Global electrical steel market to reach $11.1B by 2023

ResearchAndMarkets has recently added a research study on the global electrical steel market to their offering.

According to the report, the global electrical steel market is projected to reach $11.1 billion by 2023, as a result of growing electricity demand in residential, commercial and industrial sectors, which boosts the use of electrical steel in transformers and motors.

Over the coming years, demand for electrical steel from the power sector is expected to grow at a healthy pace, due to a huge demand for new transformers in renewable energy sector.

Some of the major market players profiled in the report are ArcelorMittal, POSCO, ThyssenKrupp Steel Europe, Nippon Steel & Sumitomo Metal Corporation, United States Steel Corporation, China Baowu Steel Group Corporation Limited, TATA Steel Limited, AK Steel Corporation, Hyundai Steel, Ansteel Group Corporation Limited, Hesteel Group Company Limited, etc.

Source: ResearchAndMarkets

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