Electrical Steel MarketSize and Trends

Electrical steel market was valued at US$ 35.7 Billion in 2022 in terms of revenue, exhibiting a CAGR of 6.9% during the forecast period (2022 to 2030).

Among region, Asia Pacific held a dominant position in the Electrical Steel market in 2022, accounting for a 52.4 % share in terms of value.

Among applications, transformers held a dominant position in the Electrical Steel market in 2022, accounting for a 45.7 % share in terms of value.

Electric Steel Market: Growth Drivers

High electrical steel consumption in motors and transformers

Due to the use of electrical steel in the automotive sector, the global market for electrical steel is being pushed by the rising demand for energy-efficient automobiles, notably electric and hybrid cars. Additionally, the need for transformers in the power sector is being driven by the rising requirement for energy conservation, which is advantageous for the industry. Electrical steel is an essential component in applications where electrical energy needs to be effectively transformed, transmitted, and utilized due to its high magnetic permeability. The power core from ThyssenKrupp, a grain-oriented electrical steel, is crucial in distribution and power transformers where it helps to convert and transform voltage.

Figure 1: Electric Steel Market: Market Segmentation