Electrical Steel Market Forecast 2023 - Industry Insights, New Trends, Growth, and Forecast To 2032

05 Jul 2023

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Electrical Steel Market Size, Growth Rate, And Forecast

The global electrical steel market size grew from $26.47 billion in 2022 to $28.3 billion in 2023 at a compound annual growth rate (CAGR) of 6.9%. The electrical steel market size is expected to grow to $36.9 billion in 2027 at a CAGR of 6.9%.

Electrical Steel Market Drivers

Increasing demand for electric and hybrid vehicles is significantly contributing to the growth of the electrical steel market. Electrical steel has high flux density and low iron loss properties, and is thus used in electric motors to realise high motor efficiency.

Electrical Steel Market Segments

• By Type: Grain-Oriented, Non-Grain-Oriented

• By Industry: Energy, Automotive, Household Appliances, Manufacturing

• By Application: Large Power Transformers, Distribution Transformers, Small Transformers, Power Generators, Audio Transformers

• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia-Pacific was the largest region in the electrical steel market.