Overview and Scope
Grain-oriented electrical steel is a specialized type of steel and a vital component in the production of energy-efficient transformers and large, high-performance generators. It is mainly employed in instrument and current transformers, power, and high-voltage direct current transmission cores.
Sizing and Forecast
The grain oriented electrical steel market size has grown steadily in recent years. It will grow from $7.3 billion in 2023 to $7.54 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increased demand in power generation, expansion of power infrastructure, industrialization and urbanization, efficiency improvements in electrical equipment, renewable energy integration.
The grain oriented electrical steel market size is expected to see steady growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to continued growth in power demand, smart grid implementation, rise in electric vehicle production, energy efficiency regulations, increasing investments in transmission and distribution networks. Major trends in the forecast period include rise in electric vehicle infrastructure, strategic collaborations and partnerships, focus on sustainable and green technologies, market expansion in asia-pacific, supply chain optimization.
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Segmentation & Regional Insights
The grain oriented electrical steel market covered in this report is segmented –
1) By Type: High Magnetic Strength, Conventional, Domain Refinement
2) By Application: Transformer, Power Generator, Motor, Other Applications
3) By End-User: Electrical Steel For Automobiles, Electrical Steel For Manufacturing, Electrical Steel For Energy Generation, Electrical Steel For Household Appliances, Electrical Steel For Other End Uses
Asia-Pacific was the largest region in the global grain-oriented electrical steel market in 2023. The regions covered in the grain oriented electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand for electric vehicles is expected to propel the demand for the grain-oriented electric steel market going forward. Electric vehicles (EVs) refer to automobiles that are powered by one or more electric motors. They use electricity stored in batteries or obtained from an external power source, such as a charging station, to propel the vehicle. Grain-oriented electrical steel is crucial for the development of electric vehicle charging infrastructure. Its role in the larger electrical and power industries indirectly supports the development and operation of electric vehicles through its application in motors, charging infrastructure, and power electronics. For instance, in April 2023, according to the report released by the International Energy Agency., a France-based intergovernmental organization, more than 10 million electric vehicles were sold worldwide in 2022, and these sales are expected to increase by another 35% in 2023 to reach 14 million. Also, in 2022, the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, reported that in the first half of 2022, almost 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally. PHEV sales increased by 37% and BEVs by 75% yearly in 2022. Therefore, increasing demand for electric vehicles is driving the growth of the grain-oriented electric steel market.
Key Industry Players
Major companies operating in the grain oriented electrical steel market report are Thyssenkrupp AG, POSCO International Corporation, Nippon Steel Corporation, JFE Steel Corporation, NLMK Group, Baowu Group, AK Steel Holdings Corporation, Tata Steel Limited, ArcelorMittal, Shougang Group Co Ltd., Cleveland-Cliffs Inc., Aperam SA, TC Metal Co, Mapes & Sprowl Steel LLC, Tempel Steel, China Baowu Steel Group Corp Ltd., Gerdau S.A., Allegheny Technologies Incorporated, United States Steel Corporation, Voestalpine Group, CSC Steel Sdn. Bhd., Kobe Steel Ltd., Sumitomo Metal Industries Ltd., Baosteel Group Corporation, Jindal Steel and Power Limited, JSW Steel Ltd., Essar Steel, Cogent Power Limited, Ansteel Group Corporation Limited, Baoshan Iron & Steel Co. Ltd., Benxi Iron and Steel Group Co. Ltd., Hebei Iron and Steel Group Co. Ltd., Hunan Valin Steel Co. Ltd., Jiangsu Shagang Group Co. Ltd., Maanshan Iron & Steel Company Limited, Shandong Iron and Steel Group Co. Ltd., Tata Iron and Steel Company Limited, World Industrial Specialty Company Inc, Wuhan Iron and Steel (Group) Corp.
The grain oriented electrical steel market report table of contents includes:
- Executive Summary
- Grain Oriented Electrical Steel Market Characteristics
- Grain Oriented Electrical Steel Market Trends And Strategies
- Grain Oriented Electrical Steel Market – Macro Economic Scenario
- Global Grain Oriented Electrical Steel Market Size and Growth
- Grain Oriented Electrical Steel Market Segmentation
- Grain Oriented Electrical Steel Market Regional And Country Analysis
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- Key Mergers And Acquisitions In The Grain Oriented Electrical Steel Market
- Grain Oriented Electrical Steel Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Grain Oriented Electrical Steel Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Grain Oriented Electrical Steel Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Grain Oriented Electrical Steel Market, Segmentation By End-User, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
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Table 74: Thyssenkrupp AG Financial Performance
Table 75: POSCO International Corporation Financial Performance
Table 76: Nippon Steel Corporation Financial Performance
Table 77: JFE Steel Corporation Financial Performance
Table 78: NLMK Group Financial Performance
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