Global Electrical Steel Market Growth Forecast – Includes Electrical Steel Market Growth
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The electrical steel market is expected to grow from $24.80 billion in 2021 to $26.28 billion in 2022 at a compound annual growth rate (CAGR) of 5.95%. The market is expected to reach $33.12 billion in 2026 at a CAGR of 7.50%.
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Electrical Steel Market Driver
Increasing demand for electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market. Electrical steel has high flux density and low iron loss properties, and is thus used in electric motors to realise high motor efficiency.
Electrical Steel Market Trends
The increasing development of sustainable products is a key trend gaining popularity in the electric steel market. Companies in the market are focusing on manufacturing electric steel that is environmentally friendly and emits fewer greenhouse gases.
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Electrical Steel Market Segmentation By The Business Research Company
1) By Type: Grain-Oriented, Non-Grain-Oriented
2) By Industry: Energy, Automotive, Household Appliances, Manufacturing
3) By Application: Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers
Major Players And Regions Of The Electrical Steel Market
ThyssenKrupp AG, TISCO, Nippon Steel, Posco, JFE Steel, Nicore Electrical Manufactory Co. Ltd., Voestalpine, ArcelorMittal, AK Steel (Cleveland-Cliffs), SAIL, Cogent Power Ltd., Tempel Steel Company, Phoenix Mecano AG, JFE Steel Corporation, Leicong Industrial Co., Ltd., United States Steel Corporation, Novolipetsk Steel and Allegheny Technologies Inc.
The Electrical Steel Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the template market.
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