1 Global Electrical Steel Coatings Market Size (Revenue) and CAGR (2024-2033)
Global Electrical Steel Coatings market generated revenue of USD 301.36 Million in 2024 with a CAGR of 4.44% during 2024 to 2033.
The electrical steel coatings market has experienced steady growth over the past few years, mainly due to the increasing demand for high-performance materials from downstream industries, indicating a continuous expansion trend in the market. This growth is mainly driven by several factors: increase in downstream applications, technological innovation and product development, and rise in emerging markets.
However, the market is also facing some challenges such as fluctuating raw material prices and increasing competition in the market. Companies need to continuously innovate and optimize their products to meet these challenges and maintain a competitive edge. Overall, the electrical steel coatings market is expected to maintain steady growth in the coming years.
Figure Global Electrical Steel Coatings Market Size (M USD) Outlook (2024-2033)
2 Electrical Steel Coatings Market Drivers
Table Drivers of Electrical Steel Coatings
Drivers | Description |
High Performance large downstream aplication | The increasing adoption of large power transformers in heavy industry and housing is driving demand for electrician steel coatings. Especially in developed countries, most electrical steel coatings are used to make components for such transformers. High surface insulation resistance and thermal stability are some of the key advantages that promote the use of electrical steel coatings in such applications. In addition to making motors for large power transformers, hybrid and electric vehicles, electrician steel coatings are also being used in energy-saving measures. The environmental protection production of all kinds of electrical equipment must use electrician steel coating, especially in order to improve the energy efficiency of such equipment. These are the drivers of the Electrical Steel Electrical products market. |
3 Global Electrical Steel Coatings Market by Type in 2024
In 2024, the global market for Electrical Steel Coatings was characterized by two primary product types: Chrome-free and Chrome-containing coatings.
Chrome-free Electrical Steel Coatings are designed to provide excellent corrosion resistance and high electrical resistance without the use of chromium. These coatings are environmentally friendly and are increasingly preferred due to growing concerns about the toxicity of chromium. In 2024, Chrome-free coatings accounted for a significant portion of the market, with a value of 145.27 million USD and a volume of 18,867 tons, reflecting their growing popularity and acceptance across various industries.
Chrome-containing Electrical Steel Coatings, on the other hand, have been traditionally used for their superior performance characteristics, such as high hardness and excellent wear resistance. Despite environmental concerns, they still held a substantial market share due to their established use in critical applications. In 2024, Chrome-containing coatings had a market value of 156.09 million USD and a volume of 25,578 tons.
In terms of growth rates, Chrome-free coatings exhibited a faster growth rate compared to Chrome-containing coatings. This trend can be attributed to the increasing demand for environmentally sustainable products and the development of new technologies that enhance the performance of Chrome-free coatings. The growth rate of Chrome-free coatings was driven by their adoption in emerging markets and their use in applications where environmental impact is a major consideration.
Table Global Electrical Steel Coatings Market Size and Share by Type in 2024
Type | Market Size (M USD) | Market Sales (Tons) |
|---|---|---|
Chrome-free | 145.27 | 18867 |
Chrome-containing | 156.09 | 25578 |
4 Global Electrical Steel Coatings Market by Application in 2024
The applications of Electrical Steel Coatings are diverse, with each application contributing significantly to the overall market size and growth. In 2024, the primary applications included Transformers, Motors, and Others, each with distinct market sizes and shares.
Transformers are the largest application segment for Electrical Steel Coatings. In 2024, the market value for transformers was 121.35 million USD, with a consumption volume of 19,633 tons. The demand for transformers is driven by the need for efficient power distribution and the expansion of power infrastructure globally. As countries invest in modernizing their power grids and increasing energy efficiency, the demand for high-quality electrical steel coatings for transformers continues to grow.
Motors represent another significant application, with a market value of 111.51 million USD and a consumption volume of 14,716 tons in 2024. The growth in the motor segment is fueled by the increasing demand for electric vehicles and industrial automation. Motors require coatings that provide high electrical resistance and thermal stability, making electrical steel coatings an essential component in their construction.
In terms of growth rates, the Transformer application exhibited the fastest growth rate in 2024. This can be attributed to the global push for renewable energy and the need for more efficient power transmission systems. As countries invest in renewable energy projects and upgrade their power infrastructure, the demand for transformers and, consequently, electrical steel coatings for transformers, is expected to continue growing.
Table Global Electrical Steel Coatings Market Size and Share by Application in 2024
Application | Market Size (M USD) | Market Sales (Tons) |
|---|---|---|
Transformer | 121.35 | 19633 |
Motor | 111.51 | 14716 |
Others | 68.49 | 10096 |
5 Global Electrical Steel Coatings Market by Region in 2024
In 2024, the global Electrical Steel Coatings market was segmented into several major regions. The regions analyzed include North America, Europe, Asia Pacific, Central & South America, and the Middle East & Africa.
North America experienced a robust market for Electrical Steel Coatings, primarily driven by the United States. The region’s market sales reached 10035 Tons in 2024, accounting for approximately 22.58% of the global market share. The growth in this region can be attributed to the strong industrial base, particularly in the automotive and manufacturing sectors, which require high-quality electrical steel coatings for various applications.
