Built to provide research that’s more actionable and strategically valuable, The Business Research Company’s 2026 market reports include market attractiveness analysis, total addressable market sizing, company benchmarking matrices, interactive Excel dashboards, broader supply chain intelligence, emerging startup tracking, and in-depth product insights.
Electrical Steel Market Set To Climb From $39.72 Billion In 2026 To $51.67 Billion By 2030
The electrical steel market size has exhibited substantial expansion over recent years. Its valuation is anticipated to climb from $37.13 billion in 2025 to $39.72 billion in 2026, reflecting a compound annual growth rate (CAGR) of 7.0%. Historically, this growth can be ascribed to a surge in electrification within the energy and manufacturing sectors, heightened demand for transformers and generators, the incorporation of grain-oriented steel in power distribution, an increase in household appliance production, and the widening use of electrical steel in the automotive industry.
The electrical steel market is anticipated to show significant expansion over the next few years. It is expected to reach a value of $51.67 billion by 2030, progressing at a compound annual growth rate (CAGR) of 6.8%. This expansion during the forecast period is fueled by increasing electric vehicle production, a greater need for high-performance motors and generators, the embrace of energy-efficient transformers, the growth of renewable energy infrastructure, and the rise of industrial automation demanding electrical steel. Prominent trends observed in this period encompass a rising demand for grain-oriented electrical steel, the increased application of non-grain-oriented steel in motors, further development in electric vehicle uses, the growth in manufacturing of transformers and generators, and the adoption of high-performance electrical steel for various industrial purposes.
Get A Free Sample Report With In-Depth Market Insights:
Electrical Steel Market Growth Backed By Core Demand Fundamentals
The electrical steel market is projected to be driven by the swift increase in investments for renewable power generation capacities throughout the forecast period. This robust expansion in renewable energy sources leads to a substantial need for electrical transmission and distribution (T&D) equipment, including transformers. Numerous power generation firms are allocating capital to renewable energy technologies, particularly within the USA and European nations. As an illustration, the International Energy Agency, an independent intergovernmental body based in France, reported in June 2024 that worldwide energy investment is anticipated to surpass USD 3 trillion in 2024, marking a considerable increase from 2023, with USD 2 trillion allocated to clean energy initiatives. Consequently, the swift rise in funding for renewable power generation is fueling the expansion of the electrical steel market.
Electrical Steel Market Segment Analysis And Revenue Potential
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
Electrical Steel Market Growth Trends Reshaping The Competitive Landscape
Leading companies in the electrical steel market are prioritizing the advancement of technological innovations, specifically focusing on ultra-thin, low-loss non-grain-oriented (NGO) electrical steel, which is intended for high-efficiency motors and e-mobility uses. This ultra-thin NGO electrical steel is a silicon-alloyed sheet engineered to minimize core losses, facilitate lighter motor designs, and provide isotropic magnetic performance, making it suitable for rotating machinery while maintaining a balance between efficiency and formability. As an illustration, in March 2023, United States Steel Corporation, a steelmaker based in the United States, introduced InduX. This new offering is an ultra-thin, very wide, and lightweight NGO electrical steel produced at its Big River Steel facility. InduX is characterized by optimized magnetic properties and ultra-thin gauges, which contribute to reducing core losses and motor weight. Its large-scale manufacturing aims to bolster domestic supply chains, ultimately leading to enhanced motor efficiency, extended EV range, and the development of smaller, high-performance traction motors and industrial generators.
Electrical Steel Market Competitive Analysis Of Leading Industry Participants
Major companies operating in the electrical steel market report are 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
View The Full Electrical Steel Market Report:
Electrical Steel Market Geographic Spread And Regional Opportunities
Asia-Pacific was the largest region in the electrical steel market in 2025. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Reach Out To Our Team:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas: +1 310-496-7795
Asia: +44 7882 955267 & +91 8897263534
Europe: +44 7882 955267
Email us at: marketing@tbrc.info
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Wasay has over a decade of experience in market research, data modelling, and analytics, with prior experience at GlobalData and Decision Tree Consulting Services. At The Business Research Company , he leads research operations across syndicated studies, customized consulting engagements, and the Global Market Model platform. His professional experience includes supporting organizations such as Boston Consulting Group, KPMG, and Ernst & Young. Wasay holds a degree in Electronics and Communications Engineering, postgraduate management qualifications from International Management Institute Belgium and Indian School of Business and Entrepreneurship, and completed the Integrated Program in Business Analytics from Indian Institute of Management Indore.