US Electrical Steel Market Size, Share, Growth, Trends, Analysis, By Product (Grain-Oriented Electrical Steel, Non-Grain-Oriented Electrical Steel), By Application (Transformers, Motors, Inductors, Others and Regional Insights and Forecast to 2032
US electrical steel market size was USD 3.75 billion in 2023 and is predicted to reach USD 6.15 billion in 2032, exhibiting at a CAGR of 5.6% during the forecast period.
The US electrical steel market provides essential components for electrical transformers, motors, and generators, making it an essential part of the country's industrial environment. This market is still thriving because of strong demand from industries including manufacturing, energy, and automobiles. Renowned for its low core losses and magnetic qualities, electrical steel is essential for increasing energy efficiency and lowering carbon footprint. Leading companies in the sector use innovation and cutting-edge production processes to satisfy a wide range of client demands and strict quality requirements. The US electrical steel market is still well-positioned for continued expansion and innovation as technology develops.
US ELECTRICAL STEEL MARKET: REPORT SCOPE & SEGMENTATION
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Report Attribute |
Details |
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Estimated Market Value (2023) |
3.75 Bn |
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Projected Market Value (2032) |
6.15 Bn |
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Base Year |
2023 |
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Forecast Years |
2024 - 2032 |
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Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- By Product, By Application, & Region |
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Segments Covered |
By Product, By Application, & Region |
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Forecast Units |
Value (USD Billion or Million), and Volume (Units) |
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Quantitative Units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
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Regions Covered |
U.S., Canada, and Mexico |
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Countries Covered |
U.S., Canada, Mexico. |
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Report Coverage |
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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Delivery Format |
Delivered as an attached PDF and Excel through email, according to the purchase option. |
US Electrical Steel Dynamics
Technological developments, shifting raw material prices, and changing regulatory environments have all influenced the US electrical steel market's dynamic dynamics. The improvement of infrastructure, the electrification of automobiles, and renewable energy all have an impact on demand. Product innovation, cost reduction, and sustainability initiatives are the main strategies used by market participants to manage competitive challenges. Market circumstances are also impacted by the dynamics of global trade, including trade agreements and taxes. The market dynamics are further shaped by the integration of digital technology and consumer tastes that are shifting towards energy-efficient solutions. When it comes to constant adaptation and innovation, the US electrical steel market exhibits resilience in the face of shifting environmental and economic conditions.
US Electrical Steel Drivers
Energy storage systems, solar inverters, wind turbines, and other renewable energy sources drive the demand for electrical steel. Renewable energy is growing quickly because governments around the world are putting a strong emphasis on clean energy transitions and carbon neutrality targets. Electrical steel is essential for effectively converting renewable energy sources into useable power due to its magnetic characteristics. Improvements in technology that improve the efficiency and dependability of renewable energy systems, favorable regulations, and rising investments in renewable infrastructure are the main factors supporting this trend.
Electrical steel demand is driven by infrastructure modernization, which calls for improvements to transportation networks and outdated power grids to increase their dependability and efficiency. Governments and businesses fund high-speed rail, smart grid technology, and urban development initiatives, all of which demand sophisticated electrical components. Energy transmission and distribution systems are greatly improved by electrical steel because of its reduced core losses and magnetic qualities. Growing urbanization, population expansion, and the requirement to provide robust and sustainable infrastructure for coming generations are the main causes of this driver.
Restraints:
Tariffs on imported steel and associated materials increase the cost of production for home manufacturers, which reduces their ability to compete. Long-term planning and investment are hampered by market volatility that is further exacerbated by uncertainty surrounding trade agreements and punitive actions. Trade obstacles can also restrict access to foreign markets, which can limit growth potential in the face of intense global competition and altering trade dynamics and decrease export opportunities for US electrical steel manufacturers.
The market dominance of electrical steel in a variety of applications is being threatened by advancements in substitute materials like silicon carbide and carbon fiber composites. Existing manufacturers face financial obstacles as a result of the large expenditures needed for research, development, and retooling necessary to adapt to these new technologies. In quickly changing industries, falling behind on technological improvements can lead to a decline in market relevance and a competitive disadvantage.
