Increasing demand for electrical steel in the automotive industry is likely to impact market expansion of Electrical Steel Market by USD 18,273.08 Million revenue growth
The Global Electrical Steel Market is estimated to exhibit growth at a CAGR of 9.56% between 2022 and 2027 with forecasted revenue growth of USD 18,273.08 million. Rising demand for electrical steel in the automotive industry, followed by high applications of electrical steel in the power sector have catalyzed this steady growth of the Electrical Steel Market across the globe.
Technavio’s research report traces the growth trajectory of the market and provides a detailed analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
As per a Technavio analyst: "India, will drive the demand for electrical steel products and, in turn, will boost the growth of the global electrical steel market."
Rising demand for automobiles in emerging economies, such as India, will drive the demand for electrical steel products and, in turn, will boost the growth of the global electrical steel market. Germany, South Korea, and Japan, followed by emerging economies like India, and China are the leading producers of automobiles globally, these countries are among the leading hubs for automotive production. Get a comprehensive report summary describing the market landscape and how it is going to impact the shape of the Electrical Steel Market.
Understanding the challenges of the Electrical Steel Market: Excess production capacity in steel manufacturing plants and Increasing demand for alternative metal alloys are expected to hinder the growth of the market. However, the Expansion of production capacity by vendors and Increasing technological developments in the electrical steel market will have a positive impact on the electrical steel market during the forecast period. Download the Sample Report for more insights.
Technavio’s analysis of the electrical steel market also includes: