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Electrical Steel Market Size

  • Report ID: GMI3136
  • Published Date: Dec 2021
  • Report Format: PDF

Electrical Steel Market Size

Global Electrical Steel Market size was over USD 14.5 billion in 2020 and is estimated to grow over 6.5% CAGR between 2021 and 2027 owing to strong growth in renewable energy resulting into significant demand for the electric transmission & distribution (T&D) equipment, such as a transformer. The growing use of electrical steel by manufacturers into automotive and household appliances is expected to spur the market growth.


Ideal government drives to help the car area and developing per-capita wages, basically in arising countries including China, India, and Mexico, will support the product development. There has been a huge extension of the working class and an expansion in the adolescent populace portion, supporting car deals and setting off the business development.


Rising popularity of elite execution, profoundly efficient, and low emanation vehicles and severe government regulations concerning vehicle discharges are driving the interest for electric vehicles, supporting the item interest for car use.

Electrical steel gives high erosion protection from exhaust systems in the vehicles, offer lightweight freedoms while keeping up with security principles. This will set out business open doors and lift the market development over the anticipated time span.

Authors: Kunal Ahuja, Sarita Bayas

Frequently Asked Questions (FAQ) :

Global electrical steel market size surpassed USD 14.5 billion in 2020 and will expand at more than 6.5% CAGR from 2021 to 2027 with strong investment in renewable energy and robust government policies.

Grain oriented electrical steel will grow at around 7% CAGR up to 2027 due to increasing demand from transducers, transformers, and magnetic amplifier cores.

North America electrical steel market size is forecast to surpass USD 5 billion by 2027 owing to the adoption of electric vehicles.

POSCO Poggenamp, Cogent Power Ltd., MITSUI & Co, Nomax Electrical Steel Private Ltd., Tempel, Thyssenkrupp, KOBE Steel, Ltd, Big River Steel LLC and JFE Steel Corporation, among others, are some of the major companies fostering electrical steel market share.

Electrical Steel Market Scope

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 15
  • Tables & Figures: 458
  • Countries covered: 22
  • Pages: 335
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