The Electrical Steel Market Size Was Valued at USD 28.53 Billion in 2023, and is Projected to Reach USD 36.97 Billion by 2030, Growing at a CAGR of 4.7% from 2024-2030.
The market for electrical steel is growing steadily due to rising need for energy-efficient electrical devices and advancements in electric vehicle technology. Electrical steel, a specific type of steel alloy known for its excellent magnetic characteristics, plays a crucial role in transformers, motors, generators, and various other electrical equipment. The increasing worldwide attention on energy efficiency and renewable energy sources is projected to cause a continued increase in the demand for electrical steel.
Key Prominent Players In The Electrical Steel Market:
- Allegheny Technologies, Inc. (United States)
- United States Steel Corporation (United States)
- Cleveland-Cliffs Corporation (United States)
- Carpenter Technology Corporation (United States)
- Nucor Corporation (United States)
- Reliance Steel & Aluminum Co. (United States)
- Steel Dynamics, Inc. (United States)
- ArcelorMittal SA (Luxembourg)
- Aperam SA (Luxembourg)
- Voestalpine Stahl GmbH (Austria)
- Novolipetsk Steel (Russia)
- Phoenix Mecano AG (Switzerland)
- Steel Authority of India Limited (India)
- ThyssenKrupp AG (Germany)
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Global Electrical Steel Market Segmentation:
By Product
- Grain Oriented Electrical Steel
- Non-grain Oriented Electrical Steel
By Application
- Transformer
- Motors
- Inductors
By End-user Industry
- Automotive
- Energy
- Manufacturing
- Household Appliances
Geographic Segment Covered in the Report:
- North America (US, Canada, Mexico)
- Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
- Western Europe (Germany, UK, France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
- Asia Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
- Middle East & Africa (Turkey, Bahrain, Kuwait, Saudi Arabia, Qatar, UAE, Israel, South Africa)
- South America (Brazil, Argentina, Rest of SA)
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This study conducts a SWOT analysis to evaluate the strengths and weaknesses of key players in the Electrical Steel market. Additionally, the report performs a complex inspection of drivers and restraints operating in the market. The report also evaluates the observed trends in the parent market along with macroeconomic indicators, dominant factors and market attractiveness in relation to other segments. The report forecasts the impact of various industry aspects on the Electrical Steel market segments and regions.
The report offers varied descriptions about the segmentation of the market on the basis of the segmented global Powder Eyeshadows market and leads with a descriptive structure of the trends and restrictions of the various segments and sub-segments. It also provides the market size and estimates a forecast from the year 2024 to 2032. The report delivers information about the market trends, growth factors, limitations, opportunities, challenges, future forecasts, and details about all the key market players.
Market Dynamics and Factors of Electrical Steel Market:
Consumer Trends
Energy Efficiency: Increasing consumer awareness of energy efficiency and sustainability is driving demand for electrical equipment that uses less energy.
Electric Vehicle Adoption: The growing popularity of electric vehicles is increasing the demand for electrical steel used in electric motors and powertrains.
Market Factors
Technological Advancements: Ongoing research and development in electrical steel production and applications are leading to the development of new, more efficient materials.
Regulatory Support: Governments and regulatory bodies are promoting energy efficiency and renewable energy, which is driving demand for electrical steel.
Infrastructure Development: The expansion of electrical grids and the construction of new power plants require significant quantities of electrical steel.
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