Asia Pacific Electrical Steel Market Size Expands at Steady CAGR of 4.95% to Surpass USD 9.43 Billion by 2030

Published | 03 April 2024

Asia Pacific Electrical Steel Market is expanding due to a spurring demand for energy-efficient transformers from the thriving automotive sector driven by rapid urbanization and industrialization.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Asia Pacific Electrical Steel Market size by value at USD 7.89 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Electrical Steel Market size to expand at a CAGR of 4.95% reaching a value of USD 9.43 billion by 2030. The Asia Pacific Electrical Steel Market is electrifying, driven by a confluence of factors poised to reshape the industry landscape. With burgeoning urbanization and industrialization across the region, the electricity demand continues to surge. This necessitates efficient power transmission systems, where electrical steel emerges as the linchpin for optimal performance. Market players keen on seizing opportunities in the dynamic landscape can harness the advantage of technological advancements that enhance electrical steel's magnetic properties, ensuring higher efficiency and reduced energy loss. As key players invest in R&D to innovate and meet evolving market demands, the Asia Pacific region stands poised for an electrifying transformation.

By volume, BlueWeave estimated the Asia Pacific Electrical Steel Market size at 120.77 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Asia Pacific Electrical Steel Market size to expand at a CAGR of 4.33% reaching a volume of 134.65 million tons by 2030. Advantages abound in the Asia Pacific Electrical Steel Market, offering a compelling narrative for market players to capitalize on. Notably, the robust growth in renewable energy installations, particularly wind and solar power projects, underscores the pivotal role of electrical steel in enabling sustainable energy infrastructure. Further, the burgeoning automotive sector in the region, fueled by the electric vehicle revolution, presents a significant avenue for market expansion. Key players strategically positioning themselves to cater to these burgeoning sectors stand to reap substantial rewards. As demand escalates and key players innovate, the Asia Pacific Electrical Steel Market is expected to expand during the period in analysis.

Opportunity – Booming demand in China propels market growth

China's robust economic growth and rapid urbanization are driving the demand for electrical steel. Government initiatives supporting the electrical steel industry coupled with increasing sales of consumer appliances are key growth drivers. Additionally, significant investments in electrified steel by the government promise substantial growth opportunities in the market.

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Impact of Escalating Geopolitical Tensions on Asia Pacific Electrical Steel Market

Geopolitical tensions in the Asia Pacific Electrical Steel Market are escalating due to various factors. China's dominance in steel production and exports, coupled with its strategic economic initiatives like the Belt and Road Initiative, has raised concerns among neighboring countries and global powers. Trade disputes, especially between China and the United States, have led to tariffs and trade barriers affecting the electrical steel market. Additionally, territorial disputes in the South China Sea have further strained relations, impacting trade routes and regional stability. Japan's efforts to diversify its supply chains away from China, and South Korea's technological advancements in steel production, add complexity to the competitive landscape. The tensions threaten to disrupt supply chains, increase prices, and reshape the dynamics of the Asia Pacific Electrical Steel Market.

Asia Pacific Electrical Steel Market

Segmental Coverage

Asia Pacific Electrical Steel Market – By Type

Based on type, Asia Pacific Electrical Steel Market is divided into Grain-Oriented Steel and Non Grain-Oriented Steel segments. The grain-oriented steel segment holds a larger share in the market by type. The segment is favored for its superior magnetic properties, making it ideal for transformers and electrical motors. Its crystalline structure enhances magnetic conductivity, minimizing energy loss and improving efficiency in power transmission and distribution systems. With increasing demand for energy-efficient solutions across various industries in the Asia Pacific region, grain-oriented steel continues to dominate the market, driving innovation and advancements in electrical engineering technologies.

Asia Pacific Electrical Steel Market – By Application

Based on application, Asia Pacific Electrical Steel Market is divided into Transformers, Motors, and Inductors segments. The transformers segment dominates the market share followed by Motors and Inductors. Transformers play a crucial role in energy transmission and distribution systems, driving their prominence in the market. With the increasing demand for electricity and infrastructure development across the region, the transformer segment is experiencing substantial growth. Motors, essential in various industrial applications, constitute another significant portion of the market. Although Inductors contribute to the market, their share is comparatively smaller. Overall, the transformers segment stands out as the largest contributor, reflecting the region's emphasis on energy infrastructure development.

Competitive Landscape

Asia Pacific Electrical Steel Market is fiercely competitive. Major companies in the market include Nippon Steel Corporation, POSCO, Baosteel Group, Shougang Group, JFE Steel Corporation, Hyundai Steel Company, Wuhan Iron and Steel Group Co., Ltd, Toshoku Steel Co., Ltd, Qingdao Special Steel Co., Ltd, and NS Steel & Sumikin Welding Products Co., Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Asia Pacific Electrical Steel Market.

Don’t miss the business opportunity Asia Pacific Electrical Steel Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia Pacific Electrical Steel Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in Asia Pacific Electrical Steel Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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