Electrical steel market to grow at a CAGR of 7.2 % to $40.57 B by 2025

The global electrical steel market size is anticipated to reach $40.57 B by 2025,expanding at a CAGR of 7.2 % over the forecast period, according to a new report by Grand View Research, Inc.

The market is majorly driven by the growing demand for transformers in the energy industry on account of high requirement of electricity in the industrial and commercial sector across the globe.

Major market players include ArcelorMittal, AK Steel Corporation, Ansteel Group Corporation Limited, Nippon Steel Corporation, POSCO, TATA Steel, ThyssenKrupp AG, and United States Steel Corporation.

Regions covered in this: North America (U.S., Canada, Mexico), Europe (Germany, Russia, Turkey), Asia Pacific (China, India), Central & South America (Brazil), Middle East & Africa.

Source: Yahoo Finance