Global Motor Lamination Material Market Overview:
As per MRFR analysis, the Motor Lamination Material Market Size was estimated at 1.19 (USD Billion) in 2022. The Motor Lamination Material Market Industry is expected to grow from 1.26(USD Billion) in 2023 to 2.1 (USD Billion) by 2032. The Motor Lamination Material Market CAGR (growth rate) is expected to be around 5.87% during the forecast period (2024 - 2032).
Key Motor Lamination Material Market Trends Highlighted
The Motor Lamination Material Market is driven by the rising demand for electric vehicles, increased use of industrial motors, and growing awareness of energy efficiency. Advancements in motor technology, such as the development of high-torque motors, are also contributing to the market growth. Moreover, government regulations promoting the use of energy-efficient appliances are creating opportunities for the motor lamination material market.Recent trends in the market include the increasing adoption of non-silicon-based materials, such as amorphous metals and soft magnetic composites, as well as the development of new manufacturing techniques, such as powder metallurgy and additive manufacturing. These trends are expected to drive innovation and cost reduction in the motor lamination material market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Motor Lamination Material Market Drivers
Increasing Demand for Electric Vehicles
The prime factor catalyzing the Motor Lamination Material Market Industry is the escalating popularity of electric vehicles (EVs). In comparison to gasoline-powered vehicles, EVs require power-packed, more efficient motors, which in turn has been spurring the demand for motor lamination materials. The motor lamination materials reduce the energy losses and boost the torque, thereby increasing its efficiency. EVs are being adopted in the various regions of Europe, China and North America, which in turn has been propelling the growth of the Motor Lamination Material Market Industry.
Advancements in Motor Technology
Advancements in motor technology are also driving the Motor Lamination Material Market Industry. The development of new motor designs and technologies, such as high-efficiency motors and brushless motors, is increasing the demand for motor lamination materials. These materials are necessary to achieve the desired performance and efficiency levels in modern motors. Moreover, the ongoing research and development in motor technology is also expected to increase the growth of the Motor Lamination Material Market Industry.
Rising Focus on Energy Efficiency
Also, the high demand for energy efficiency in several end-use industries is an important factor that drives the growth of the market. Governments and authorities in all regions are implementing more stringent rules on energy efficiency in motors and motor systems. Lamination materials used in electric motors determine the efficiency of the motors to a large extent, improving motor efficiency, ensuring energy conservation, and thereby a significant reduction in operating costs.All these aspects are expected to keep driving the demand for the products in the market.
Motor Lamination Material Market Segment Insights:
Motor Lamination Material Market Lamination Type Insights
The Motor Lamination Material Market is divided into segments based on the type of lamination, namely stator lamination or rotor lamination type. The stator lamination segment is expected to hold a bigger market size during the forecast period because of the increasing demand for electric motors in different industries. Moreover, the outer segment is also likely to grow because of the increased need for electric vehicles and a focus on renewable energy sources. This segment of the Motor Lamination Material Market is expected to reach USD 2.1 billion by 2032, maintaining a CAGR of 5.87 throughout the forecast period.The market size of the Motor Lamination Material Market is projected to grow during the forecast period because of the increased reliance on electric motors in the automotive, industrial, and consumer electronic industries. In addition, the growing demand for energy from the Automotive industry in the form of electric vehicles and the increased focus on renewable energy sources will be the main factors that will positively impact the Motor Lamination Material Market. The market growth will also be driven by the increasing need for energy-efficient motors that can be used in the automotive, industrial, and consumer electronic industries.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Motor Lamination Material Market Application Insights
By Application, the Motor Lamination Material Market segmentation is expected to reach a significant market size by 2032, with a notable CAGR. The Motor Lamination Material Market is likely to grow rapidly, as the demand will be driven by the growth of the Electric Vehicle segment and the constantly increasing focus on energy efficiency across all industries. Electric Vehicle The Electric Vehicle segment plays a critical role in the growth of the Motor Lamination Material Market. Over the last decade, electric vehicles have been among the most promising areas of technological and industrial development due to the implementation of electric vehicle promotion programs by governments around the world.Traction Motor Among the application segments, the traction motor is also expected to account for a large share of the Motor Lamination Material Market revenue. The increasing sales of electric vehicles, hybrid electric vehicles, and locomotives have driven the growth of the traction motor segment. Industrial Motor The industrial motor segment is expected to grow. Motor lamination materials are widely used to manufacture industrial motors that are used in a variety of applications such as manufacturing, mining, and construction for the industrialization and automation of the industry.Home Appliance Motor The home appliance motor segment is likely to remain static, although there will still be demand due to the growth of demand for appliances in areas such as refrigerators, washing machines, and air conditioners.
