The Electrical Steel by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Electrical Steel, The electrical steel market size has grown strongly in recent years. It will grow from $34.12 billion in 2023 to $36.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.2%. The growth in the historic period can be attributed to strong economic growth in emerging markets, growth in world population, government incentives to end-user industries, rise in power consumption and increasing use of household appliances.
The electrical steel market size is expected to see strong growth in the next few years. It will grow to $46.65 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to global population growth and urbanization, rising investment for renewable power generation, increasing demand for electricity and electric vehicles sales. Major trends in the forecast period include focusing on co2-reduced electrical steel as a sustainable base material, developing new and innovative products, investing in manufacturing innovative electrical and environmentally friendly electrical steel, focusing on strategic partnerships and alliances and adopting new technologies, such as an argon oxygen decarburization converter.
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 realize high motor efficiency. For instance, according to the annual Global Electric Vehicle Outlook 2022, an annual report published by the International Energy Agency (IEA), an intergovernmental organization, the sales of electric cars including fully electric and plug-in hybrids were doubled in 2021 to reach new records of 6.6 million. In 2021, electric car sales nearly tripled to 3.3 million in China, accounting for about half of the global total. Thus, increasing demand for electric and hybrid vehicles will contribute to the growth of the electric vehicle market.
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The electrical steel market covered in this report is segmented –
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
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. For instance, in 2022, Germany-based steel manufacturer, ThyssenKrupp AG, developed electric steel with 50% lower CO2 emissions for use in power and distribution transformers. The low-emission electric steel has low core losses and thus achieves high current transport efficiencies. ThyssenKrupp would supply it for manufacturing transformers with CO2-reduced electrical steel for new digital E.ON medium-voltage stations in Germany.
The electrical steel market report table of contents includes:
- Executive Summary
- Electrical Steel Market Characteristics
- Electrical Steel Market Trends And Strategies
- Electrical Steel Market – Macro Economic Scenario
- Global Electrical Steel Market Size and Growth
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- Global Electrical Steel Market Competitive Benchmarking
- Global Electrical Steel Market Competitive Dashboard
- Key Mergers And Acquisitions In Electrical Steel Market
- Electrical Steel Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- ArcelorMittal S.A.
- POSCO
- Baoshan Iron & Steel Co. Ltd.
- JFE Holdings, Inc.
- ThyssenKrupp AG
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