In 2020, the global electrical steel market demand is expected to reach 31.5 billion US dollars

According to a report released by Markets and Markets, an international market research institution, the global electrical steel market size is estimated at $31.
5 billion in 2020, and by 2025, with the development of the energy industry, this data is expected to increase to $45.
9 billion, with a compound annual growth rate of 7.
9%
during the period.

The report believes that the increase in investment, coupled with the rapid development of the energy industry around the world, is expected to drive the continued steady growth of the electrical steel market, although the outbreak of the Covid-19 virus pandemic this year will have a severe impact
on the development of the market.

From the perspective of product type, the field of electrical steel dominated by grains will lead the electrical steel market
.
This growth is mainly attributed to its high consumption
in transformers (small, medium and large) and generators.
Applications for grain-oriented electrical steels include large power transformers, distribution transformers, small transformers, current transformers, shunt reactors, wire-wound cores and generators
.
Amorphous grain-oriented electrical steels are expected to grow at the highest
CAGR during the forecast period.

From the perspective of application market, the application of transformers is expected to lead the electrical steel market
during the forecast period.
The growth of this segment is attributed to the growth in
global energy consumption.
The transformer core is an integral part of the transformer, which consists of laminations of electrical steel
.
Transformer applications are also expected to grow at the highest
CAGR during the forecast period.

From an end-use perspective, the energy industry is expected to be the major consumer market
for electrical steels during the forecast period.
Based on end-use industries, the global electrical steel market is segmented into energy, automotive, manufacturing, household appliances, construction, and manufacturing, among others
.
The energy sector is expected to grow
at the highest CAGR.
This growth is attributed to the increase in population, the acceleration
of industrialization and urbanization.
Asia Pacific is expected to be the largest consumer of electrical steel during the forecast period

From the perspective of market region, the electrical steel market is segmented into Asia-Pacific, Middle East and Africa, North America, Europe, and South America
.
Among them, Asia-Pacific accounted for the largest share
in 2019.
Asia-Pacific accounts for the largest share and is expected to grow the fastest during the
forecast period.
This growth is attributed to an increase in construction and infrastructure activities, especially in China, Japan and India, as well as an increase
in public and private sector investment by domestic and foreign investors.
Asia Pacific is expected to witness the highest CAGR during the
forecast period.