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Electrical Steel Market Size, Share, Industry Trends and Forecast to 2033
This report provides an in-depth analysis of the Electrical Steel market from 2023 to 2033, focusing on market trends, size, industry dynamics, regional insights, and key players shaping the future of the industry.
| Metric | Value |
|---|---|
| Study Period | 2023 - 2033 |
| 2023 Market Size | $25.00 Billion |
| CAGR (2023-2033) | 6.8% |
| 2033 Market Size | $49.14 Billion |
| Top Companies | ArcelorMittal, Nippon Steel Corporation, SSAB |
| Last Modified Date | 15 Nov 2024 |
Electrical Steel Market Report (2023 - 2033)
Electrical Steel Market Overview
What is the Market Size & CAGR of Electrical Steel market in 2023?
Electrical Steel Industry Analysis
Electrical Steel Market Segmentation and Scope
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Electrical Steel Market Analysis Report by Region
Europe Electrical Steel Market Report:
Europe's market for Electrical Steel stands at $7.19 billion in 2023 and is projected to grow to $14.13 billion by 2033. This growth is majorly backed by strict energy efficiency mandates across the EU and a marked shift toward renewable energy sources.Asia Pacific Electrical Steel Market Report:
The Asia Pacific region holds a significant share in the Electrical Steel market, with a size of $4.67 billion in 2023, projected to grow to $9.17 billion by 2033. This growth is driven by the increasing demand for electrical products in countries such as China and India, fueled by industrial growth and urbanization.North America Electrical Steel Market Report:
North America exhibits a robust Electrical Steel market size of $9.62 billion in 2023, expected to grow to $18.91 billion by 2033. The surge is driven by advancements in automotive and energy sectors, with a focus on producing high-efficiency electric devices.South America Electrical Steel Market Report:
In South America, the Electrical Steel market was valued at $1.03 billion in 2023 and is expected to reach $2.02 billion by 2033. The growth is attributed to developments in infrastructure and energy projects, with countries like Brazil and Argentina leading the charge.Middle East & Africa Electrical Steel Market Report:
The Middle East and Africa Electrical Steel market was valued at $2.50 billion in 2023 and is predicted to increase to $4.90 billion by 2033. The region's growth is supported by rising industrial activities and increased investment in power generation and transmission.Request a custom research report for industry.
Electrical Steel Market Analysis By Product
Global Electrical Steel Market, By Product Type Market Analysis (2023 - 2033)
The market consists mainly of two product types: Grain-Oriented Electrical Steel, which holds a dominant size of $20.16 billion in 2023, expected to double to $39.62 billion by 2033, and Non-Grain-Oriented Electrical Steel, which is significantly smaller at $4.84 billion in 2023, but predicts growth to $9.51 billion by 2033.
Electrical Steel Market Analysis By Application
Global Electrical Steel Market, By Application Market Analysis (2023 - 2033)
The Electrical Steel market is segmented into applications such as Transformers, Electric Motors, and Automotive. The Transformer application leads the market with a size of $14.26 billion in 2023, expecting to reach $28.02 billion by 2033. Electric Motors follow closely with $5.70 billion projected to grow to $11.21 billion.
Electrical Steel Market Analysis By End User
Global Electrical Steel Market, By End-User Industry Market Analysis (2023 - 2033)
Key end-user industries include Energy & Power, Consumer Electronics, and Industrial Equipment. The Energy & Power sector accounted for $5.55 billion in 2023, with growth expected to $10.92 billion by 2033. Automotive applications also demonstrate substantial growth with an increase from $10.21 billion to $20.06 billion over the same period.
Electrical Steel Market Analysis By Manufacturing Process
Global Electrical Steel Market, By Manufacturing Process Market Analysis (2023 - 2033)
Manufacturing processes include Cold Rolling, Hot Rolling, and Annealing. Cold Rolling is the major contributor, valued at $17.05 billion in 2023 and will also see growth to $33.52 billion. In contrast, Hot Rolling, with a market size of $6.49 billion, is projected to rise to $12.76 billion.
Electrical Steel Market Trends and Future Forecast
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Global Market Leaders and Top Companies in Electrical Steel Industry
ArcelorMittal:
A leading global steel producer, ArcelorMittal is at the forefront of Electrical Steel manufacturing, known for its innovations in high-performance steel grades.Nippon Steel Corporation:
Nippon Steel is one of the largest producers of Electrical Steel in Japan, specializing in developing advanced products that enhance energy efficiency in various applications.SSAB:
Based in Sweden, SSAB is noted for producing innovative and highly efficient Electrical Steel, aimed at fulfilling the rising demand for energy-efficient electrical devices.We're grateful to work with incredible clients.
