The Grain Oriented Electrical Steel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Grain Oriented Electrical Steel Global Market Report 2024, 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.
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.
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The grain oriented electrical steel market covered in this report is segmented –
1) Grain Oriented Electrical Steel Market By Type: High Magnetic Strength, Conventional, Domain Refinement
2) Grain Oriented Electrical Steel Market By Application: Transformer, Power Generator, Motor, Other Applications
3) Grain Oriented Electrical Steel Market 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
Top Major Players
Thyssenkrupp AG
POSCO International Corporation
Nippon Steel Corporation
JFE Steel Corporation
NLMK Group
Product innovation is the key trend gaining popularity in the grain-oriented electric steel market. Major companies operating in the grain-oriented electric steel market are developing innovative products to strengthen their position in the market. For instance, in October 2021, ThyssenKrupp AG., a Germany-based engineering company that manufactures grain-oriented electrical steel, launched Bluemint steel, a high-quality flat steel with reduced CO2 intensity. This innovative product has a power core with 50% less CO2 intensity. Due to its reduced core losses, low-emission electric steel offers great current transport efficiency. Bluemint steel is designed to manufacture transformers using electrical steel that has been CO2-reduced for new digital E.ON medium-voltage substations. Additionally, it includes features such as corrosion resistance, recycling, aesthetics, formability, and improved sustainability.
The grain oriented electrical steel market report table of contents includes:
1. Executive Summary
2. Grain Oriented Electrical Steel Market Characteristics
3. Grain Oriented Electrical Steel Market Trends And Strategies
4. Grain Oriented Electrical Steel Market – Macro Economic Scenario
5. Global Grain Oriented Electrical Steel Market Size and Growth
…..
31. Global Grain Oriented Electrical Steel Market Competitive Benchmarking
32. Global Grain Oriented Electrical Steel Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Grain Oriented Electrical Steel Market
34. Grain Oriented Electrical Steel Market Future Outlook and Potential Analysis
35. Appendix
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