Top 30 Companies in Global Electrical Steel Market (2025–2035): Competitive Analysis and Forecast
RELEASE DATE: Sep 2025 Author: Spherical InsightsRequest Free Sample Speak to Analyst
Description
According to a research report published by Spherical Insights & Consulting, The Global Electrical Steel Market Size is projected to Grow from USD 27.10 Billion in 2024 to USD 46.6 Billion by 2035, at a CAGR of 5.05% during the forecast period 2025–2035. The electrical steel market is gaining momentum due to rising electricity demand, expanding renewable energy projects, and increasing penetration of electric vehicles.
Introduction
The Global Electrical Steel Market Size, also known as silicon steel or transformer steel, plays a crucial role in improving the efficiency and performance of electrical devices. Electrical steel is a specific alloy with distinct magnetic characteristics, making it useful in transformers, motors, and generators. Its major role is to regulate and guide magnetic flux while reducing energy losses due to eddy currents and hysteresis, resulting in increased overall efficiency. However, the COVID-19 pandemic had a detrimental impact on this sector, slowing infrastructure projects, halting production in automotive and industrial facilities, and reducing electricity usage during lockdowns. Restrictions on mining, manufacturing, and travel further restricted supply and demand, causing a temporary drop. Despite these hurdles, the sector is recovering as governments all over the world implement supporting legislation and initiatives. Furthermore, rising demand for hybrid and electric vehicles, a focus on lowering carbon emissions, and increased R&D efforts to promote sustainable steel manufacturing are likely to generate considerable potential prospects. Rising consumer spending and environmental laws in countries such as the United States, India, China, and Brazil contribute to the favorable prognosis for the electrical steel industry.
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Electrical Steel Market Size & Statistics
- The Market Size for Electrical Steel Was Estimated to be worth USD 27.10 Billion in 2024.
- The Market Size is Going to Expand at a CAGR of 5.05% between 2025 and 2035.
- The Global Electrical Steel Market Size is anticipated to reach USD 46.6 Billion by 2035.
- Asia Pacific is expected to generate the highest demand during the forecast period in the Electrical Steel Market
- Europe is expected to grow the fastest during the forecast period in the Electrical Steel Market.
Regional growth and demand
Europe is expected to grow the fastest during the forecast period in the electrical steel market. Europe is projected to witness the fastest growth in the electrical steel market, driven by power generation, distribution, and electric motor production. Rising focus on renewable energy and demand for energy-efficient equipment sustain the region’s strong market expansion.
Asia Pacific is expected to generate the highest demand during the forecast period in the Electrical Steel market. Asia Pacific holds the highest share in the electrical steel market, fueled by strong demand for power transformers in China, India, and Indonesia. Rapid urbanization, population growth, rising energy needs, and renewable energy expansion drive the region’s dominant market position.
Top 10 Trends in the Electrical Steel Market
- Renewable Energy and EV Growth
- Focus on Energy Efficiency
- Sustainability and Green Steel
- Advancements in Coatings
- Increased Production Capacity
- Dominance of Non-Grain-Oriented Steel
- Infrastructure Development and Urbanization
- Raw Material Volatility
- Regional Market Expansion
- Technological Innovation
1. Renewable Energy and EV Growth
The growing usage of renewable energy sources such as wind and solar drives up demand for electrical steel in power transmission transformers, generators, and motors. Simultaneously, the rise in electric vehicles (EVs) necessitates high-performance motors, which increases the usage of electrical steel in the automotive industry.
2. Focus on Energy Efficiency
Governments and companies are focusing on energy efficiency to decrease energy losses. Electrical steel, with its capacity to reduce eddy current and hysteresis losses, is becoming increasingly important in transformers and electric motors, in line with worldwide energy-saving laws.
3. Sustainability and Green Steel
Environmental concerns are driving the market to adopt sustainable and low-carbon production methods. Green steel programs, backed by government legislation, are pushing producers to use environmentally friendly techniques and minimize carbon emissions, improving the market's long-term prospects.
4. Advancements in Coatings
Coating innovations for electrical steel are enhancing magnetic characteristics and corrosion resistance. These innovations increase longevity, minimize losses, and improve performance in demanding applications such as high-efficiency transformers and motors.
5. Increased Production Capacity
Key market players are expanding production capacity to satisfy rising worldwide demand. Investments in new plants and modern steel processing methods provide a consistent supply of high-quality electrical steel for power generation, automotive, and renewable energy applications.
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Stay informed with the latest industry insights and market trends to identify new opportunities and drive growth in the electrical steel market. To explore more in-depth trends, insights, and forecasts, please refer to our detailed report.
Top 25 Companies Leading the Electrical Steel Market
- Shandong Iron and Steel Group Co Ltd
- ArcelorMittal
- SAIL
- Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
- Tata Steel Limited
- Baosteel Group
- United States Steel Corporation
- JFE Steel Corporation
- Shagang Group Inc.
