Motor Lamination Market Opportunities and Strategies to 2034

This report describes and explains the motor lamination market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global motor lamination market reached a value of nearly $21.6 billion in 2024, having grown at a compound annual growth rate (CAGR) of 3.82% since 2019. The market is expected to grow from $21.6 billion in 2024 to $27.38 billion in 2029 at a rate of 4.85%. The market is then expected to grow at a CAGR of 4.34% from 2029 and reach $33.86 billion in 2034.

Growth in the historic period resulted from the increasing demand for electric vehicles, growing aerospace and defense sector, growth in consumer electronics and appliances and rising demand for HVAC systems. Factors that negatively affected growth in the historic period were high equipment cost and strict environmental regulations.

Going forward, rising investments in renewable energy infrastructure, expansion of the marine industry, rapid growth of the manufacturing sector and increasing industrial automation will drive the growth. Factor that could hinder the growth of the motor lamination market in the future include high initial investment costs, complex manufacturing processes and impact of trade war and tariff.

Asia Pacific was the largest region in the motor lamination market, accounting for 43.69% or $9.43 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the motor lamination market will be Asia Pacific and Africa where growth will be at CAGRs of 6.34% and 5.97% respectively. These will be followed by Middle East and Eastern Europe where the markets are expected to grow at CAGRs of 4.93% and 4.50% respectively.

The global motor lamination market is fairly fragmented, with a large number of small players operating in the market. The top ten competitors in the market made up to 11.95% of the total market in 2023. United States Steel Corporation was the largest competitor with a 4.34% share of the market, followed by Eurogroup S.p.A. with 2.13%, Tempel Steel Company with 1.60%, POSCO with 1.59%, Godrej And Boyce Manufacturing Limited with 1.20%, Pitti Engineering Ltd. with 0.47%, Voestalpine AG with 0.45%, Precision Micro Ltd. with 0.07%, Thomson Lamination Company Inc. with 0.053% and Partzsch Group with 0.050%.

The motor lamination market is segmented by material type into cold rolled non-oriented silicon steel, cold rolled grained oriented silicon steel and hot-rolled silicon steel. The cold rolled non-oriented silicon steel market was the largest segment of the motor lamination market segmented by material type, accounting for 70.23% or $15.17 billion of the total in 2024. Going forward, it is expected to be the fastest growing segment in the motor lamination market segmented by material type, at a CAGR of 5.44% during 2024-2029.

The motor lamination market is segmented by technology into welding, bonding, stamping and other technologies. The stamping market was the largest segment of the motor lamination market segmented by technology, accounting for 45.00% or $9.72 billion of the total in 2024. Going forward, the bonding segment is expected to be the fastest growing segment in the motor lamination market segmented by technology, at a CAGR of 6.21% during 2024-2029.

The motor lamination market is segmented by motor type into permanent magnet synchronous motors (PMSM), induction motors, brushless DC motors (BLDC) and other motor types. The permanent magnet synchronous motors (PMSM) market was the largest segment of the motor lamination market segmented by motor type, accounting for 36.66% or $7.92 billion of the total in 2024. Going forward, it is expected to be the fastest growing segment in the motor lamination market segmented by motor type, at a CAGR of 5.63% during 2024-2029.

The motor lamination market is segmented by vehicle type, by electric vehicles (EVs), into passenger cars, light commercial vehicles, trucks and buses. The passenger cars market was the largest segment of the motor lamination market segmented by vehicle type, by electric vehicles (EVs), accounting for 62.12% or $5.12 billion of the total in 2024. Going forward, it is expected to be the fastest growing segment in the motor lamination market segmented by vehicle type, by electric vehicles (EVs), at a CAGR of 7.44% during 2024-2029.

The motor lamination market is segmented by application into electric vehicles (EVs), industrial motors, home appliances, power generation, medical devices and other application (power tools, aerospace and defense). The electric vehicles (EVs) market was the largest segment of the motor lamination market segmented by application, accounting for 38.20% or $8.25 billion of the total in 2024. Going forward, it is expected to be the fastest growing segment in the motor lamination market segmented by application, at a CAGR of 7.05% during 2024-2029.

The top opportunities in the motor lamination market segmented by material type will arise in the cold rolled non-oriented silicon steel segment, which will gain $4.6 billion of global annual sales by 2029. The top opportunities in the motor lamination market segmented by technology will arise in the stamping segment, which will gain $2.19 billion of global annual sales by 2029. The top opportunities in the motor lamination market segmented by motor type will arise in the permanent magnet synchronous motors (PMSM) segment, which will gain $2.49 billion of global annual sales by 2029. The top opportunities in the motor lamination market segmented by vehicle type, by electric vehicles (EVs) will arise in the passenger cars segment, which will gain $2.21 billion of global annual sales by 2029. The top opportunities in the motor lamination market segmented by application will arise in the electric vehicles (EVs) segment, which will gain $3.34 billion of global annual sales by 2029. The motor lamination market size will gain the most in China at $1.6 billion.

Market-trend-based strategies for the motor lamination market include strategic investments to strengthen motor lamination capabilities, advancing insulation technologies in electric motor manufacturing, advancement in non-oriented electrical steel with high-performance motor laminations and advanced lamination steels support compact motor architectures.

Player-adopted strategies in the motor lamination market include expanding business capabilities through strategic expansion its operational capabilities.

To take advantage of the opportunities, the analyst recommends the motor lamination market companies to focus on scaling production and material innovation for EV demand, focus on advancing insulation technologies to improve motor efficiency, focus on enhancing non-oriented electrical steel for motor efficiency, focus on developing high-frequency electrical steel for advanced motor applications, focus on cold rolled non-oriented silicon steel to drive growth, focus on bonding technologies to capture high-growth opportunities, focus on permanent magnet synchronous motors to maximize market growth, focus on passenger cars to accelerate revenue growth, expand in emerging markets, focus on strengthening regional distribution and strategic partnerships, focus on competitive pricing aligned with value and regional demand, focus on targeted outreach to industrial buyers and OEMs, focus on strengthening digital presence and lead generation and focus on electric vehicles to capture long-term market leadership.