Electrical steel market size is set to surpass $22.5 billion by 2025 according to a new research report by Global Market Insights.
Growing demand for hybrid vehicles, rapid industrialization and increasing building and construction sector should stimulate electrical steel market growth. Rising demand for energy, exponential rise in power distribution network and increasing preference for high horsepower and speed to ensure efficient performance in race cars is further expected to boost electrical steel market demand.
U.S. non-grain oriented electrical steel market demand should record gains of about 5.5% by 2025. It finds usage in electric hybrid vehicles for efficient magnetism and optimum electricity conversion. Grain-oriented electrical steel market demand from distribution transformers was valued at over $1.4 billion in 2018. Rising government regulations pertaining to emissions and investments by manufacturers in R&D activities is likely to boost market growth.
Industry leaders are Cogent Power Ltd, Aperam, Voestalpine, Tempel, Thyssenkrupp and KOBE.
The electrical steel market information is provided on a regional and country basis for the following: North America (U.S., Canada, Mexico), Europe (Germany, France, UK, Italy, Spain, Russia, Ukraine) Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia), Latin America (Brazil, Argentina) Middle East & Africa (Iran, UAE, Egypt, South Africa).
Source: Global Market Insights