Across North America Electrical Steel Market expansion is sustained by an integrated cross-border automotive and energy supply chain, rising demand for high-efficiency industrial machinery, and active commercial trade connecting facilities across the US, Canada, and Mexico. High regional production of electric cars, commercial fleet vehicles, and renewable power infrastructure keeps baseline demand for both grain-oriented and non-grain-oriented electrical steel strong. Strategic investments by North American steel producers to expand domestic cold-rolling mills and deploy advanced insulation coating lines reinforce the region's position in high-grade magnetic materials.

The Electrical Steel Market was valued at US$ 28.20 Billion in 2025 and is projected to reach US$ 40.85 Billion by 2034, registering a CAGR of 4.20% during 2026–2034.  As nations scale up renewable energy generation from solar, wind, and hydroelectric sources, high-efficiency electrical steel is vital to build the step-up transformers and long-distance transmission grids needed to integrate clean power. Electrical steel is broadly categorized into Grain-Oriented Electrical Steel (GOES), which offers exceptional directional magnetic performance for static power transformers, and Non-Grain-Oriented Electrical Steel (NGOES), which provides isotropic magnetic performance for rotating machinery like motors and generators. Steelmakers continue to refine thin-gauge laminations and advanced insulation coatings to lower hysteresis losses, curb operational carbon footprints, and maximize energy transmission efficiency.

Download Exclusive Sample PDF Electrical Steel Market Study - https://www.theinsightpartners.com/sample/TIPRE00009456

Key Market Report Drivers

• Global Expansion of Electric Vehicle (EV) Production and Traction Motors: The rapid transition from internal combustion engines to electric powertrains generates massive demand for high-grade Non-Grain-Oriented Electrical Steel (NGOES). EV traction motors rely on ultra-thin, low-loss electrical steel laminations to maximize battery range, motor torque, and power density.

• Large-Scale Power Grid Modernization and Transformer Upgrades: Aging electricity distribution infrastructure across developed nations and rapid grid expansion in emerging economies require continuous installation of high-efficiency distribution and power transformers, directly boosting consumption of Grain-Oriented Electrical Steel (GOES).

• Stringent Energy Efficiency Standards for Industrial Electric Motors: Governments and regulatory bodies worldwide enforce strict minimum energy performance standards (MEPS) for industrial motors. Replacing conventional steel with premium electrical steel alloys reduces core energy losses, helping manufacturers comply with global eco-design directives.

• Rapid Integration of Utility-Scale Renewable Energy Projects: The global push for net-zero carbon emissions necessitates massive investments in wind farms, solar parks, and energy storage systems, all of which depend on specialized step-up transformers, inverters, and electrical generators.

Top Players in the Electrical Steel Market

The global competitive landscape features leading steel conglomerates and specialty alloy producers focused on lamination thickness control, magnetic domain refinement, and chemical composition optimization. Key market participants include:

• Baoshan Iron & Steel Co., Ltd. (Baosteel)

• ArcelorMittal S.A.

• Nippon Steel Corporation

• POSCO Holdings Inc.

• Cleveland-Cliffs Inc.

• Voestalpine AG

• JFE Steel Corporation

• Thyssenkrupp AG

• NLMK Group

• Tata Steel Limited

Frequently Asked Questions (FAQs)

What was the global Electrical Steel Market size in 2025?

The global electrical steel market was valued at US$ 28.20 Billion in 2025.

What is the projected market size and CAGR by 2034?

The market is projected to reach US$ 40.85 Billion by 2034, registering a CAGR of 4.20% during the forecast period from 2026 to 2034.

What are the main product types in the electrical steel market?

Primary product categories include Grain-Oriented Electrical Steel (GOES), used mainly in transformers, and Non-Grain-Oriented Electrical Steel (NGOES), used primarily in rotating equipment like electric motors and generators.

Which key end-use industries generate the highest demand for electrical steel?

The energy and power sector (transformers and generators) represents the largest demand segment, followed closely by automotive manufacturing (EV traction motors and components) and industrial machinery.

About Us

The Insight Partners is a one-stop industry research provider of actionable intelligence. We help our clients get solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Energy and Utilities, Healthcare, Chemicals and Materials, and Technology.

Contact Us

If you have any queries about this report or would like further information, please contact us:

• Contact Person: Sameer Joshi

• E-mail: sales@theinsightpartners.com

• Phone: +1-646-491-9876

• Web: https://www.theinsightpartners.com

• Also Available in :
  KoreanGermanJapaneseFrenchChineseItalianSpanish