The global electrical steel market is projected to reach USD 75.47 billion by 2033, rising from an estimated USD 46.70 billion in 2026. The market is expected to grow at a compound annual growth rate of 7.1% during the forecast period.Growing demand for energy-efficient transformers, electric motors and power transmission equipment is supporting electrical steel consumption worldwide. Expanding electric vehicle production, renewable energy projects and modernisation of power grids are also creating new opportunities for grain-oriented and non-grain-oriented electrical steel manufacturers.
Electrical steel is widely used in transformers, motors and inductors because of its magnetic properties and ability to reduce energy losses. Technological developments, sustainability targets and investments in advanced manufacturing are expected to strengthen market expansion through 2033.
Asia-Pacific, Europe and North America remain important markets as governments and industries increase spending on clean energy, electric mobility and modern power infrastructure. Major producers competing in the sector include POSCO, Nippon Steel, ArcelorMittal, JFE Steel, NLMK, Voestalpine and Thyssenkrupp.
