The global electrical steel coatings industry is anticipated to experience steady growth with a healthy CAGR of 5.5% over the forecast period from 2022 to 2032. The market size reached approximately USD 271 million in 2021 and is projected to surpass USD 285 million in 2022, eventually reaching USD 488.3 million by 2032. This marks an increase from the historical CAGR of 4.9% observed between 2015 and 2021.
The growth in the electrical steel coatings market is driven by the increasing use of these coatings in transformers and motors. The rapid expansion of end-use industries, including automotive and electricity, is expected to boost sales over the next decade.
Electrical steel coatings, which are pigmented coatings, help insulate silicon steel sheets used in generators and motors. These coatings are extensively utilized in the construction of electrical equipment such as transformers and motors to prevent corrosion, eddy current losses, hysteresis losses, and anomalous losses. They also offer excellent surface insulation resistance and thermal stability. Additionally, the growing population and the rising use of electric equipment like transformers, generators, and motors are expected to bolster the growth of the global electrical steel coatings market during the forecast period.
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Electrical steel coatings are known to be essential solutions for ensuring the efficiency of motors, transformers, and generators. These coatings are generally utilized during the construction of the magnetizable core of these electrical products to insulate the electrical steel sheets for preventing the flow of electricity and reducing eddy currents. Among numerous end-use industries, the automotive and electrical industries are known as the primary users of transformers and motors. As a result, the expansion of these sectors serves as a significant market catalyst for the electrical steel coatings market.
Key Takeaways
- The development of premium quality coatings at a lower cost can offer significant growth opportunities to exclusive coatings manufacturers. The prominent market players particularly those who are involved in the manufacture of electrical steel coatings, can capitalize on the opportunity to supply good quality products at lower costs.
- Leading steel manufacturers are developing their own production facilities for coatings, and the cumulative cost of raw material procurement, R&D, product development, and large-scale production is considered the factors leading toward successful backward integration. Hence, it will create an opportunity for manufacturers all over the world which will eventually grow the electrical steel coatings market.
- Owing to the rising demand for electrical equipment like transformers, generators, and motors across thriving automotive and power sectors will boost the electrical steel coatings market over the next ten years. Different grades of electrical coatings are anticipated to be utilized only with specific kinds of electrical steel. Attributing to the rise in electrical steel usage all over a diverse variety of end-use applications, the electrical steel coatings market will expand at a steady pace over the forecast period.
Competitive Landscape
In order to expand their market size, key manufacturers in the global electrical steel coatings market are concentrating on expanding their reach along with focusing on new product launches activities as well as research and development of organic-based electrical steel coatings
Key Companies Profiled
- Axalta Coating Systems Ltd.
- thyssenkrupp AG
- Rembrandtin Lack GmbH Nfg. KG
- POSCO
- Baosteel
- Nippon Steel & Sumitomo Metal Corporation (NSSMC)
- ArcelorMittal SA
- JFE Steel Corporation
- Filtra Catalysts and Chemicals Ltd.
- Polaris Laser Laminations, LLC
- Wuhan Iron & Steel (GROUP) CORP.
- Proto Laminations Inc.
- AK Steel Holding Corporation
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More Insights into the Electrical Steel Coatings Market
According to the analysis done by FMI, the U.S. is anticipated to dominate the global electrical steel coatings market as it is expected to account for around 12.7% of the total market share in 2022. This rapid expansion in the U.S. is attributed to the power infrastructure in the U.S. and the rising need for improving the efficiency of transformers and motors along with the storage presence of leading manufacturers is anticipated to drive the U.S. electrical steel coatings market.
Electrical Steel Coatings Market Electrical Steel Coatings Market by Category
By Coatings Type:
- C2
- C3
- C4
- C5
- C6
By Material Type:
- Chrome Free
- Chrome-containing
- Formaldehyde-free
- MgO
By Application:
- Grain-oriented
- Non-grain Oriented
By End Use:
- Transformers
- Motors
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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