Electrical Steel Coatings Market Market Share

APAC Market Forecast

By 2037, Asia Pacific electrical steel coatings market is projected to dominate over 52.5% revenue share owing to the rapidly expanding industrial activities and rising energy infrastructure projects in the region. The booming automotive and construction sectors are making high use of electrical steel coatings in Asia Pacific. Technological advancements in materials and coating processes such as nanocoating technology also contribute to the market growth. India, China, South Korea, and Japan are leading the sales of electrical steel coatings in the region.

India is the second largest producer of crude steel in the world, the steel production of the country grew 4-7% to 123-127 MT in 2024. Various government initiatives and supportive policies are contributing to the electrical steel coatings market growth in India. For instance, India Brand Equity Foundation revealed that the Government of India in the 2023 to 2024 union budget allocated around USD 8.6 million to the Ministry of Steel for the promotion of self-reliance in the steel industry. Such policy supports are anticipated to augment the sales of electrical steel and its coatings in the country during the forecasted period.

North America Market Statistics

In electrical steel coatings market, North America region is expected to account for more than 28.5% revenue share by the end of 2037 owing to the presence of leading electrical steel coating manufacturers. The rising investment in research and development activities for the production of advanced coating materials and increasing demand for automobiles and consumer electronics are boosting the electrical steel coatings market growth in the region.

In the U.S. the rising investments in power projects and the growing popularity of renewable energy sources are boosting the applications of electrical steel coatings. Hydropower plants are prime energy suppliers in the U.S., which is driving high demand for electrical steel-coated generators and transformers in such plants.

In Canada, the rising adoption of electric vehicles is set to fuel the demand for electrical steel coatings in the coming years. For instance, according to Statistics Canada, around 3.0% of the light-duty vehicles registered in Canada in 2022 were EVs.