In 2020, the global electrical steel market was sized at roughly 14.5 billion U.S. dollars. According to recent projections, the market size of steel for electrical equipment applications was expected to reach 22.5 billion U.S. dollars by 2027. Electrical steel is widely used in transformers, motors, and other electromagnetic devices, mainly for applications in the the automotive and electricity distribution sectors.
Electrical steel market size worldwide between 2020 and 2027
(in billion U.S. dollars)
This Statista estimate is based on the 2027 values and the compound annual growth rate from 2021 to 2027 of 6.5 percent, which were provided by the source. An exponential development of the market was assumed.
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Statista. (March 10, 2022). Electrical steel market size worldwide between 2020 and 2027 (in billion U.S. dollars) [Graph]. In Statista. Retrieved December 23, 2024, from https://www.statista.com/statistics/1109730/electrical-steel-market-size-worldwide/
Statista. "Electrical steel market size worldwide between 2020 and 2027 (in billion U.S. dollars)." Chart. March 10, 2022. Statista. Accessed December 23, 2024. https://www.statista.com/statistics/1109730/electrical-steel-market-size-worldwide/
Statista. (2022). Electrical steel market size worldwide between 2020 and 2027 (in billion U.S. dollars). Statista. Statista Inc.. Accessed: December 23, 2024. https://www.statista.com/statistics/1109730/electrical-steel-market-size-worldwide/
Statista. "Electrical Steel Market Size Worldwide between 2020 and 2027 (in Billion U.S. Dollars)." Statista, Statista Inc., 10 Mar 2022, https://www.statista.com/statistics/1109730/electrical-steel-market-size-worldwide/
Statista, Electrical steel market size worldwide between 2020 and 2027 (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1109730/electrical-steel-market-size-worldwide/ (last visited December 23, 2024)
Electrical steel market size worldwide between 2020 and 2027 (in billion U.S. dollars) [Graph], Statista, March 10, 2022. [Online]. Available: https://www.statista.com/statistics/1109730/electrical-steel-market-size-worldwide/
