Latest Market Research Report 2025

The global electrical steel market   was valued at   USD 28.53 billion   in   2023   and is projected to grow at a   compound annual growth rate (CAGR)   of   4.7%   from   2024 to 2030. This growth is largely driven by several factors, with one of the most significant being the increasing demand for electricity generation worldwide. Electrical steel, as the name suggests, has enhanced electrical properties, including high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These characteristics make it highly desirable for use in applications associated with electricity consumption, distribution, and generation. Electrical steel plays a critical role in numerous devices such as generators, electric motors, relays, solenoids, and other electromagnetic devices, all of which are integral components in power distribution systems and other related applications. For instance, in the United ...

The global electrical steel market was valued at a significant USD 28.53 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2030. A primary factor driving this market growth is the rising demand for electricity generation on a global scale. Electrical steel, as its name suggests, is characterized by its enhanced electrical properties, which include high permeability, elevated electrical resistivity, minimal hysteresis loss, and low magnetostriction. These attributes make it exceptionally suitable for various applications related to electricity generation, distribution, and consumption.   Electrical steel is utilized in a wide array of devices, including generators, electric motors, relays, solenoids, and other electromagnetic devices. These components are integral to power distribution systems and numerous related applications. Notably, the United States ranks as the second-largest electricity generator in the world, producing ap...

  The global electrical steel market was valued at USD 28.53 billion in 2023 and is projected to grow at a compounded annual growth rate (CAGR) of 4.7% from 2024 to 2030. A primary driver of this market growth is the increasing global demand for electricity generation. Electrical steel, as its name suggests, is specifically engineered to exhibit enhanced electrical properties. These include high permeability, which allows for efficient magnetic field conduction; high electrical resistivity, which reduces energy losses; low hysteresis loss, which minimizes energy dissipation during magnetization; and low magnetostriction, which decreases noise and vibration. These attributes make electrical steel highly desirable for a wide range of applications involving electricity generation, consumption, and distribution. Applications of Electrical Steel Electrical steel is critical in various applications, including generators, electric motors, relays, solenoids, and other electromagnetic devic...