Electrical Steel Market 2030: Key Trends Shaping the Electrical Industry
Electrical Steel Market Growth & Trends The global electrical steel market size is expected to reach USD 39.56 billion by 2030 according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.7% from 2024 to 2030. The growing need for power generation has augmented the demand for transformers, generators, and other such products that require electrical steel to deliver enhanced performance. Electrical steel is an iron alloy that contains varying amounts of silicon. Based on its composition and application, it is also referred to as lamination steel, silicon steel, transformer steel, and relay steel. Its phenomenal magnetic properties make it of vital use in rotating and static machines. Gather more insights about the market drivers, restrains and growth of the Electrical Steel Market Based on product, the market is segmented into grain-oriented and non-grain-oriented. The non-grain-oriented segment is anticipated to main...