Key companies covered Grain Oriented Electrical Steel Market are ArcelorMittal (Luxembourg), POSCO (South Korea), 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 (U.S.) and more players profiled.
Grain Oriented Electrical Steel Market
Grain-Oriented Electrical Steel Market
Pune, India, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global grain oriented electrical steel market size was USD 11.78 billion in 2022 and is anticipated to expand from USD 12.47 billion in 2023 to USD 18.81 billion by 2030, exhibiting a CAGR of 6.0% over the estimated period. The surge is due to the increasing demand for electric vehicles and subsequent product demand. This is on account of their superior magnetic properties, lesser core loss, and high permeability.
Fortune Business Insights™ provides this information in its research report, titled “Grain Oriented Electrical Steel Market, 2023-2030”.
Leading Players Featured in the Grain-Oriented Electrical Steel Market Research Report:
ArcelorMittal (Luxembourg)
POSCO (South Korea)
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 (U.S.)
Report Scope & Segmentation:
Report Attribute
Details
Forecast Period
2023-2030
Forecast CAGR
6.0%
2030 Value Projection
USD 18.81 Billion
Grain-Oriented Electrical Steel Market Size in 2023
USD 12.47 Billion
Historical Data
2018-2021
No. of Pages
196
Report Coverage
Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered
By Type
By Service Type
Regions Covered
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Grain-Oriented Electrical Steel Market Drivers
The increasing demand for grain-oriented electrical steel from power generation applications in emerging economies is driving the grain-oriented electrical steel market growth.
Growing demand for electrical steels due to their high permeability, lesser core loss, and superior magnetic properties will drive the market during the forecast period.
Browse Detailed Summary of Research Report with TOC:
Industry Growth Affected Due to Disruption in Steel Sector Amid COVID-19 Pandemic
The COVID-19 pandemic recorded a significant disruption in the supply chain of the steel industry. This was mainly due to the imposition of travel restrictions by several countries including India, China, and the U.S. The industry expansion was further affected by restrictions on the transport of raw materials and the closure of manufacturing facilities.
Segments:
Conventional Segment to Lead Impelled by Soaring Demand from Numerous Applications
On the basis of product type, the market for grain-oriented electrical steel is classified into high magnetic strength sheets, conventional, and domain refinement. The conventional segment held a key market share in 2022 and is touted to exhibit appreciable growth over the analysis period. The expansion is impelled by the increasing demand for electrical supply owing to higher dependence on technologies and rising urbanization.
0.23 mm Segment Held a Major Share Driven by Extensive Usage in Household Appliances
Based on thickness, the market is subdivided into 0.2 mm and below, 0.23 mm, 0.27 mm, 0.30 mm, and 0.35 mm and above. The 0.23 mm accounted for a dominating market share. The growth is propelled by the soaring demand for household appliances.
Transformer Segment to Gain Traction Considering the Escalating Energy Consumption
By application, the market is segregated into transformers, electric motors, power generators, and others. The transformer segment accounted for a dominating share in the market and is poised to record substantial expansion throughout the projected period. The surge is impelled by the increasing energy consumption.
Based on geography, the market for grain-oriented electrical steel is fragmented into North America, Asia Pacific, Europe, and the rest of the world.
Report Coverage:
The report gives a comprehensive coverage of the key factors impelling the global grain-oriented electrical steel business scenario in the forthcoming years. It further offers an account of the major trends and the impact of the COVID-19 pandemic on industry growth. Additional components of the report comprise an account of the key steps undertaken by leading market players to strengthen the positions of their businesses.
Industry Value to Rise Driven by Increasing Product Demand
The grain-oriented electrical steel market growth is being propelled by the surging product demand from power generation applications. The expansion is driven by an increase in economic development, population, and urbanization.
However, the industry expansion could be restrained by fluctuations in steel prices.
Regional Insights:
Asia Pacific to Hold Dominating Share Impelled by Expanding Manufacturing Sector
The Asia Pacific grain-oriented electrical steel market share is set to dominate the global market. The regional market is estimated to record considerable expansion throughout the forecast period. The surge is due to the expanding manufacturing sector in the region.
The North American market is poised to expand at a considerable pace throughout the estimated period. The expansion is propelled by the presence of economically stable nations.
Competitive Landscape:
Key Companies Strike Collaborations to Strengthen Market Foothold
Leading grain-oriented electrical steel industry participants are centered on adopting a range of strategic initiatives for strengthening the positions of their businesses. These include merger agreements, partnerships, and the rollout of new products. Besides, many companies are participating in research initiatives for the development of new solutions.
Flat Steel Market to Reach USD 830.62 Billion by 2030 | Fortune Business Insights™
About Us:
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. Our aim is to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
