Electrical steel market worth $45.9 B by 2025
Electrical steel market size is estimated to be $31.5 B in 2020 and projected to reach $45.9 B by 2025, at a CAGR of 7.9 % from 2020 to 2025.
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According to new research report published by MarketsandMarkets™, the electrical steel market size is estimated to be $31.5 B in 2020 and projected to reach $45.9 B by 2025, at a CAGR of 7.9 % from 2020 to 2025.
Increasing investment, coupled with growth in energy industry across the globe is expected to drive the growth of electrical steel market. However, the recent outbreak of COVID-19 is expected to have a severe impact on the electrical steel market.
The grain-oriented electrical steel segment is expected to lead the electrical steel market. This growth can be attributed to its high consumption in transformers and generators. Applications of grain-oriented electrical steel include large power transformers, distribution transformers, small transformers, current transformers, shunt reactors, wound cores, and power generators. Non-grain oriented electrical steel is expected to register the highest CAGR during the forecast period.
The regions covered in the report are: Asia Pacific, the Middle East & Africa, North America, Europe, and South America.
Key players in the market include ArcelorMittal, POSCO, Voestalpine AG, Baosteel, and Nippon Steel & Sumitomo Metal Corporation.
Source: PR Newswire