Electrical Steel Market Size, Share, Growth Analysis, By Type(Grain-Oriented, Non- Grain-Oriented, Others), By End User(Household Appliances, Manufacturing, Energy & Power, Automotive), By Application(Transformers, Motors, Inductors and Others), By Region - Industry Forecast 2024-2031

Asia Pacific, which holds the largest share of the worldwide market, is anticipated to rise at a CAGR of 5.8% throughout the forecast period. The examination of the Asia-Pacific market covers China, India, Japan, Australia, and the rest of the region. In terms of both power production and consumption, India comes in third place globally. Furthermore, it is predicted that investments totaling USD 179.31 billion will enter the Indian electricity sector. India would account for almost 44% of sales across South Asia and the Pacific. Government initiatives to build reliable and reasonably priced energy generation and distribution networks across the country for rural and urban electrification are predicted to boost India's energy sector development.

During the projection period, Europe is anticipated to expand at a CAGR of 6.8%. because of the region's growing car industry and the emerging electric vehicle market segment. The automobile industry is quickly establishing cost and fuel economy, recyclability, and formability as key focal areas, making material and component selection more important than ever. According to data released by Tata Steel, a division of the Tata Group, the demand for advanced electrical and plated steel in the European automotive industry would climb by 2.6 million tonnes by 2050 as a result of the anticipated increase in demand for electric or ultra-low emission vehicles.