- Electrical steel, known for its high magnetic permeability and low core losses, is a critical material used in the production of motors, transformers, and power generators, supporting energy efficiency and performance in electrical systems
- The growing demand for electrical steel is fueled by the rapid expansion of the automotive sector, particularly in electric vehicles, and the increasing deployment of renewable energy sources such as wind and solar power
- Canada dominated the North America electrical steel market with the largest revenue share of 45.12% in 2024, driven by its robust energy and power sector, significant investments in renewable energy, and a well-established manufacturing base
- The U.S. is expected to be the fastest-growing country in the North America electrical steel market during the forecast period, propelled by the rising adoption of electric vehicles, government incentives for clean energy, and innovations in electrical steel applications
- The Non-Grain Oriented Electrical Steel segment dominated the largest market revenue share of 56.49% in 2023, driven by its versatile applications in electric motors, generators, and household appliances, particularly in the U.S., where demand for electric vehicles (EVs) and energy-efficient devices is surging
