Electrical Steel Market Is Likely to Experience a Tremendous Growth by 2029

The global electrical steel market is anticipated to grow at a CAGR of 6.2% during the forecast period. Consumer appliance is one of the biggest end-users of the electric steel market. Electrical steel is used to make electronic components, including compressor motors, relays, switches, and other, in electrical appliances. In addition, electric steel also found its major application in high-power consumer appliances such as high-power coolers, refrigerators, air conditioners, and others. With the increasing demand for consumer appliances, manufacturers are focusing on reducing product size to offer products with reduced noise output as compared to appliances and components manufactured from regular steel.

Manufacturers are also focusing on using environment-friendly electrical steel that has less heat loss as compared to regular steel and forming partnership collaborations with other emerging players to serve a better product to the market. For instance, in June 2022, Rio Tinto partnered with steel producer Salzgitter to work together toward carbon-free steelmaking. Under a new Memorandum of Understanding, the companies have agreed to explore the optimization of Rio Tinto's products iron ore pellets, lump, and fines for use in Salzgitter's SALCOS green steel project in Germany.

Moreover, in July 2022, Tata Steel Nederland launched Zeremis Carbon Lite, steel with an allocated carbon footprint reduction of up to 100% and certified by independent assurance expert DNV. With Zeremis Carbon Lite the company meets a growing demand for low-CO2 steel, for instance in consumer-facing industries such as automotive, packaging, and white goods. Further, in March 2021, ArcelorMittal launched its first three XCarb initiatives: XCarb green steel certificates, XCarb recycled and renewably produced, and XCarb innovation fund. These initiatives were part of the company's journey to deliver on its 2050 net zero commitment.

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Market Coverage

• The market number available for - 2022-2030

• Base year- 2022

• Forecast period- 2023-2030

Segment Covered-

• By Product Type

• By Application

• By End-User Industry

Regions Covered-

• North America

• Europe

• Asia-Pacific

• Rest of the World

Competitive Landscape- Aperam SA, ArcelorMittal SA, Baoshan Iron & Steel Co., Ltd., Cleveland-Cliffs Inc., JFE Holdings, Inc., and Tata Steel, Ltd.

Electrical Steel Market Report by Segment

By Product Type

• Grain-Oriented Electrical Steel

• Non-Grain Oriented Electrical Steel

By Application

· Inductors

· Motors

· Transformers

By End-User Industry

· Automobiles

· Manufacturing

· Energy Generation

· Household Appliances

· Others

A full Report of Electrical Steel Market is Available @ https://www.omrglobal.com/industry-reports/electrical-steel-market

Electrical Steel Market Report by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· AK Steel Holding Corp

· Allegheny Technologies, Inc.

· Elkem ASA

· Leicong Industrial Co., Ltd.

· Nicore Electrical Manufactory Co. Ltd.

· Nippon Steel & Sumitomo Metal Corp

· Novolipetsk Steel (NLMK Group)

· POSCO

· Steel Authority of India, Ltd.

· Tata Steel, Ltd.

· TC Metal

· ThyssenKrupp AG

· Union Electric Steel

· Vesuvius plc

· Voestalpine Stahl GmbH

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