North America Electrical Steel Market
North America electrical steel market is expected to reach USD 6.46 billion by 2031 from USD 3.97 billion in 2023, growing with a CAGR of 6.4% in the forecast period of 2024 to 2031.
Market Segmentation:
North America Electrical Steel Market, By Type (Non-Grain Oriented Electrical Steel and Grain Oriented Electrical Steel), Thickness (0.23 MM, 0.27 MM, 0.30 MM, 0.35 MM, 0.5 MM, 0.65 MM, and Others), Core Losses (Less than 0.9 W/KG, 0.90 W/KG to 0.99 W/KG, 1.00 W/KG to 1.29 W/KG, 1.30 W/KG to 1.39 W/KG, and Above 1.39 W/KG), Flux Density (Above 1.76 Tesla, 1.73 Tesla to 1.76 Tesla, 1.69 Tesla to 1.73 Tesla, 1.65 Tesla to 1.69 Tesla, Less than 1.65 Tesla), Application (Motors, Transformers, Power Generators, Inductors, Electrical Ballasts, Battery, Convertors, Shunt Reactors, Wound Cores, and Others), End-User (Energy and Power, Engineering, Automotive, Building and Construction, Household Appliances, and Others), Countries (U.S., Canada, and Mexico) - Industry Trends and Forecast to 2031
Overview of the North America Electrical Steel Market Dynamics
Driver
• Rise in demand for sustainable energy sources such as wind and hydropower
Restraint
• Distortion in properties of electrical steel due to temperature variations
Opportunity
• Growth in application of electric vehicles
Market Players:
The key players operating in the North America electrical steel market are:
• Cleveland-Cliffs Inc.
• JFE Steel Corporation.
• ArcelorMittal
• voestalpine AG
• thyssenkrupp AG
• Baosteel Co.,Ltd.
• C.D. Wälzholz GmbH & Co. KG
• NIPPON STEEL CORPORATION
• POSCO
• TC Metal
• Tempel (A subsidiary of Worthington Steel)
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