Opportunities:
Grid modernization projects create demand for cutting-edge infrastructure components, which presents a large opportunity for the US electrical steel industry. Reliable and efficient electrical systems are necessary for investments in microgrids, smart grids, and the integration of renewable energy sources. In current grids, electrical steel is crucial for transformers, switchgear, and transmission equipment because of its exceptional magnetic characteristics. The market for high-performance electrical steel is expected to rise as governments and utilities place a higher priority on sustainability and grid resilience. This will present manufacturers with attractive prospects in the changing energy landscape.
The US electrical steel market has a significant opportunity due to rising energy efficiency rules, which are increasing demand for high-performance materials in appliances, motors, and transformers. Advanced electrical steel with lower core losses and better magnetic characteristics is becoming more and more necessary as manufacturers are forced by stricter requirements to use more efficient technologies. The need for compliant electrical steel products is anticipated to increase, stimulating growth and innovation in the market as consumers and businesses look for energy-saving solutions to lower operational costs and environmental impact.
Segment Overview
Based on product, the US electrical steel market is divided into grain-oriented electrical steel and non-grain-oriented electrical steel. The non-grain-oriented electrical steel category dominates the market with the largest revenue share in 2023. Because non-grain-oriented electrical steel does not have a preferred crystal orientation, all directions of its magnetic characteristics can be equally strong. Because of this, NGOES can be used in applications like electric motors, generators, and other electrical devices that experience direction changes in magnetic flux while operating. The magnetic characteristics of grain-oriented electrical steel are enhanced in the rolling direction due to its preferred crystal orientation. Because of this feature, it is perfect for use in distribution and power transformers, where directional magnetic flux is essential for effective energy distribution and transmission.
Based on the application, the US electrical steel market is categorized into transformers, motors, inductors, and others. The transformers category leads the US electrical steel market with the largest revenue share in 2023. Transformers are devices that employ electromagnetic induction to move electrical energy between circuits. In transformer cores, electrical steel plays a crucial role in effectively concentrating and channeling magnetic flux to reduce energy losses. Electric motors provide power to a variety of machinery and equipment by converting electrical energy into mechanical energy.
In motor cores, electrical steel is used to produce magnetic fields that propel rotor motion and produce mechanical power. When current passes through inductors, which are passive electrical components, energy is stored in a magnetic field.
US Electrical Steel Overview by Region
The US electrical steel market is categorized into U.S., Canada, and Mexico. The U.S. emerged as the leading region, capturing the largest market share in 2023. Numerous elements, such as a strong emphasis on energy efficiency and sustainability, technical breakthroughs, and a robust industrial infrastructure, are responsible for this leadership. The US has made large expenditures in electrical grid renovation, renewable energy projects, and vehicle electrification programs, which have increased demand for electrical steel in a number of industries. The competitiveness of US electrical steel makers has also been strengthened by supportive regulatory policies and a highly skilled labor pool, securing the nation's top spot in the market.
Throughout the forecast period, Canada is anticipated to post a significant CAGR. The country's emphasis on switching to a greener, more sustainable energy system, along with government programs encouraging energy efficiency, is increasing demand for electrical steel in a number of industries. Furthermore, Canada's technological innovation and wealth of natural resources support its potential for long-term growth and competitiveness in the world market for electrical steel.
US Electrical Steel Competitive Landscape
In the US electrical steel market, a few major players exert significant market dominance and have established a strong regional presence. These leading companies remain committed to continuous research and development endeavors and actively engage in strategic growth initiatives, including product development, launches, joint ventures, and partnerships. By pursuing these strategies, these companies aim to strengthen their market position, expand their customer base, and capture a substantial share of the market.