Motor Lamination Material Market Material Insights
The Material segment of the Motor Lamination Material Market is expected to exhibit significant growth in the coming years. Electrical steel, silicon steel, amorphous metal, and ferrite are the key materials used in the production of motor laminations. Among these, electrical steel holds the largest market share due to its high magnetic permeability and low core losses. However, amorphous metal is gaining popularity owing to its superior magnetic properties and reduced energy consumption. The Motor Lamination Material Market revenue is projected to reach USD 1.4 billion by 2024, expanding at a CAGR of 6.2% during the forecast period.This growth can be attributed to the rising demand for energy-efficient motors in various industries, including automotive, industrial, and consumer electronics.
Motor Lamination Material Market Region Insights
The Motor Lamination Material Market is segmented by region into Asia-Pacific, North America, Europe, South America, and Middle East Africa. Asia-Pacific is the largest region in the Motor Lamination Material Market, accounting for a majority of the market share in 2023. The region is expected to continue to dominate the market over the forecast period, driven by the growing automotive industry and increasing demand for electric vehicles. North America and Europe are also major markets for Motor Lamination Material, with significant growth potential due to the presence of major automotive manufacturers and increasing adoption of electric vehicles.South America and Middle East Africa are expected to witness steady growth in the Motor Lamination Material Market, driven by the growing automotive industry and government initiatives to promote electric vehicles.
Motor Lamination Material Market End Use Industry Insights
The Motor Lamination Material Market is segmented based on End Use Industry into Automotive, Industrial, and Consumer Electronics. The Automotive segment is expected to account for the largest revenue share in 2023, owing to the increasing demand for electric vehicles and the growing automotive industry. The Industrial segment is projected to be the fastest-growing segment during the forecast period, driven by the rising adoption of automation and the increasing demand for energy-efficient motors in industrial applications. The Consumer Electronics segment is expected to witness significant growth, attributed to the growing popularity of smart home appliances and the increasing use of motors in consumer electronics devices.
Motor Lamination Material Market Regional Insights
The Motor Lamination Material Market is segmented into North America, Europe, APAC, South America, and MEA. Among these regions, APAC is expected to hold the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth in this region can be attributed to the increasing demand for electric vehicles and the presence of major automotive manufacturers in countries such as China, Japan, and India. Europe is expected to be the second-largest market, followed by North America. The growth in these regions is driven by stringent emission regulations and the increasing adoption of electric vehicles.South America and MEA are expected to witness moderate growth during the forecast period due to the growing automotive industry and the increasing demand for energy-efficient vehicles.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Motor Lamination Material Market Key Players And Competitive Insights:
To sustain in highly competitive market conditions and to retain their position in the market, major players in the Motor Lamination Material Market Industry are adopting various strategies. Leading players of Motor Lamination Material Market Industry are focusing on expanding their market presence in emerging markets. They are also focused on adding new product lines by expanding their product portfolio and they are focusing on adopting the strategy of forming alliances to have competitive advantages. In future years Motor Lamination Material Market Industry's competitive landscape is expected to change as it is expected to see the market entry of new players, and existing market players will keep their market growth intact. The competitive landscape of the Motor Lamination Material Market is characterized by the presence of both local players and global players and each player may have its own strengths and individual weaknesses. Leading players of the Motor Lamination Material Market Industry keep on investing in new technologies to improve their market position. They are focused on expanding their product portfolio, and they are focused on acquiring new companies for mergers or acquisitions.JFE Steel Corporation is one of the leading players in the Motor Lamination Material Market Industry. JFE Steel Corporation is one of the largest manufacturers and suppliers of electrical steel, grain-oriented electrical steel, and non-oriented electrical steel. The company has established its presence in Asia-Pacific regions and JFE Steel Corporation is further expanding their presence in new regions. JFE Steel Corporation is committed to providing its customers with the best quality of products and best services. The company invested huge amounts in research and development to improve their products and processes.Nippon Steel Corporation is another leading manufacturer of Motor Lamination Materials. The company manufactures electrical steel, grain-oriented electrical steel, and non-oriented electrical steel. Nippon Steel Corporation is one of the largest manufacturers of electrical steel, and they have a presence in Asia-Pacific region. Nippon Steel Corporation is committed to providing the best of steel products to their customers. The company keeps on investing huge amounts in research and development to improve their products and production processes.
Key Companies in the Motor Lamination Material Market Include:
- Tata Steel Limited
- Eramet
- JSW Steel Limited
- Sandvik AB
- Hyundai Steel Company
- Nippon Steel Corporation
- Thyssenkrupp AG
- ATI Specialty Materials
- Allegheny Technologies Incorporated
- Mitsui Mining Smelting Co., Ltd.
