The secret ingredient for electric vehicles

Electrical steel is a niche product that is essential for making transformers, generators and electric motors. While it only constitutes about 1% of global steel production today, it is poised to grow exponentially along with the electric vehicle market. In 2022, about 9 million EVs will be produced globally. By the beginning of the next decade, the EV market is expected to break 40 million vehicles. Our experts discuss the challenges and opportunities presented by this new and burgeoning market for electrical steel. John Anton, Director, Pricing and Purchasing, S&P Global Market Intelligence https://experts.ihsmarkit.com/experts/anton-john Frank Hoffman, Consulting Principal, Economics & Country Risk, S&P Global Market Intelligence https://www.spglobal.com/en/enterprise/experts/hoffman-frank.html