Electrical Steel Market Set to Soar Past USD 60.36 Billion by 2030

The global Electrical Steel market size is expected to reach USD 60.36 billion by 2030 and exhibit a CAGR of 6.7% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing demand for electrical steel in the power generation and distribution sector, the growing adoption of electric vehicles (EVs) and renewable energy technologies, the expansion of the construction and infrastructure sectors, the need for energy-efficient transformers and motors, and the development of smart grids and advanced electrical equipment is fueling the market's growth.

Westford USA, Jan. 18, 2024 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Electrical Steel market, increasing demand for high-efficiency electrical steel grades to meet energy efficiency regulations, the shift towards grain-oriented electrical steel (GOES) in the transformer industry, the growth of electric vehicle (EV) production driving demand for non-grain-oriented electrical steel (NGOES), the expansion of renewable energy infrastructure requiring specialized electrical steel for generators and transformers, and the development of innovative coatings and insulation technologies to enhance electrical steel performance and longevity are the trends that aid in the market's growth.

Browse in-depth TOC on "Electrical Steel Market"

  • Pages - 157
  • Tables - 92
  • Figures - 74

Electrical steel is a type of steel that has been specially designed for use in electrical applications. It has a number of unique properties that make it ideal for this purpose.

Prominent Players in Electrical Steel Market

  • ArcelorMittal
  • Voestalpine AG
  • China Baowu Steel Group Corporation
  • Nippon Steel Corporation
  • United States Steel Corporation
  • Steel Authority of India
  • Tata Steel Limited
  • Thyssenkrupp AG
  • JFE Steel Corporation
  • Cleveland-Cliffs Inc.
  • Aperam
  • Baosteel Group Hu
  • Slovenia Steel Group
  • NLMK
  • Magnitogorsk Iron & Steel Works
  • Salzgitter AG
  • Dillinger Hütte
  • Allegheny Ludlum
  • AK Steel
  • Nucor Corporation

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GOES (Grain-Oriented Electrical Steel) Demand to Grow Substantially in the Forecast Period

GOES (Grain-Oriented Electrical Steel) dominate the global online market as it is high-efficiency transformers, especially those used in power generation and distribution. Its magnetic properties are optimized for this application, making it the dominant choice for power transformers.

Electric Vehicles (EVs) is the Leading Application Segment

In terms of application, electric vehicles (EVs) are the leading segment because the growing electric vehicle market is a significant driver of electrical steel sales. EVs rely on electrical steel for components such as motors, inverters, and transformers. As the automotive industry shifts toward electrification to reduce emissions, the demand for electrical steel in EVs is expected to continue rising.

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 Asia-Pacific is the leading Market Due to Industrialization and Urbanization

Region-wise, Asia-Pacific is one of the largest growing markets with rapid industrialization and urbanization. The region is a global hub for automotive manufacturing and electronics production. These industries rely on electrical steel for motors, transformers, and inductors, driving significant demand.

A recent report thoroughly analyzes the major players operating within the Electrical Steel market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Electrical Steel.

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Key Developments in Electrical Steel Market

  • TISCO successfully implemented the technology it designed for intelligent sample preparation and physical property testing. The entire process of testing specimens is now handled by robots, and the outcomes are outstanding. In addition to having good consistency in their metallurgical properties, the processed specimens' geometric precision has exceeded both domestic and international testing norms as well as those for comparable items.

Key Questions Answered in Electrical Steel Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?

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