HOUSTON – Oct. 20, 2026 – PRLog — The global Electrical Steel Market is gaining momentum as countries expand electricity infrastructure, modernize power grids, and accelerate the transition toward energy-efficient technologies. Electrical steel, valued for its magnetic properties and low energy losses, is an essential material in transformers, electric motors, generators, and other electrical equipment.
Increasing electric vehicle production, renewable energy installations, and investments in power transmission and distribution are supporting demand for grain-oriented and non-grain-oriented electrical steel.
Electrical Steel Market Statistics
According to Acumen Research and Consulting’s historical market forecast, the Electrical Steel Market was expected to record substantial growth during 2022–2030.
- Electrical Steel Market size (2021): USD 24.8 billion
- Projected market size (2030): USD 45.4 billion
- Forecast CAGR: 7.2% from 2022 to 2030
- Leading region: Asia-Pacific, accounting for more than 71.5% of the market in 2021
- Leading product segment: Non-grain-oriented electrical steel, with more than 67% market share in 2021
- Leading application:
Transformers, accounting for more than 51% of the market in 2021 - Fastest-growing region: Europe, according to the original forecast
These figures represent the original forecast and should not be interpreted as updated estimates for 2026–2035.
Key Companies in the Electrical Steel Market
Major companies operating in the Electrical Steel Market include:
- ArcelorMittal – Global steel production and advanced steel solutions
- Nippon Steel Corporation – High-performance electrical steel products
- Tata Steel Limited – Steel products for industrial and infrastructure applications
- POSCO – Advanced steel materials for energy and mobility
- JFE Steel Corporation – Electrical steel for transformers and electric motors
- Baoshan Iron & Steel (Baosteel) – Steel products for electrical and industrial applications
- United States Steel Corporation – Integrated steel production
- thyssenkrupp – Advanced materials and electrical steel solutions
- Voestalpine Group – Specialty steel and high-performance materials
- Jindal Steel and Power Limited – Steel and infrastructure materials
Electrical Steel Market Outlook
Growing electricity demand, smart-grid development, electric mobility, and renewable power generation are creating opportunities across the electrical steel value chain. Continued investment in efficient transformers, motors, and generators is expected to remain an important demand driver. Technological advances in steel manufacturing and magnetic performance will also influence competition.
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