Electrical Steel Market - Forecast(2020 - 2025)
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. Request Sample 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, AP