- Voestalpine AG
- JFE Steel Corporation
- Carpenter Technology Corporation
- POSCO
Motor Lamination Material Market Industry Developments
Recent advancements in the Motor Lamination Material Market include the development of new materials and technologies that enhance motor efficiency, reduce noise and vibration, and extend lifespan. For instance, in 2023, Hitachi Metals developed a new high-strength, low-loss electrical steel for automotive motors that reduces iron loss by 15%. Additionally, the growing adoption of electric vehicles is driving demand for high-performance motor lamination materials, as electric motors require more efficient and durable laminations than traditional internal combustion engines. Furthermore, government regulations aimed at reducing carbon emissions are mendorong the development of more energy-efficient motors, which in turn is increasing the demand for motor lamination materials.
Motor Lamination Material Market Segmentation Insights
Motor Lamination Material Market Lamination Type Outlook
- Stator Lamination
- Rotor Lamination
Motor Lamination Material Market Application Outlook
- Electric Vehicle
- Traction Motor
- Industrial Motor
- Home Appliance Motor
Motor Lamination Material Market Material Outlook
- Electrical Steel
- Silicon Steel
- Amorphous Metal
- Ferrite
Motor Lamination Material Market Region Outlook
- Asia-Pacific
- North America
- Europe
- South America
- Middle East Africa
Motor Lamination Material Market End Use Industry Outlook
- Automotive
- Industrial
- Consumer Electronics
Motor Lamination Material Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
1.19(USD Billion) |
| Market Size 2023 |
1.26(USD Billion) |
| Market Size 2032 |
2.1(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
5.87% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Tata Steel Limited, Eramet, JSW Steel Limited, Sandvik AB, Hyundai Steel Company, Nippon Steel Corporation, Thyssenkrupp AG, ATI Specialty Materials, Allegheny Technologies Incorporated, Mitsui Mining Smelting Co., Ltd., voestalpine AG, JFE Steel Corporation, Carpenter Technology Corporation, POSCO |
| Segments Covered |
Lamination Type, Application, Material, Region, End Use Industry, Regional |
| Key Market Opportunities |
Electric Vehicle Growth Renewable Energy Expansion Advanced Motor Designs Emerging Markets Technological Advancements |
| Key Market Dynamics |
Growth in electric vehicles, rising demand for energy-efficient motors, technological advancements |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Motor Lamination Material Market is expected to reach an overall valuation of 1.26 USD Billion by 2023, with a projected CAGR of 5.87% until 2032, resulting in an estimated market size of 2.1 USD Billion by the end of the forecast period.
Asia-Pacific is anticipated to lead the global market growth, driven by factors such as the region's expanding automotive industry and increasing demand for energy-efficient motors. Other regions, including North America and Europe, are also expected to contribute significantly to the market growth.
The primary application of Motor Lamination Material is in the manufacturing of electric motors, which are widely used in various industries, including automotive, industrial machinery, and home appliances. The growing demand for electric vehicles, particularly in Asia-Pacific and Europe, is expected to drive the demand for Motor Lamination Material.
Major players in the Motor Lamination Material Market include: - ArcelorMittal - Baosteel - JFE Steel - POSCO - Tata Steel - Thyssenkrupp and Voestalpine. These companies are focusing on strategic partnerships, mergers and acquisitions, and research and development to maintain their market position and expand their product offerings.
One key trend driving the market growth is the increasing demand for energy-efficient motors, particularly in the automotive and industrial sectors. Furthermore, the growing adoption of electric vehicles is expected to drive the demand for Motor Lamination Material, as these vehicles require efficient and lightweight motors.
The Motor Lamination Material Market faces challenges such as fluctuations in raw material prices, intense competition, and stringent environmental regulations. Additionally, the impact of the COVID-19 pandemic on the automotive industry has affected the demand for Motor Lamination Material.
Growth opportunities in the Motor Lamination Material Market lie in the increasing demand for electric vehicles, particularly in emerging markets. Furthermore, the development of new materials and technologies, such as advanced alloys and magnetic materials, is expected to create new opportunities for market growth.
The Asia-Pacific Motor Lamination Material Market is driven by factors such as the region's large automotive manufacturing base, increasing urbanization, and growing demand for energy-efficient motors. Government initiatives promoting electric vehicles and stringent emission regulations are further contributing to the market growth in this region.
Technological advancements, such as the development of new materials and manufacturing processes, are expected to drive innovation in the Motor Lamination Material Market. These advancements can lead to improved material properties, reduced production costs, and increased efficiency of electric motors.
Key strategies adopted by companies in the Motor Lamination Material Market include: - Strategic partnerships and collaborations to enhance product development and market reach - Mergers and acquisitions to expand product portfolios and gain market share - Investments in research and development to develop innovative materials and technologies - Geographical expansion to cater to growing demand in emerging markets.
