Canada Electrical Steel Market Size & Outlook, 2023-2030
Canada electrical steel market, 2018-2030 (US$M)
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Canada electrical steel market highlights
- The Canada electrical steel market generated a revenue of USD 340.3 million in 2023 and is expected to reach USD 496.8 million by 2030.
- The Canada market is expected to grow at a CAGR of 5.6% from 2024 to 2030.
- In terms of segment, non-grain oriented was the largest revenue generating product in 2023.
- Grain Oriented is the most lucrative product segment registering the fastest growth during the forecast period.
Electrical steel market data book summary
| Market revenue in 2023 | USD 340.3 million |
| Market revenue in 2030 | USD 496.8 million |
| Growth rate | 5.6% (CAGR from 2023 to 2030) |
| Largest segment | Non-grain oriented |
| Fastest growing segment | Grain Oriented |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Grain Oriented, Non-Grain Oriented |
| Key market players worldwide | ArcelorMittal SA Depository Receipt, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corp, POSCO Holdings Inc ADR, Tata Steel Ltd GDR - 144A, Thyssenkrupp AG |
Other key industry trends
- In terms of revenue, Canada accounted for 1.2% of the global electrical steel market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. electrical steel market is projected to lead the regional market in terms of revenue in 2030.
- Mexico is the fastest growing regional market in North America and is projected to reach USD 974.1 million by 2030.
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Electrical Steel Market Scope
Electrical Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Canada electrical steel market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to electrical steel market will help companies and investors design strategic landscapes.
Non-grain oriented was the largest segment with a revenue share of 66.97% in 2023. Horizon Databook has segmented the Canada electrical steel market based on grain oriented, non-grain oriented covering the revenue growth of each sub-segment from 2018 to 2030.
Increasing investment in EV manufacturing and its related infrastructure is projected to drive the usage of electrical steel in Canada. The Canadian government and the province of Ontario planned to invest USD 223 million in the Ford manufacturing plant which is one of the largest EV plants in North America.
Significant growth in renewable power generation coupled with increasing investment in the expansion of transmission and distribution infrastructure are the prominent factors attributed to the growth of the market.
As per the data published by the Canadian Renewable Energy Association in January 2021, Canada is projected to install about 2 GW of solar and wind power-generating capacity in 2021.
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Our clientele includes a mix of electrical steel market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the Canada electrical steel market , including forecasts for subscribers. This country databook contains high-level insights into Canada electrical steel market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Canada electrical steel market size, by product, 2018-2030 (US$M)
Canada Electrical Steel Market Outlook Share, 2023 & 2030 (US$M)
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