U.S. Electrical Steel Market Demand, Growth Analysis and Future Outlook

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U.S. Electrical Steel Market Demand, Growth Analysis and Future Outlook

The COVID-19 pandemic negatively affected the market growth due to the shutdown of production plants and movement restrictions globally.

The U.S. electrical steel market size was worth USD 3.85 billion in 2022 and is projected to grow at a CAGR of 5.6% during the forecast period.

Electrical steel utilizes the ferromagnetic properties of iron. The characteristics of this steel include improving permeability, increasing resistivity, and decreasing hysteresis loss in applications, such as small relays, solenoids, resistivity, and generators. The rising demand for electricity generation is expected to boost market growth during the forecast period.

Fortune Business Insights™ mentioned this in a report titled, “U.S. Electrical Steel Market, 2023-2030.”

Segments:

By type, the market is segmented into non-grain oriented and grain oriented. The non-grain oriented segment held the largest U.S. electrical steel market share in 2022. The segment’s growth is attributed to the rising demand for the non-grain oriented electrical steel in various applications, such as motors, rotors, EV traction motors, and high-performance power generation.

High Energy Consumption of Transformers to Propel Transformer Segment Growth

Based on application, the market is classified into transformer, motors, inductors, and others. The transformer segment accounted for the largest market share in 2022 and is anticipated to grow at a significant rate during the projected period. The growth is attributed to the high energy consumption capacity of transformers.

Report Coverage

The report offers:

Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
Comprehensive insights into regional developments.
List of major industry players.
Key strategies adopted by the market players.
The latest industry developments include product launches, partnerships, mergers, and acquisitions.

List of Key Players Present in the Report: