Electrical Steel Market Size is Projected to Reach US$ 53.6 Billion by 2028, Industry CAGR 5.9% | IMARC Group

According to the latest report by IMARC Group, titled "Electrical Steel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.' The study provides a detailed analysis of the industry, including the global electrical steel market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

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.

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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.

This release was published on openPR.