The global electrical steel sheet market is projected to reach USD 78.43 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 7.1% from its valuation of USD 39.56 billion in 2024. This forecast, released today, highlights the strategic importance of electrical steel as a critical enabler of low-loss power systems, especially with the global shift towards low-carbon energy. Key drivers for this growth include the rising production of electric vehicles (EVs), upgrades to smart grids, and increasing industrial electrification. Asia-Pacific currently dominates both production and consumption due to robust domestic industries and infrastructure development. However, North America and Europe are increasing investments in localized and sustainable electrical steel production to reduce import dependency and support energy transition goals. Innovations in ultra-thin electrical steel (≤0.2 mm) for next-gen EV motors and AI data centers, as well as high silicon content steel for enhanced electrical resistivity, are emerging trends.