Grain Oriented Electrical Steel Market
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What Will the Grain Oriented Electrical Steel Industry Market Size Be by 2025?
In recent times, there has been a consistent expansion in the grain oriented electrical steel market. The market size is forecasted to witness an increase from $7.41 billion in 2024 to $7.56 billion in 2025, growing at a compound annual growth rate (CAGR) of 2.1%. The historical growth trend is primarily due to a surge in power generation demands, growth in power infrastructure, urbanization and industrialization, enhancements in the efficiency of electrical appliances, and incorporation of renewable energy.
What’s the Long-Term Growth Forecast for the Grain Oriented Electrical Steel Market Size Through 2029?
The market size for grain oriented electrical steel is predicted to experience consistent expansion in the upcoming years. This growth is projected to reach “$8.6 billion by 2029 with a compound annual growth rate (CAGR) of 3.3%. This growth during the forecast period can be traced back to factors such as consistent rise in power demand, the application of smart grid systems, an increase in electric vehicle manufacturing, stringent energy efficiency regulations, and heightened investments in transmission and distribution networks. The significant trends during this forecast period encompass expansion in electric vehicle infrastructure, strategic alliances and partnerships, a focus on eco-friendly and sustainable technologies, market growth in the Asia-Pacific region, and enhancement of the supply chain.
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What Are the Key Growth Drivers Fueling the Grain Oriented Electrical Steel Market Expansion?
The grain-oriented electric steel market is anticipated to grow with the rising demand for electric vehicles. Electric vehicles (EVs), which are automobiles powered by one or more electric motors, derive electricity from batteries or an external source such as a charging station. The importance of grain-oriented electrical steel in building electric vehicle charging infrastructure shouldn’t be underestimated, as its application in motors, charging structures, and power electronics greatly contributes to the support and functioning of electric vehicles. The International Energy Agency, a France-based intergovernmental organization, reported in April 2023 that over 10 million electric vehicles were bought worldwide in 2022. They anticipate a further increase of 35% in 2023, forecasting sales of 14 million units. The World Economic Forum, a Switzerland-based non-governmental international advocacy organization, reported in 2022 that nearly 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally in the first half of 2022. They noted an annual increase of 37% in PHEV sales and 75% in BEV sales in 2022. Given these trends, the accelerating demand for electric vehicles is indeed fueling the expansion of the grain-oriented electric steel market.
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What Are the Key Trends Driving Grain Oriented Electrical Steel Market Growth?
Strategic partnerships are shaping the grain-oriented electrical steel market. In February 2024, India-based JSW Steel Limited partnered with Japan-based JFE Steel Corporation to produce grain-oriented electrical steel (GOES) in India, with production expected by 2027. This move addresses immediate market demands and positions both companies for future energy-efficient growth.
How Is the Grain Oriented Electrical Steel Market Segmented?
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
Subsegments:
1) By High Magnetic Strength: High Performance Grades, Ultra-Low Loss Grades, High Efficiency Grades
2) By Conventional: Standard Grades, Basic Grades For Transformer Applications, General Purpose Grades
3) By Domain Refinement: Thin Gauge Grades, High-Performance Domain Refined Grades, Grades For High-Frequency Applications
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Which Companies Are Leading the Charge in Grain Oriented Electrical Steel Market Innovation?
Major companies operating in the grain oriented electrical steel market include 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.
Which Regions Are Leading the Global Grain Oriented Electrical Steel Market in Revenue?
Asia-Pacific was the largest region in the global grain-oriented electrical steel market in 2024. 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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