Electrical Steel Market a CAGR of above 6% from 2018 to 2026;Demand for super or high speed cars
Theu00a0global electrical steel marketu00a0was valued at more than US$ 20 Bn in 2017 and is anticipated to reach approximately US$ 35 Bn at a CAGR of above 6% from 2018 to 2026 according to a new report titledu00a0u2018Electrical Steel Market u2013 Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018u20132026u2019 by Transparency Market Research (TMR). The global automotive industry is highly dependent on electrical steel based products such as motor, rotor, stator, and inductor. The automotive end-user industry segment held major share of the global electrical steel market in terms of consumption in 2017. Increase in demand for electric and hybrid cars is anticipated to boost the demand for electrical steel in the next few years.
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