Powerful Progress: Anticipated Expansion with a 6.7% CAGR in the Electrical Steel Market
The global electrical steel market is set to undergo substantial expansion, with an anticipated Compound Annual Growth Rate (CAGR) of 6.7%, propelling its value from US$33.5 billion in 2023 to an estimated US$52.8 billion by 2030. Positioned as a vital component in the contemporary energy sector, electrical steel assumes a crucial role in generators, electric motors, and transformers by efficiently minimizing energy losses and optimizing energy conversion. This growth is spurred by the escalating demand for electricity driven by industrialization and urbanization trends, coupled with increased investments in expanding power infrastructure and the rising adoption of renewable energy sources such as solar and wind power. Moreover, the industry leverages ongoing technological advancements in electrical steel manufacturing, leading to improved product functionality and broader appeal across diverse consumer segments. The intersection of factors, including heightened energy demands, evolving trends in renewable energy adoption, and continuous technological innovations, collectively reinforces the upward trajectory of the global electrical steel market. Market Dynamics of Electrical Steel