Tata Steel targets zero overseas debt by 2028 Thyssenkrupp Steel restarts Hot Strip Mill 4 at Duisburg Viraj Profiles accelerates stainless steel decarbonisation journey Electrical steel market set to reach USD 19.67 billion by 2032
The global electrical steel market is projected to reach USD 19.67 billion by 2032, expanding at a CAGR of 4.3% during the forecast period. The growth is being driven by rising investments in power infrastructure, renewable energy projects, electric vehicles, and energy-efficient industrial equipment. Electrical steel remains a critical material for transformers, motors, generators, and other electromagnetic applications that support modern energy systems.
Increasing electricity demand, grid modernization initiatives, and the global shift toward clean energy are creating strong demand for both grain-oriented and non-grain-oriented electrical steel. The rapid expansion of electric mobility and renewable power generation is further strengthening market prospects as manufacturers seek materials that improve energy efficiency and reduce transmission losses. Asia-Pacific continues to dominate the market, supported by large-scale industrialization, urbanization, and infrastructure development across countries such as China and India. Growing investments in smart grids, power transmission networks, and advanced manufacturing facilities are expected to sustain demand over the coming years.
Industry participants are also focusing on technological advancements and capacity expansions to meet evolving customer requirements. As governments worldwide accelerate decarbonization efforts and energy-transition programs, electrical steel is expected to play an increasingly important role in supporting efficient and sustainable power systems.
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