Electrical Steel Market - Forecast(2021 - 2026)
According to the findings by International Energy Association (IEA), electricity accounts for 19% of the total final consumption of energy, and the share is poised to increase to 24% in 2040 owing to the increase in electrification across the globe [1] . However, the world is also in dire need for the conservation of energy which is creating a demand for energy-saving materials like electrical steel which is one of the major reasons for the current boom in the electrical steel market. The electrical steel market size was at $22.24 billion as of 2018, according to IndustryARC’s market analyst. Furthermore, the analyst estimates the demand in the global electrical steel market to grow with a healthy CAGR of 6.6% during the forecast period of 2019 to 2025. There are a lot of developing economies in APAC that include China, India, Indonesia, and others that are observing constant electrification which is supporting the electrical steel market in the region. Moreover, APAC is progressi...