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The global electrical steel market size was evaluated at USD 23.4 billion in 2020 and is expected to expand at a compounded annual growth rate (CAGR) of 4.9% from 2021 to 2028. Increasing electricity generation worldwide is one of the key driving factors for market growth. As the name implies, electrical steel possesses enhanced electrical properties such as high permeability, high electrical resistivity, low hysteresis loss, and low magnetostriction. These properties make it highly desirable for applications related to electricity consumption, distribution, and generation.