What Does The Strategic Industry Forecast Indicate For The Grain Oriented Electrical Steel Market Through 2029?

 

The grain oriented electrical steel market size has grown marginally in recent years. It will grow from $7.41 billion in 2024 to $7.41 billion in 2025 at a compound annual growth rate (CAGR) of 0.1%.  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, and 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 $8.25 billion in 2029 at a compound annual growth rate (CAGR) of 2.7%. 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, and increasing investments in transmission and distribution networks. Major trends in the forecast period include a rise in electric vehicle infrastructure, strategic collaborations and partnerships, focus on sustainable and green technologies, market expansion in Asia-Pacific, supply chain optimization.

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What Are The Main Market Drivers Shaping The Progression Of The Grain Oriented Electrical Steel  Market?
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.

What Leading Segment Types Are Used To Analyze The Grain Oriented Electrical Steel  Market?
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

Which Trend Shifts Are Redefining Opportunities In The Grain Oriented Electrical Steel  Market?
Major companies operating in the grain-oriented electrical steel market are entering into strategic partnerships and collaborations to sustain their position in the market. Strategic partnerships are collaborative relationships formed between two or more organizations to achieve specific business objectives or goals. For instance, in February 2024, JSW Steel Limited, an India-based steel company partnered with JFE Steel Corporation, a Japan-based steel company. With this partnership, they aim to produce grain-oriented electrical steel (GOES) in India, with full production expected to commence by 2027. This joint venture not only addresses immediate market needs but also positions both JSW Steel and JFE Steel strategically for future growth in a sector increasingly focused on sustainability and energy efficiency.

Who Are The Core Market Contributors Recognized Within The Grain Oriented Electrical Steel  Market Ecosystem?
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.

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Which Geographical Areas Are Expected To Witness The Most Substantial Grain Oriented Electrical Steel  Market Expansion Ahead?
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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