Press release
Electrical Steel Market Size is Projected to Reach US$ 53.6 Billion by 2028, Industry CAGR 5.9% | IMARC Group
How Big is the Electrical Steel Market?
The global electrical steel market size reached US$ 37.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 53.6 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
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What is Electrical Steel?
Electrical steel is a ferromagnetic metal with high electrical conductivity and permeability and low magnetostriction. It is used in the cores of electromagnetic devices, such as motors, generators, and transformers, on account of its ability to magnify the magnetic effects of current-carrying coils. It is also employed in the manufacturing of rotating machines, reactors and amplifiers, magnetic switches and relays, and solenoids worldwide.
What are the growth prospects and trends in the Electrical Steel industry?
There is a significant increase in electricity consumption across the globe due to rapid urbanization, rising global population, and the growing dependence on electrical appliances. This represents one of the key factors driving the demand for electric steel in power and distribution transformers across the globe. Moreover, the escalating demand for electric vehicles (EVs) due to inflating income levels and strict emission regulations implemented by governing agencies of various countries is propelling the adoption of electric steel in the automotive industry. Apart from this, researchers are incorporating nanotechnology to enhance the magnetic performance of electrical steel for amorphous metal materials, which is anticipated to impel the growth of the market.
Who are the key players operating in the industry?
The report covers the major market players including:
Aperam
ArcelorMittal
Baoshan Iron & Steel Co. Ltd
China Baowu Steel Group Corp. Ltd
China Steel Corporation
JFE Holdings Inc.
JSW Steel Ltd.
Nippon Steel Corporation
POSCO
SIJ - Slovenian Steel Group d. d.
Steel Authority of India Limited
Sumitomo Corporation
Tata Steel Limited
ThyssenKrupp AG
United States Steel Corporation
Voestalpine AG.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
Grain Oriented Electrical Steel
Non-Grain Oriented Electrical Steel
Breakup by Application:
Transformers
Motors
Generators
Others
Breakup by End Use Industry:
Energy and Power
Automobiles
Household Appliances
Building and Construction
Others
Breakup by Region:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Ask Analyst for Customization and Explore full report with TOC & List of Figures: https://www.imarcgroup.com/request?type=report&id=4637&flag=E
Key highlights of the report:
Market Performance (2017-2022)
Market Outlook (2023-2028)
Market Trends
Market Drivers and Success Factors
The Impact of COVID-19 on the Global Market
Value Chain Analysis
Structure of the Global Market
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
Media Contact:
Company Name: IMARC Group
Contact Person: Elena Anderson
Email: sales@imarcgroup.com
Phone: +1-631-791-1145
Address: 134 N 4th St
City: Brooklyn
State: NY
Country: United States
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.
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