By increasing the production of European electrical steel, it aims to increase its competition in the electrical steel market. Electrical steel has become a highly demanded product due to its wide range of uses and is especially needed in the automotive sector.
The promising aspect of this situation is the increase in the importance given to the production of electric vehicles electrical steel in the production and electricity generation, and the increase in the need for electric motors and charging stations.
For this reason, the main strategies of European-based electrical steel producers are to invest in basic resources to increase their production capacities, in addition to reaching a geographically wide area and increasing production capacities.
It is estimated that the cost achieved in the sales of electrical steel in Europe last year was around $6.3 billion. In the next 10 years, the European electrical steel market is expected to record a significant growth rate of 10.3% and to generate a profit of 10.6 billion dollars in this process.
With the need for electric vehicle production and the effect of the growth in the automotive sector, it is highly likely that the market growth will be supported with the estimated growth rates of 8.5% and 13% in the period between 2022 and 2032.