Global Electrical Steel Market
Metal And Mineral Manufacturing

2024-2033 Electrical Steel Market: Key Insights on Growth Opportunities

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What is the Expected Growth Trajectory for the Electrical Steel Market by 2033?

In recent times, the size of the electrical steel market has seen significant growth. The market is projected to rise from its $34.12 billion valuation in 2023, to a robust $36.23 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 6.2%. The noted expansion during the historic period is primarily due to economic improvements in emerging markets, an upswing in worldwide population, supportive government policies for end-user sectors, elevated power usage, and an increase in the use of home appliances.

In the coming years, the electrical steel market is predicted to experience robust growth, scaling up to $46.65 billion in 2028 with a compound annual growth rate (CAGR) of 6.5%. This growth during the anticipated period can be attributed to factors such as the increase in the global population and urbanization, escalating investments in renewable power generation, and the surging demand for electricity and electric vehicles. The major trends for the forecast period include emphasizing on CO2-reduced electrical steel as a sustainable base material, the development of innovative products, investments in creating innovative and environmentally friendly electrical steel, a focus on strategic collaborations and alliances, and the adoption of cutting-edge technologies like the argon oxygen decarburization converter.

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What Factors Are Leading to Growth in the electrical steel Market?

The electrical steel market is witnessing substantial growth due to the surging demand for electric and hybrid vehicles. The high flux density and low iron loss properties of electrical steel make it indispensable in electric motors to achieve high efficiency. The annual Global Electric Vehicle Outlook 2022, a report by the International Energy Agency (IEA), indicated that electric car sales, encompassing fully electric and plug-in hybrids, saw a twofold upsurge in 2021 and hit record-breaking figures of 6.6 million. The sales of electric cars in China surged to 3.3 million, nearly tripling from the previous year, and constituted approximately half of the worldwide total. Therefore, the escalating demand for electric and hybrid vehicles will be a significant contributor to the growth of the electric vehicle market.

Which Segments Play a Key Role in Understanding the Electrical Steel Market?

1) By Type: Grain-Oriented, Non-Grain-Oriented

2) By Industry: Energy, Automotive, Household Appliances, Manufacturing, Other Industries

3) By Application: Transformers, Generators, Motors, Other Applications

What Trends Are Emerging as Game-Changers in the Electrical Steel Market?

The rise in the production of eco-friendly goods is a noteworthy trend picking up steam in the electric steel industry. Businesses in this sector are placing a high priority on producing electric steel that has less environmental impact and reduces greenhouse emissions. To illustrate, ThyssenKrupp AG, a Germany-based steel producer, in 2022 introduced an electric steel which emits 50% less CO2, intended for use in power and distribution transformers. This low-emission electric steel has minimal core losses, thereby ensuring optimum current transmission efficiencies. ThyssenKrupp plans to supply this eco-friendly electric steel for the production of transformers at E.ON’s new medium-voltage digital stations in Germany, utilizing steel with reduced CO2 emissions.

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Which Regions Are Setting the Pace for Electrical Steel Market Growth?

Asia-Pacific was the largest region in the electrical steel market in 2023. 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, Middle East, Africa.

The Electrical Steel Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the electrical steel market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Electrical Steel Market Include

1. Electrical Steel Market Executive Summary

2. Electrical Steel Market Segments

3. Electrical Steel Market Size And Template Market Growth Rate

4. Key Electrical Steel Market Trends

5. Major Electrical Steel Market Drivers

……

25. Key Mergers And Acquisitions In The Electrical Steel Market

26. Top Electrical Steel Companies

27. Electrical Steel Market Opportunities And Strategies

28. Electrical Steel Market, Conclusions And Recommendations

29. Appendix

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