North America Electrical Steel Market Size & Outlook
North America electrical steel market, 2018-2030 (US$M)
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North America electrical steel market highlights
- The North America electrical steel market generated a revenue of USD 3,623.8 million in 2023.
- The market is expected to grow at a CAGR of 5.2% 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.
- Country-wise, Mexico is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 3,623.8 million |
| Market revenue in 2030 | USD 5,167.6 million |
| Growth rate | 5.2% (CAGR from 2023 to 2030) |
| Largest segment | Non-grain oriented |
| Fastest growing segment | Grain Oriented |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 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, North America region accounted for 12.7% of the global electrical steel market in 2023.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2030.
- MEA is the fastest growing regional market and is projected to reach USD 1,766.7 million by 2030.
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Electrical Steel Market Scope
Electrical Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
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North America 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 71.63% in 2023. Horizon Databook has segmented the North America electrical steel market based on grain oriented, non-grain oriented covering the revenue growth of each sub-segment from 2018 to 2030.
North America is an emerging market for electrical steel in 2020 and accounted for a revenue share of 8.0%. The factors attributed to the growth of the market in the region are expanding automotive industry and the increasing demand for energy in the region.
Increasing use of electrical steel in the automotive industry helps to improve fuel efficiency. The usage demand for electrical and hybrid vehicles is further anticipated to propel the market growth over the forecast period.
For instance, in June 2021, Damon Motors and Auteco Mobility signed an alliance to provide electric motorcycles to Latin American countries. Such initiatives would help to fuel the purchase of EVs, augmenting the consumption of electrical steel over the coming years.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America electrical steel market , including forecasts for subscribers. This continent databook contains high-level insights into North America electrical steel market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America electrical steel market size, by country, 2018-2030 (US$M)
North America Electrical Steel Market Outlook Share, 2023 & 2030 (US$M)
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