Turkey Electrical Steel Market Size & Outlook, 2023-2030
Turkey electrical steel market, 2018-2030 (US$M)
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Turkey electrical steel market highlights
- The Turkey electrical steel market generated a revenue of USD 561.6 million in 2023 and is expected to reach USD 934.1 million by 2030.
- The Turkey market is expected to grow at a CAGR of 7.5% 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 561.6 million |
| Market revenue in 2030 | USD 934.1 million |
| Growth rate | 7.5% (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, Turkey accounted for 2.0% 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 Europe, Russia electrical steel market is projected to lead the regional market in terms of revenue in 2030.
- Turkey is the fastest growing regional market in Europe and is projected to reach USD 934.1 million by 2030.
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Electrical Steel Market Scope
Electrical Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Turkey 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 65.35% in 2023. Horizon Databook has segmented the Turkey electrical steel market based on grain oriented, non-grain oriented covering the revenue growth of each sub-segment from 2018 to 2030.
Turkey is highly focused on generating power from renewable energy resources. As per the Minister of Energy and Natural Resources the share of renewable energy in total power consumption increased to 51.21%.
Which is higher than 21 other European countries as of December 2020. In addition, the country is planning to expand its renewable power generation by doubling its production in 2021. Thus, the growing expansion of power generating capacity enables the usage of transformers in the line which is anticipated to augment the growth for electrical steel during the forecast period.
\The grid-strengthening projects accelerate the use of various transformers. For instance, in February 2021, Turkey’s Electricity Transmission Corporation (TEİAŞ) had given a contract to Hitachi ABB Power Grids for a grid expansion project.
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Horizon Databook provides a detailed overview of country-level data and insights on the Turkey electrical steel market , including forecasts for subscribers. This country databook contains high-level insights into Turkey electrical steel market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Turkey electrical steel market size, by product, 2018-2030 (US$M)
Turkey Electrical Steel Market Outlook Share, 2023 & 2030 (US$M)
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