The growing demand for electricity is expected to be a key driver for the electrical steel market in the forecast period. This can be attributed to the growing economy, rapidly rising populations and increasing demand for transportation, especially in developing countries such as China, India, Brazil and some African countries. The global electricity demand is projected to grow to 38,700 TWH by 2050, and electric vehicles are expected to account for 9% of the global demand. China and India will account for a major portion of this growth. In another instance, according to Canada's Upstream Oil & Natural Gas Industry, with the global population expected to increase by about two billion over the next two decades, it is estimated that by 2040 electricity generation is expected to increase by 49%. Hence, the increasing demand for electricity is expected to drive the electrical steel market in the forecast period.

The global electrical steel market size is expected to grow from $24.80 billion in 2021 to $26.28 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%. The growth in the electrical steel market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The global electrical steel market size is expected to reach $33.12 billion in 2026 at a CAGR of 7.50%.

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Companies In The Electrical Steel Market Are Launching CO2 Reduced Electric Steel

Companies operating in the electrical steel market are launching CO2-reduced electrical steel as a sustainable base material for the energy turnaround. CO2- reduced electrical steel is a high-quality grain-oriented electrical steel that is manufactured to transmit and forward electrical energy in low-loss power transformers and has CO2 emissions that are 50% lower.For example, in October 2021, ThyssenKrupp Steel, a Germany-based high-tech electrical steel company, launched certified CO2- reduced steel under the bluemint® brand. Transformer expert SGB-SMIT from Regensburg is the first client to receive bluemint® powercore with a 50% lower CO2 intensity.

ArcelorMittal S.A. Held The Largest Share IN The Electrical Steel Market

ArcelorMittal S.A. was the largest competitor in the electrical steel market in 2021, with a 10.96% share of the market. ArcelorMittal S.A is a holding company that manufactures and markets steel and mining products. ArcelorMittal's growth strategy focuses on strengthening its business capabilities through strategic investments. For instance, in March 2022, ArcelorMittal announced its plans to invest $299.61 million (€ 300 million) to build a new production unit for electrical steels in Mardyck, France. The new unit specializes in electrical steel production used in electric motors for electric and hybrid vehicles.

Asia-Pacific Was The Largest Region In The Electrical Steel Market

Asia Pacific was the largest region in the electrical steel market and was worth $13.91 billion in 2021.The electrical steel market in Asia-Pacific is supported by the presence of large end-use industries in countries such as China, India and Japan in the region. For example, in 2021, Asia-Pacific's motor vehicles market was estimated at $801 billion, and its electric power generation, transmission and distribution market was estimated at $1.85 trillion.

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