Electrical Steel Market Landscape 2025: Forecast Data and Growth Strategy Insights

Use code ONLINE30 to get 30% off on global market reports and stay ahead of tariff changes, macro trends, and global economic shifts.

What Will the Electrical Steel Industry Market Size Be by 2025?
In recent times, the electrical steel market has been experiencing robust growth. Its size is projected to expand from $35.72 billion in 2024 to $37.75 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.7%. Factors contributing to this growth during the historical period include robust economic development in developing markets, increasing global population, government incentives provided to end-user sectors, rising power usage, and a surge in the demand for household appliances.

What's the Long-Term Growth Forecast for the Electrical Steel Market Size Through 2029?
The market size for electrical steel is anticipated to experience significant expansion in the forthcoming years, with predictions for it to attain a value of $50.28 billion in 2029, expanding at a CAGR of 7.4%. Factors propelling this growth during the forecast period include the increase in global population and urbanization, surging investments in renewable energy production, and the rising need for electricity paired with boosting electric vehicle sales. Notable trends during this period include emphasis on electrical steel with reduced carbon dioxide as an eco-friendly base material, the emergence of new and creative products, investments in the creation of innovative and green-friendly electrical steel, the importance of strategic collaborations and alliances, and the adoption of advanced tools and technologies.

View the full report here:
https://www.thebusinessresearchcompany.com/report/electrical-steel-global-market-report

What Are the Key Growth Drivers Fueling the Electrical Steel Market Expansion?
The electrical steel market is witnessing considerable growth, largely driven by the escalating demand for both electric and hybrid vehicles. Characterized by qualities such as high flux density and low iron loss, electrical steel is utilized to achieve high motor efficiency in electric engines. A case in point is the statistical figure provided by the France-based International Energy Agency in April 2024. Close to 14 million electric vehicles were newly registered across the globe in 2023, increasing the total count of such vehicles on roads to 40 million. Thus, the rise in demand for electric and hybrid vehicles is powering up the trajectory for the electrical steel market.

Get your free sample here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=5768&type=smp

What Are the Key Trends Driving Electrical Steel Market Growth?
The rising production of eco-friendly products is an important trend making its way in the electric steel industry. Firms in this industry are prioritizing the creation of electric steel that is gentle on the environment and releases less greenhouse gases. For example, ThyssenKrupp AG, a steel producer based in Germany, generated electric steel that emits 50% less CO2 in 2022. This new type of steel, which reduces emissions for power and distribution transformers, has minimal core losses and excels in high current transportation efficiencies. ThyssenKrupp plans to use it for creating transformers equipped with CO2-reduced electrical steel for the upcoming E.ON medium-voltage stations in Germany.

How Is the Electrical Steel Market Segmented?
The electrical steel market covered in this report is segmented -

1) By Type: Grain-Oriented, Non-Grain-Oriented
2) By Industry: Energy, Automotive, Household Appliances, Manufacturing, Other Industries
3) By Application: Transformers, Generators, Motors, Other Applications

Subsegments:
1) By Grain-Oriented: Transformer Steel, Laminated Core Steel
2) By Non-Grain-Oriented: Regular Non-Grain-Oriented Steel, High-Performance Non-Grain-Oriented Steel

Tailor your insights and customize the full report here:
https://www.thebusinessresearchcompany.com/customise?id=5768&type=smp

Which Companies Are Leading the Charge in Electrical Steel Market Innovation?
Major companies operating in the electrical steel market include ArcelorMittal S.A., POSCO, Baoshan Iron & Steel Co. Ltd, JFE Holdings, Inc., ThyssenKrupp AG, Cleveland-Cliffs Corporation, Steel Authority of India Limited, Bekaert SA, The Heico Companies, Ningbo BST Metal Products Co., Ltd, Nanjing Hengjie Industrial Co., Ltd, Suzuki Garphyttan Ab, Beloretsk Metallurgical Plant AO, Arnold Magnetic Technologies, Aperam, Companhia Siderúrgica Nacional, Siderca, Mahindra Intertrade, Harsh Electrical Stampings, Iron Products Industries Ltd, Sevan Construction Nigeria Limited

Which Regions Are Leading the Global Electrical Steel Market in Revenue?
Asia-Pacific was the largest region in the electrical steel market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Purchase the full report today:
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=5768

This Report Supports:
1. Business Leaders & Investors - To identify growth opportunities, assess risks, and guide strategic decisions.
2. Manufacturers & Suppliers - To understand market trends, customer demand, and competitive positioning.
3. Policy Makers & Regulators - To track industry developments and align regulatory frameworks.
4. Consultants & Analysts - To support market entry, expansion strategies, and client advisory work.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.