Electrical Steel Market, Growth, Industry Analysis, Competitive Strategies 2032

As per The Business Research Company's Electrical Steel Opportunities And Strategies Market Report 2023, The electrical steel market reached a value of nearly $32,527.46 million in 2022, having grown at a compound annual growth rate (CAGR) of 7.07% since 2017. The market is expected to grow from $32,527.46 million in 2022 to $43,819.3 million in 2027 at a rate of 6.14%. The market is then expected to grow at a CAGR of 7.30% from 2027 and reach $62,335.29 million in 2032.

Growth of population globally is expected to drive the demand for electrical steel going forward. An increase in population boosts the need for electricity, automobiles, appliances and others, driving demand for electrical steel. According to data from the UN, the world population is expected to reach 9.8 billion by 2050. The rising urbanization is also expected to contribute to the growth of the market in the forecast period. According to the United Nations, by 2050, it is estimated that around 68% of the total world population will live in urban areas, up from the 55% of the world's population living in urban areas currently. The rapid growth in urbanization and global population especially in the developing economies is expected to generate high demand for the electrical steel market.

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Companies operating in the electrical steel market are launching CO2-reduced electrical steel as a sustainable base material for the energy turnaround. CO2-reduced electrical steel is a high-quality grain-oriented electrical steel that is manufactured to transmit and forward electrical energy in low-loss power transformers and has CO2 emissions that are 50% lower. For example, in October 2021, ThyssenKrupp Steel, a Germany-based high-tech electrical steel company, launched certified CO2-reduced steel under the bluemint® brand. Transformer expert SGB-SMIT from Regensburg is the first client to receive bluemint powercore with a 50% lower CO2 intensity. Further, in September 2022, Nippon Steel, a Japan-based steelmaker, announced to launch low-emission steel products to cut emissions to combat climate change. The company aims to reduce its CO2 emissions by 30% by 2030.

The top opportunities in the electrical steel market segmented by type will arise in the non-grain-oriented segment, which will gain $7,754.51 million of global annual sales by 2027. The top opportunities in segment by industry will arise in the energy segment, which will gain $4,885.78 million of global annual sales by 2027. The top opportunities in segment by application will arise in the transformers segment, which will gain $5,610.92 million of global annual sales by 2027. The electrical steel market size will gain the most in China at $3,346.51 million.

Electrical Steel Market Segmentation:
The Electrical Steel market is segmented By Type, By Industry, By Application

By Type -
a) Grain-Oriented
b) Non-Grain-Oriented

By Industry -
a) Energy
b) Automotive
c) Household Appliances
d) Manufacturing
e) Other Industries

Major players in the Electrical Steel market include ArcelorMittal S.A., POSCO, Baoshan Iron & Steel Co. Ltd, JFE Holdings, Inc., ThyssenKrupp AG

The regions covered in the global Electrical Steel market are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The latest report from The Business Research Company, 'Global Electrical Steel Opportunities And Strategies Market Report - Forecast To 2032,' provides a comprehensive global perspective with data and statistics from 60+ geographies, analyzing 7000+ market segments. The regional and country breakdowns section offers insights into each geography's market analysis, size, historic and forecast growth, and key strategies for industry competitiveness.

Electrical Steel Market Report Table Of Content
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
……
19. Company Profiles
20. Key Mergers and Acquisitions
21. Opportunities And Strategies
22. Electrical Steel Market, Conclusions And Recommendations
23. Appendix

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