Global Grain Oriented Electrical Steel Market Size, Share, Growth, and Industry Analysis, By Type (High Magnetic Strength, Conventional & Domain Refinement), By Application (Transformer & Motor) and Regional Forecast to 2032

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GRAIN ORIENTED ELECTRICAL STEEL MARKET REPORT OVERVIEW

The global Grain Oriented Electrical Steel Market Size was USD 10.37 billion in 2023 and the market is projected to touch 11.29 billion in 2032, exhibiting a CAGR of 2.5% during the forecast period.

The Grain Oriented Electrical Steel Market, as suggested by its name, belongs to the electrical steel family and deals with products that help to improve transformers and motors. This special use steel is highly magnetic and permeable with low core loss requirements, which are crucial to increasing the energy efficiency of numerous electrical appliances. Owing to increasing demand, catalyzed by technological development in generation and distribution of electricity, the market is rapidly expanding. The main drivers affecting this market are technology, changes in legislation, and the trend to increase energy consumption in the world. That is why the grain-oriented electrical steel market is already effectively establishing itself in the context of the constantly increasing global priority on the efficiency of energy consumption.

COVID-19 Impact: Market Growth Restrained During Pandemic Due to disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID-19 pandemic played a major role in affecting the grain-oriented electrical steel market, and thus there was a major decrease in demand as well as in the production rate. Some of the challenges include lockdowns, supply chain disruptions, and a general decrease in industrial activity that affected the production and distribution of electrical steel. These problems negatively affected many important segments of the market, and such segments as the power generation industry and the automotive industry experienced both time and operational speed losses. Thus, the pandemic reflected the susceptibility of the market to global challenges and the necessity for improvement of supply chain management approaches.

LATEST TRENDS

"New technologies and efficiency improvements drive  market growth"

Currently, new directions for development in the grain-oriented electrical steel market include the expansion of advanced technologies in the manufacturing process and increasing the share of R & D in the substrate. One more trend is associated with the search for higher-efficiency electrical steels with fewer core losses due to the increasing requirements for energy efficiency of transformers and motors. This development strives to achieve new energy standards within the given environment and boost system efficiency. Increased magnetic characteristics and the reduction in manufacturing costs are the principal factors that have boosted its demand in the market.

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SEGMENTATION

By Type

Based on type the market can be categorized into High Magnetic Strength, Conventional & Domain Refinement

High Magnetic Strength: High Magnetic Strength grain-oriented electrical steel is appropriately designed for the enhancement of the efficiency of the electrical steel by reduction in core losses and increase in magnetic flux density. This type of steel is very important in creating innovative transformers and electric motors because it promises better results. Its application benefits energy conservation and helps in the establishment of high-efficiency electrical products.

Conventional: Ordinary grain-oriented electrical steel, while not as enhanced in magnetic strength as the latter, is still commonly used because of its cheapness and efficiency. It stands in a position where it affords good magnetic properties acceptable for the customary transformer and motor uses. This type is common in highly developed industries that are characterized by performance requirements that are satisfied by conventional technology.

Domain Refinement: Domain Refinement: grain-oriented electrical steel also had better magnetic characteristics due to refined grains, which brought about a factor that reduced core loss. This type is widely used in new types of high-efficient transformers and electrical apparatus. Its appearances depict that development that continues to be made to enhance energy efficiency and applications of electrical equipment.

By Application

Based on application the market can be categorized into Transformer & Motor

Transformer: grain-oriented electrical steel is also vital in transformers as it possesses a large magnetic permeability, hence less core losses and thus more efficiency. This kind of steel improves the transformer capacity to deal with high voltage and the amount of current to be passed without significant loss of energy. Essentially, transformer applications maintain the market’s rapid growth owing to the escalating requirement for efficient power distribution.

Motor: In motors, grain-oriented electrical steel increases the maximum magnetic flux density, hence making it efficient and performing like never before. It helps to cut energy losses and contributes to creating new efficient electrical and hybrid cars. The rising concern of energy-efficient motors in numerous industries is driving the demand for this specific steel.

