U.S. Electrical Steel Market by Type (Non-Grain Oriented, Grain Oriented), by Application (Transformer, Motors, Inductors, Others), by Forecast 2024-2032
The U.S. Electrical Steel Market size was valued at USD 3.85 USD Billion in 2023 and is projected to reach USD 5.64 USD Billion by 2032, exhibiting a CAGR of 5.6 % during the forecast period. The electric steel industry refers to the production and distribution of steel, whose production is based on the electric arc furnace (EAF) technology with electricity instead of the blast furnaces as a primary fuel. As a result, electric steel possesses beneficial quality especially because it has enabling properties adaptable for use in automotive, construction, machinery, and appliance industries. The current trend in the US electrical steel market shows that an increasing number of businesses seek sustainability and energy efficiency in their production processes, let’s just say it goes hand in hand with efforts to limit greenhouse gas emissions. Power steels of different kinds as alloy steel and stainless steel are produced to meet different specifications in the industry. However, the growing concern about environmental sustainability and the electric arc furnace technology saw great improvements in the US electric steel market prospects progressively.
Type:
Application:
Aspects | Details |
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Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.6% from 2018-2032 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2018-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2018-2023 |
Growth Rate | CAGR of 5.6% from 2018-2032 |
Segmentation |
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Note* : In applicable scenarios
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