Some of the prominent players in the US electrical steel market include,
US Electrical Steel Recent Developments
Scope of the US Electrical Steel Report
US Electrical Steel Market Report Segmentation
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ATTRIBUTE |
DETAILS |
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By Product |
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By Application |
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By Geography |
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Customization Scope |
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Pricing |
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Objectives of the Study
The objectives of the study are summarized in 5 stages. They are as mentioned below:
Intended Audience
Research Methodology
Our research methodology has always been the key differentiating reason which sets us apart in comparison from the competing organizations in the industry. Our organization believes in consistency along with quality and establishing a new level with every new report we generate; our methods are acclaimed and the data/information inside the report is coveted. Our research methodology involves a combination of primary and secondary research methods. Data procurement is one of the most extensive stages in our research process. Our organization helps in assisting the clients to find the opportunities by examining the market across the globe coupled with providing economic statistics for each and every region. The reports generated and published are based on primary & secondary research. In secondary research, we gather data for global Market through white papers, case studies, blogs, reference customers, news, articles, press releases, white papers, and research studies. We also have our paid data applications which includes hoovers, Bloomberg business week, Avention, and others.
Data Collection
Data collection is the process of gathering, measuring, and analyzing accurate and relevant data from a variety of sources to analyze market and forecast trends. Raw market data is obtained on a broad front. Data is continuously extracted and filtered to ensure only validated and authenticated sources are considered. Data is mined from a varied host of sources including secondary and primary sources.
Primary Research
After the secondary research process, we initiate the primary research phase in which we interact with companies operating within the market space. We interact with related industries to understand the factors that can drive or hamper a market. Exhaustive primary interviews are conducted. Various sources from both the supply and demand sides are interviewed to obtain qualitative and quantitative information for a report which includes suppliers, product providers, domain experts, CEOs, vice presidents, marketing & sales directors, Type & innovation directors, and related key executives from various key companies to ensure a holistic and unbiased picture of the market.
Secondary Research
A secondary research process is conducted to identify and collect information useful for the extensive, technical, market-oriented, and comprehensive study of the market. Secondary sources include published market studies, competitive information, white papers, analyst reports, government agencies, industry and trade associations, media sources, chambers of commerce, newsletters, trade publications, magazines, Bloomberg BusinessWeek, Factiva, D&B, annual reports, company house documents, investor presentations, articles, journals, blogs, and SEC filings of companies, newspapers, and so on. We have assigned weights to these parameters and quantified their market impacts using the weighted average analysis to derive the expected market growth rate.
Top-Down Approach & Bottom-Up Approach
In the top – down approach, the Global Batteries for Solar Energy Storage Market was further divided into various segments on the basis of the percentage share of each segment. This approach helped in arriving at the market size of each segment globally. The segments market size was further broken down in the regional market size of each segment and sub-segments. The sub-segments were further broken down to country level market. The market size arrived using this approach was then crosschecked with the market size arrived by using bottom-up approach.
In the bottom-up approach, we arrived at the country market size by identifying the revenues and market shares of the key market players. The country market sizes then were added up to arrive at regional market size of the decorated apparel, which eventually added up to arrive at global market size.
This is one of the most reliable methods as the information is directly obtained from the key players in the market and is based on the primary interviews from the key opinion leaders associated with the firms considered in the research. Furthermore, the data obtained from the company sources and the primary respondents was validated through secondary sources including government publications and Bloomberg.
Market Analysis & size Estimation
Post the data mining stage, we gather our findings and analyze them, filtering out relevant insights. These are evaluated across research teams and industry experts. All this data is collected and evaluated by our analysts. The key players in the industry or markets are identified through extensive primary and secondary research. All percentage share splits, and breakdowns have been determined using secondary sources and verified through primary sources. The market size, in terms of value and volume, is determined through primary and secondary research processes, and forecasting models including the time series model, econometric model, judgmental forecasting model, the Delphi method, among Flywheel Energy Storage. Gathered information for market analysis, competitive landscape, growth trends, product development, and pricing trends is fed into the model and analyzed simultaneously.
Quality Checking & Final Review
The analysis done by the research team is further reviewed to check for the accuracy of the data provided to ensure the clients’ requirements. This approach provides essential checks and balances which facilitate the production of quality data. This Type of revision was done in two phases for the authenticity of the data and negligible errors in the report. After quality checking, the report is reviewed to look after the presentation, Type and to recheck if all the requirements of the clients were addressed.