DRIVING FACTORS

"Energy-saving technologies drive market growth globally"

The increasing energy demand across the global and increasing technology craze of energy-saving products is a prime mover for the grain-oriented electrical steel (GOES) market. Manufacturing efficient transformers and electrical devices that are useful in minimizing energy losses can be made possible by GOES. As the industries and utilities push for their decreases in energy consumption, the utility of GOES rises and resulting grain-oriented electrical steel market growth .

"Renewable energy investments drive market growth"

The grain-oriented electrical steel market is beneficial from the development of renewable energy structures that include wind and solar stations. It is apparent that GOES is applied in the manufacturing of electrical parts for use in renewable power equipment such as transformers and generators. This is because investments made in renewable energy sources also increase, thus creating an increased demand for GOES for the support of these technologies.

RESTRAINING FACTOR

"High costs and raw material volatility hinder market growth"

Another factor that can be said to be a hindering factor of the grain-oriented electrical steel market is that enhanced steel varieties and manufacturing techniques are costly. This expenditure can actually slow down the expansion in the overall market, specifically for the small players as well as in the zones with low industrialization. Also, the cost variability is compounded by volatility in raw materials’ prices.

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GRAIN ORIENTED ELECTRICAL STEEL MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America's industrial strength and energy efficiency drive market growth"

North America holds the largest grain-oriented electrical steel market share because of its strong industrial base as well as the high consumption of energy-saving products. This particular region emphasizes upgrading the power grids and investing in advanced manufacturing capabilities, thereby leading to high market share. Further, high energy efficiency standards and the existence of technological advancement in the United States and Canada support market dominance. A higher number of major steel producers and high R&D investment deepen the incumbency of North America.

KEY INDUSTRY PLAYERS

"Technological advances and strategic alliances drive market growth"

The market is expanding significantly in the world, and key players are aiming for technological developments and investment in R&D to achieve better results in the grain-oriented electrical steel market. The fact that they pay much attention to increased magnetic characteristics and decreased core losses allows meeting growing requirements for energy-saving products. Besides, these companies use the right strategies, such as strategic alliances and increased production capacity, which promote the market’s growth and development.

List of Market Players Profiled

• Baowu Group (China)
• Nippon Steel (Japan)
• NLMK (Russia)
• AK Steel (Cleveland-Cliffs) (US)
• Shougang (China)

INDUSTRIAL DEVELOPMENT

February 2024: A notable recent development in the grain-oriented steel market is Tata Steel’s launch of a new high-performance grain-oriented electrical steel product. Tata Steel introduced this advanced product to enhance energy efficiency in transformers and reduce core losses. This development highlights the company's commitment to innovation and meeting growing demand for high-quality electrical steel.

REPORT COVERAGE

This report is based on historical analysis and forecast calculation that aims to help readers get a comprehensive understanding of the global Grain Oriented Electrical Steel Marketfrom multiple angles, which also provides sufficient support to readers’ strategy and decision-making. Also, this study comprises a comprehensive analysis of SWOT and provides insights for future developments within the market. It examines varied factors that contribute to the growth of the market by discovering the dynamic categories and potential areas of innovation whose applications may influence its trajectory in the upcoming years. This analysis encompasses both recent trends and historical turning points into consideration, providing a holistic understanding of the market’s competitors and identifying capable areas for growth.

This research report examines the segmentation of the market by using both quantitative and qualitative methods to provide a thorough analysis that also evaluates the influence of strategic and financial perspectives on the market. Additionally, the report's regional assessments consider the dominant supply and demand forces that impact market growth. The competitive landscape is detailed meticulously, including shares of significant market competitors. The report incorporates unconventional research techniques, methodologies and key strategies tailored for the anticipated frame of time. Overall, it offers valuable and comprehensive insights into the market dynamics professionally and understandably.