Europe emerged as the largest regional market by revenue in 2024, with a market sales of 11239 Tons, representing 25.29% of the global market share. Europe’s dominance is due to its advanced manufacturing capabilities and stringent regulations that promote the use of high-performance materials. Countries like Germany, the UK, and France have significant contributions to this market, driven by their strong industrial sectors and focus on innovation.
The Asia Pacific region, comprising countries like China, Japan, and South Korea, also played a crucial role in the market. In 2024, the region’s market sales was 18330 Tons, with a market share of 41.24%. The growth in this region is primarily fueled by rapid industrialization, urbanization, and increasing demand for energy-efficient electrical systems. China, in particular, has been a significant contributor due to its large manufacturing sector and investments in infrastructure development.
Central & South America and the Middle East & Africa regions also contributed to the market, with market Sales of 2479 Tons and 2362 Tons, respectively, in 2024. While these regions have smaller market shares, they exhibit potential for growth due to increasing industrialization and development of infrastructure projects.
Among these regions, Asia Pacific was identified as the fastest-growing region in 2024. This growth can be attributed to the region’s economic expansion, rising industrial production, and increasing investments in power infrastructure. The demand for electrical steel coatings in applications such as transformers and motors is driving the market growth in this region.
Table Global Electrical Steel Coatings Market Sales, Region Wise in 2024
Region | Market Sales (Tons) | Market Share |
|---|---|---|
North America | 10035 | 22.58% |
Europe | 11239 | 25.29% |
Asia Pacific | 18330 | 41.24% |
Central & South America | 2479 | 5.58% |
Middle East & Africa | 2362 | 5.31% |
Figure Global Electrical Steel Coatings Sales Market Share by Region in 2024
6 Global Electrical Steel Coatings Market Top 3 Players
Company Introduction and Business Overview: ArcelorMittal is a leading global steel company, known for its diverse range of steel products and solutions. Founded in 2006, the company operates primarily in Europe and serves customers worldwide. ArcelorMittal’s business encompasses the production of various types of steel, including electrical steel coatings, which are essential for enhancing the performance of electrical equipment. The company’s commitment to innovation and sustainability has helped it maintain a competitive edge in the market.
Products Offered: ArcelorMittal offers a comprehensive range of electrical steel coatings designed to meet the diverse needs of its customers. Their products include coatings for transformers and motors, which provide high insulation and corrosion resistance. The company’s coatings are known for their excellent performance characteristics, such as temperature resistance, punchability, and weldability. These coatings are developed to be environmentally friendly, with many of them being hydro-soluble and chromium-free.
Revenue in 2019: In 2019, ArcelorMittal generated a revenue of 24,679.24 million USD from its electrical steel coatings business. This revenue reflects the company’s strong market position and the growing demand for its high-quality products. The company’s consistent focus on innovation and customer satisfaction has contributed to its financial success and market dominance.
Company Introduction and Business Overview: Axalta Coating Systems, established in 1866, is a renowned manufacturer of coating systems with a global presence. The company specializes in producing a wide range of coatings for various industries, including automotive, transportation, and industrial sectors. Axalta’s commitment to providing high-quality products and services has helped it become a trusted partner for many leading companies worldwide.
Products Offered: Axalta offers a variety of electrical steel coatings that are designed to improve the efficiency and durability of electrical equipment. Their coatings for motors and generators help reduce energy loss and enhance performance by increasing the resistance between laminates. The company’s products are known for their excellent insulating properties, corrosion resistance, and ease of application. Axalta’s innovative coatings are developed to meet the specific requirements of different applications, ensuring optimal performance and reliability.
Revenue in 2019: In 2019, Axalta Coating Systems achieved a revenue of 21,401.99 million USD from its electrical steel coatings business. This revenue highlights the company’s strong market position and the growing demand for its innovative products. Axalta’s focus on research and development, coupled with its extensive market reach, has contributed to its financial success and continued growth in the industry.
Company Introduction and Business Overview: Thyssenkrupp is a major industrial conglomerate based in Germany, with a significant presence in the Electrical Steel Coatings market. Founded in 1999, the company produces a wide range of industrial components, including electrical steel coatings. Thyssenkrupp’s business operations span across various sectors, such as automotive, aerospace, and industrial manufacturing. The company’s commitment to innovation and excellence has helped it establish a strong reputation in the market.
Products Offered: Thyssenkrupp offers a diverse range of electrical steel coatings that cater to different customer needs. Their stabolit insulation coatings are designed to meet global standards and provide excellent performance characteristics. The company’s products include both inorganic and organic varnishes, which offer high electrical resistance, corrosion protection, and other essential properties. Thyssenkrupp’s coatings are widely used in transformers, generators, and other electrical equipment, ensuring improved efficiency and reliability.
Revenue in 2019: In 2019, Thyssenkrupp recorded a revenue of 20,056.92 million USD from its electrical steel coatings business. This revenue underscores the company’s strong market position and the growing demand for its high-quality products. Thyssenkrupp’s focus on innovation, customer satisfaction, and strategic partnerships has contributed to its financial success and continued growth in the Electrical Steel Coatings market.
Table Global Electrical Steel Coatings Revenue of Top3 Players in 2019
Company | 2019 |
ArcelorMittal | 10.19% |
Axalta Coating Systems | 8.84% |
Thyssenkrupp | 8.28% |