Grain Oriented Electrical Steel Market Size to Grow USD 20.48 billion by 2032 | Rising Electric Supply Demand to Propel Conventional Segment Expansion

The global grain oriented electrical steel market size was valued at USD 12.40 billion in 2023 and is projected to grow from USD 13.11 billion in 2024 to USD 20.48 billion by 2032, exhibiting a CAGR of 5.7% during the forecast period. The surge is due to the increasing demand for electric vehicles and a 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 Size Report 2024-2032”.

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List of Key Players Mentioned in the Grain Oriented Electrical Steel 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.)

Grain Oriented Electrical Steel Industry 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 transformer, electric motor, power generator, 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.

Grain Oriented Electrical Steel 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 COVID-19 pandemic on industry growth. Additional components of the report comprise an account of the key steps undertaken by leading market players for strengthening the positions of their businesses.

Drivers and Restraints:

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 the economic development, population, and urbanization.

However, the industry expansion could be restrained by fluctuations in steel prices.

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Regional Grain Oriented Electrical Steel 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 America 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.

Key Grain Oriented Electrical Steel Industry Development:

November 2020 – NIPPON STEEL CORPORATION announced plans to expand electrical steel sheet facilities for enhancing the quality of electrical steel sheets and manufacturing capacity. The facilities would be expanded at the company’s Hirohata-based Setouchi works.

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