Electrical Steel Market 2023-2032: Outlook, Growth, And Demand

Electrical Steel Market Segments

The Business Research Company segments it’s electrical steel market report as:

Grain-Oriented, Non-Grain-Oriented By Type

Energy, Automotive, Household Appliances, Manufacturing By Industry

By Application

By End Users By Industry Vertical

Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers

Market Statistics

The global electrical steel market size grew from $26.47 billion in 2022 to $28.3 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The electrical steel market size is expected to grow to $36.9 billion in 2027 at a CAGR of 6.9%.

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Global Electrical Steel Market Size Forecast To 2032

Key Market Drivers And Trends

Drivers

Increasing demand for electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market.

Trends

The increasing development of sustainable products is a key trend gaining popularity in the electric steel market.

Region

Asia-Pacific was the largest region in the electrical steel market in 2022. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Key Market Players

Major players in the electrical steel market are:

▪ ThyssenKrupp AG

▪ TISCO ▪ Nippon Steel

▪ Posco ▪ JFE Steel ▪ Voestalpine ▪ And more.

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