Grain Oriented Electrical Steel Global Market Report 2024

The grain oriented electrical steel market 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 observed during the historical period can be attributed to heightened demand in power generation, the expansion of power infrastructure, trends in industrialization and urbanization, efficiency improvements in electrical equipment, and the integration of renewable energy sources.

The grain oriented electrical steel market 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 anticipated growth in the forecast period can be attributed to the sustained increase in power demand, the implementation of smart grid technologies, a rise in electric vehicle production, the enforcement of energy efficiency regulations, and escalating investments in transmission and distribution networks. Key trends expected in the forecast period include the proliferation of electric vehicle infrastructure, strategic collaborations and partnerships, a heightened focus on sustainable and green technologies, market expansion in the Asia-Pacific region, and efforts towards supply chain optimization.

The surge in demand for electric vehicles (EVs) is anticipated to drive the grain-oriented electric steel market's growth in the foreseeable future. Electric vehicles rely on one or more electric motors powered by stored electricity, and the development of the EV charging infrastructure is significantly reliant on grain-oriented electrical steel. This specialized steel plays a vital role in the broader electrical and power industries, indirectly supporting the growth and operation of electric vehicles through its applications in motors, charging infrastructure, and power electronics. In April 2023, the International Energy Agency reported global sales of over 10 million electric vehicles in 2022, projecting a further 35% increase in 2023 to reach 14 million. Additionally, the World Economic Forum noted that in the first half of 2022, global sales of battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) totaled almost 4.3 million, with a significant annual increase of 75% for BEVs and 37% for PHEVs. Consequently, the growing demand for electric vehicles is a key driver of the grain-oriented electric steel market's expansion.

The rising demand for renewable energy is expected to fuel the growth of the grain-oriented electrical steel (GOES) market. GOES is specifically designed for use in transformers, which play a critical role in renewable energy systems by regulating voltages in power generation, transmission, and distribution. As renewable energy sources such as solar, wind, hydro, geothermal, and ocean power witnessed an approximately 8% increase in supply in 2022, the shift toward renewables in the US power grid is projected to surge by about 380% from 2022 to 2050. This transition underscores the crucial role of GOES in supporting the renewable energy sector and propelling the growth of the grain-oriented electrical steel market.

The growth of the grain-oriented electrical steel (GOES) market is expected to be driven by increasing industrialization. Industrialization, characterized by the adoption of industrial production methods, leads to a higher demand for electrical power and energy infrastructure. Efficient and reliable electrical systems are essential for powering machinery, equipment, and various industrial operations. For example, industrial production in China rose by 4.5% in August 2023 compared to the previous year, reflecting the ongoing industrialization in the country. The increasing demand for electrical steel in industrial applications is a key factor contributing to the growth of the grain-oriented electrical steel market.

A prominent trend is the focus on product innovation by major companies to reinforce their market positions. ThyssenKrupp AG, a Germany-based engineering company, exemplifies this trend by launching Bluemint steel in October 2021. Bluemint steel is a high-quality flat steel with reduced CO2 intensity, offering 50% less CO2 intensity in its power core. This innovation, designed for manufacturing transformers with low-emission electric steel, enhances current transport efficiency and incorporates features such as corrosion resistance, recycling, aesthetics, formability, and improved sustainability.

Major companies in the grain-oriented electrical steel market are adopting strategic partnerships and collaborations to maintain their market presence. In May 2021, JFE Steel Corporation, a Japan-based steel manufacturer, entered into a Memorandum of Understanding with JSW Steel Limited, an India-based steel producer, to conduct a Feasibility Study for establishing a joint-venture company in India focused on manufacturing and selling grain-oriented electrical steel sheets. This strategic partnership aims to leverage the strengths of both organizations to achieve specific business objectives and enhance their positions in the market.

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.

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. The countries covered in the grain oriented electrical steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The key product categories within grain-oriented electrical steel comprise high magnetic strength, conventional, and domain refinement. High magnetic strength steel denotes an alloy steel type distinguished by superior mechanical properties and heightened corrosion resistance compared to standard carbon steel. These alloys find application in various sectors, including transformers, power generators, motors, and other related uses. The primary end-users of grain-oriented electrical steel include the automotive sector, manufacturing, energy generation, household appliances, and others.

The grain-oriented electrical steel market research report provides grain-oriented electrical steel market statistics, including grain-oriented electrical steel industry global market size, regional shares, competitors with a grain-oriented electrical steel market share, detailed grain-oriented electrical steel market segments, market trends and opportunities, and any further data you may need to thrive in the grain-oriented electrical steel industry. This grain-oriented electrical steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The grain-oriented electrical steel market consists of sales of wound cores, laminations, cold-rolled steel, goss texture, metal cladding, and silicon steels. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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