- Jindal Steel and Power Limited
- Ansteel Group Corporation
- Voestalpine Group
- Cleveland-Cliffs Corporation
- POSCO
- thyssenkrupp AG
- Benxi Steel Group Co., Ltd
- CSC Steel Sdn. Bhd.
- Nucor Corporation
- NLMK
- Shougang Group
- Yieh Corporation
- Aperam S.A.
- Arnold Magnetic Technologies
- United States Steel Corporation
- Slovenian Steel Group
1. Shandong Iron and Steel Group Co., Ltd.
Headquarters: Jinan, Shandong Province, China
Shandong Iron & Steel Group, one of China's largest state-owned steel businesses, is crucial for satisfying domestic steel demand, especially for electrical steel. Its solutions benefit China's rapidly expanding power, automotive, and renewable energy industries, notably transformer and motor manufacturing. The company's operations are mostly centered on China, with exports to select foreign markets. It is headquartered in Jinan, Shandong Province, and notably contributes to the Asia-Pacific region's supremacy in the electrical steel industry, which aligns with China's position as a worldwide leader in power transformers and renewable energy.
2. ArcelorMittal
Headquarters: Luxembourg City, Luxembourg
ArcelorMittal is the world's top steel and mining firm, with activities in over 60 countries and industrial footprints in over 18 nations. The firm produces electrical steel, which is required for transformers, electric motors, and automotive applications, including electric cars. With a strong focus on innovation and sustainability, it is rapidly developing low-carbon steel solutions to fulfill global energy efficiency targets. ArcelorMittal's extensive global footprint supplies important markets like Europe, North America, and Asia. Based in Luxembourg City, it is a key player in fostering development and sustainability in the worldwide electrical steel industry.
3. STEEL AUTHORITY OF INDIA LIMITED (SAIL)
Headquarters: New Delhi, India
The Steel Authority of India Limited (SAIL), one of India's main state-owned steel makers, runs five integrated steel mills around the nation. The firm makes electrical steel, which is widely used in transformers, motors, and power equipment, subsequently satisfying India's expanding need for energy and renewable infrastructure. It exports to over 20 countries, while its domestic activities remain important for India's industrial and energy sectors. SAIL, headquartered in New Delhi, is well-positioned to meet the growing need for efficient and sustainable power solutions, in line with India's goal for renewable energy development and upgrading of its power transmission infrastructure.
4. Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
Headquarters: Tokyo, Japan
Nippon Steel (previously NSSMC), a global steel manufacturing leader, is well-known for its high-quality steel products, which include advanced electrical steel. The firm provides non-oriented and grain-oriented electrical steel, which are critical for increasing the efficiency of transformers, generators, and electric motors used in electric cars. With operations in more than 15 countries across Asia, Europe, and the Americas, it has a broad worldwide footprint. Based in Tokyo, Japan, Nippon Steel's cutting-edge technology and commitment to sustainability make it a prominent player in the worldwide electrical steel industry, notably in promoting renewable energy and EV adoption.
5. Tata Steel Limited
Headquarters: Mumbai, India,
Tata Steel is one of the world's leading steelmakers, with operations in over 26 countries and a commercial presence in more than 50. The firm manufactures electrical steel for use in transformers, automotive components, and industrial equipment, with increasing demand from the electric mobility industry. Its global activities include India, Europe, and Southeast Asia, bolstering its presence in both developed and emerging markets. Tata Steel, headquartered in Mumbai, India, is devoted to sustainability and innovation, aligning with global trends in green steel manufacturing and energy efficiency, positioning it as a key participant in the global electrical steel sector.
Are you ready to discover more about the electrical steel market?
The report provides an in-depth analysis of the leading companies operating in the global electrical steel market. It includes a comparative assessment based on their product portfolios, business overviews, geographical footprint, strategic initiatives, market segment share, and SWOT analysis. Each company is profiled using a standardized format that includes:
Company Profiles
- Shandong Iron and Steel Group Co., Ltd.
- Business Overview
- Company Snapshot
- Products Overview
- Company Market Share Analysis
- Company Coverage Portfolio
- Financial Analysis
- Recent Developments
- Merger and Acquisitions
- SWOT Analysis
- ArcelorMittal
- STEEL AUTHORITY OF INDIA LIMITED (SAIL)
- Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group
- Tata Steel Limited
- Baosteel Group
- United States Steel Corporation
- JFE Steel Corporation
- Shagang Group Inc.
- Others.
Conclusion
Electrical Steel Market Size has become an essential material for contemporary power systems, with uses including transformers, generators, motors, and electric vehicles. Globally, rising energy demand, renewable energy integration, and tougher efficiency rules all have an impact on market growth. While the COVID-19 outbreak caused temporary interruptions, the recovery is being fueled by government initiatives and investments in sustainable steel manufacturing. Asia Pacific continues to have the largest market share, while Europe is expected to see the quickest growth. Ongoing technical breakthroughs, increased manufacturing capacity, and the switch to green steel are likely to generate significant long-term potential in this industry.
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