Motor Lamination Market size exceeded USD 21.10 billion in 2022 and is anticipated to grow at over 4.7% CAGR between 2023 and 2032. The global market is expected to experience steady growth on account of the increasing demand for electric vehicles and renewable energy systems. Motor lamination refers to the market for laminated sheets of steel or other materials used in the construction of electric motors. These laminations are used to create the stator & rotor cores of various types of motors including AC & DC motors, generators, and transformers.
Motor lamination market demand will grow tremendous growth on account of the rising usages of electrical steel owing to its high magnetic permeability and low core loss. Other materials, such as aluminum, copper, and composite materials, are also used in motor laminations, depending on specific applications & requirements. Electrical steel laminations are used to create motor laminations. A form of steel with integrated silicon is known as silicon steel, sometimes referred to as electrical steel.
China has become a leading export center for vehicle manufacturing due to the availability of cheap capital, raw materials, and skilled labor. Asia Pacific has become the center of automotive production in recent years. The growing vehicle production in the region can primarily be attributed to the government's supportive regulatory policies such as the Make in India initiative. Because engines power the majority of the key automations and upgrades for performance enthusiasts, safety, and comfort in cars, it stands to reason that the demand for motor lamination market will rise in tandem.
The above figure illustrates the global electric vehicle market share. The market revenue share was around 1.3% in 2017, which reached to around 8.3% by 2021. In most high-volume EV applications, motor laminations are made from silicon steel. Motor laminations are used to boost motor efficiency and lower eddy current losses. Less cross-sectional area in the material aids in reducing eddy current flow & loss. As a result, the armature cores are constructed out of a number of thin iron sheets or pieces. Thus, there are less eddy currents, which guarantee less eddy current loss.
The most common material used for motor lamination is silicon steel, sometimes referred to as electrical steel. Steel is more electrically resistant, more permeable to magnetic fields, and has less hysteresis loss when silicon is added to it. However, silicon in silicon steel may reduce corrosion. Hence, the use of motor laminations helps to improve the functional qualities of motor units along with reducing machine losses.
Based on the electric vehicle type, the Battery Electric Vehicle (BEV) segment of the motor lamination market is estimated to be the largest market, primarily driven by the increasing demand for electric vehicles worldwide. Motor lamination is a crucial component in the construction of electric motors used in BEVs; thus, the growth of the BEV segment is likely to directly impact the demand for motor laminations. BEVs are gaining popularity globally as they are considered eco-friendly and emit lower levels of harmful gases as compared to conventional vehicles.
The passenger car market is witnessing significant growth globally, fueled by factors such as rising disposable incomes, changing consumer preferences, and increasing urbanization. Moreover, the demand for electric vehicles is also increasing in the passenger car segment owing to their eco-friendly & energy-efficient nature. Governments around the world are promoting the adoption of electric vehicles by offering incentives & subsidies, further augmenting the growth of the passenger car segment. Furthermore, technological advancements have led to the development of high-performance motors in electric vehicles, which require efficient motor laminations.
Some of the key players in the motor lamination market include Tempel, Euro Group Lamination, R Bourgeois, Lawkim Motors, and Lamination Specialties. These companies offer a wide range of products & services including high-quality laminations for various motor applications, customization services, and technical support. These participants are investing in research & development activities as well as continuously taking strategic initiatives such as new product launches to strengthen their market positions.