Energy Agency, a France-based autonomous intergovernmental organisation, almost 14 million new electric cars were registered globally in 2023, bringing their total number on the roads to 40 million. Therefore, increasing demand for electric and hybrid vehicles drives growth in the electrical steel market.

Which segment currently leads the electrical steel market in terms of revenue share?
The electrical steel market covered in this report is segmented –

1) By Type: Grain-Oriented, Non-Grain-Oriented
2) By Industry: Energy, Automotive, Household Appliances, Manufacturing, Other Industries
3) By Application: Transformers, Generators, Motors, Other Applications

Subsegments:
1) By Grain-Oriented: Transformer Steel, Laminated Core Steel
2) By Non-Grain-Oriented: Regular Non-Grain-Oriented Steel, High-Performance Non-Grain-Oriented Steel

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What are the key trends shaping the electrical steel market in the forecast period?
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 environmentally friendly and emits fewer 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 current transport efficiencies. ThyssenKrupp would supply it for manufacturing transformers with CO2-reduced electrical steel for new digital E.ON medium-voltage stations in Germany.

Who are the top competitors in the global electrical steel market?
Major companies operating in the electrical steel market include ArcelorMittal S.A., POSCO, Baoshan Iron & Steel Co. Ltd, JFE Holdings, Inc., ThyssenKrupp AG, Cleveland-Cliffs Corporation, Steel Authority of India Limited, Bekaert SA, The Heico Companies, Ningbo BST Metal Products Co., Ltd, Nanjing Hengjie Industrial Co., Ltd, Suzuki Garphyttan Ab, Beloretsk Metallurgical Plant AO, Arnold Magnetic Technologies, Aperam, Companhia Siderúrgica Nacional, Siderca, Mahindra Intertrade, Harsh Electrical Stampings, Iron Products Industries Ltd, Sevan Construction Nigeria Limited

What regional dynamics are shaping the future of the global electrical steel market?
Asia-Pacific was the largest region in the electrical steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

How Can Companies Use The Electrical Steel Market Report to Drive Business Results?
This report provides actionable insights tailored for business use—not academic analysis. Companies can leverage the data to:
• Time market entry or expansion using growth forecasts and CAGR trends.
• Develop competitive products by tracking key technology shifts and user preferences.
• Tailor regional strategies with in-depth geographic data and local market dynamics.
• Benchmark and plan partnerships using competitive landscape insights.

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