Global Grain Oriented Electrical Steel Market is valued at approximately USD 12.40 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 5.7% over the forecast period 2024-2032. Grain Oriented Electrical Steel is a crucial material used in the production of energy-efficient transformers and high-performance generators. This specialized type of steel is commonly used in the form of punched, laminated, or wound sheets. It serves as a crucial core material for various types of transformers and electrical generators. The increasing demand for electric vehicles (EVs) and growing product demand in the electrical industry are key drivers of market growth.
The market is witnessing several trends, including the growing demand for electrical steel in the automotive industry for electric vehicles (EVs). EVs require high-quality electrical steel for traction motors, which are crucial for vehicle power and efficiency. This trend is creating significant growth opportunities in the market. Furthermore, the increasing construction of industrial buildings, warehouses, storage units, and metro stations in developing countries is driving the demand for grain oriented electrical steel, particularly for power generation applications. Additionally, the rising infrastructure for electric vehicle (EV) charging stations is expected to further bolster product adoption. However, the market faces challenges such as fluctuations in steel prices and the high costs associated with transformer production. The market growth may be limited due to these challenges, as well as environmental and health risks.
The key regions considered for the Global Grain Oriented Electrical Steel Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. Asia Pacific is a dominating region in the Global Grain Oriented Electrical Steel Market in terms of revenue. The region's market growth is attributed to the expanding manufacturing sector in countries such as South Korea, India, and China. Whereas, the market in Europe is anticipated to grow at the fastest rate over the forecast period fueled by its technologically advanced economies, also shows strong demand for grain oriented electrical steel, particularly in the production of industrial equipment and machinery.
Major market players included in this report are:
ArcelorMittal (Luxembourg)
POSCO (South Korea)
Stalprodukt S.A. (Poland)
Baosteel Group Corporation (China)
NIPPON STEEL CORPORATION (Japan)
JFE Steel Corporation (Japan)
thyssenkrupp Steel (Germany)
Cleveland-Cliffs Inc. (U.S.)
Arnold Magnetic Technologies (U.S.)
VIZ-Steel (Russia)
Voestalpine AG
Shagang Group Co., Ltd.
NLMK Group (Novolipetsk Steel)
Tata Steel Limited
Hebei Iron and Steel Group Co., Ltd.
The detailed segments and sub-segment of the market are explained below:
By Product Type:
Conventional
High Magnetic Strength Sheets
Domain Refinement
By Thickness:
0.2 mm and Below
0.23 mm
0.27 mm
0.30 mm
0.35 mm and Above
By Application:
Transformer
Power Generator
Electric Motor
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
Saudi Arabia
South Africa
RoMEA
Years considered for the study are as follows:
Historical year - 2022
Base year - 2023
Forecast period - 2024 to 2032
Key Takeaways:
Market Estimates & Forecast for 10 years from 2022 to 2032.
Annualized revenues and regional level analysis for each market segment.
Detailed analysis of geographical landscape with Country level analysis of major regions.
Competitive landscape with information on major players in the market.
Analysis of key business strategies and recommendations on future market approach.
Analysis of competitive structure of the market.
Demand side and supply side analysis of the market.
