Press release
Grain Oriented Electrical Steel Market Valuation Set to Touch USD 22.71 Billion by 2034, Expanding at 5.7% CAGR
The grain oriented electrical steel market is anticipated to grow significantly, according to the newly published research report by Polaris Market Research. The market was valued at USD 13.02 billion in 2024 and is projected to grow to USD 22.71 billion by 2034. This growth signifies a robust compound annual growth rate (CAGR) of 5.7% over the forecast period 2025-2034.
Market Outlook
Grain oriented electrical steel (GOES) is acknowledged for its regulated grain orientation. In the course of the manufacturing procedure, the steel is meticulously hardened and rolled out to bring about anisotropy, lining up the crystal grains in a particular direction. The grain continuity permits GOES to portray better magnetic attributes in the direction of rolling, causing decreased core mislaying and improving magnetic flux density. The distinct magnetic anisotropy of GOES makes it a perfect option for superior electrical transformers and other power dissemination applications. Its magnetic attributes are intimately linked to the severity of the texture, which is a gross texture that is developed by secondary recrystallization. It is the sole commodity made in the steel industry that administers the secondary recrystallization occurrence. Over the last few years, the secondary recrystallization apparatus has speedily advanced together with progressions in the manufacturing procedure, and subsequently, the magnetic attributes have enhanced dramatically.
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Market Drivers
Growing Global Population: The global population is escalating, causing a growing demand for electrical energy, thus fueling electrical steel production. As per the International Energy Agency the worldwide intake of electricity surged by 2.2% in 2023 as contrasted to 2022. Escalated electricity is needed to fuel homes, industries, and conveyance systems. This rise in power demand is catapulting the grain oriented electrical steel market on a growth trajectory.
Development of the Automotive Industry: The worldwide automotive electrical steel market, especially the surge in electric vehicles, has fuelled the market. For instance, as per the International Energy Agency, 14 million contemporary electric cars were enrolled in 2023. EVs depend on excessively productive electric motors needing grain-oriented electrical steel to maximize presentation.
Market Key Players
The top firms are engaged in product invention, associations, capacity enhancements to gain a larger market share. The list of key companies profiled are:
• ArcelorMittal
• Arnold Magnetic Technologies
• Baosteel Group Corporation
• Cleveland-Cliffs Inc.
• JFE Steel Corporation
• NIPPON STEEL CORPORATION
• POSCO
• Stalprodukt S.A.
• thyssenkrupp Steel
• VIZ-Steel
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Grain Oriented Electrical Steel Market Report Highlights
• In 2024, transformer segment dominated the grain oriented electrical steel market. Transformers are critical for efficient power transmission, and grain-oriented electrical steel improves their performance.
• The conventional segment held the largest market share due to its cost-effectiveness and dependable performance.
• In 2024, North America dominated the grain oriented electrical steel market, driven by the increasing demand for energy-efficient systems and the modernization of power grids.
• Asia Pacific is expected to record a significant market share during the forecast period, due to rapid industrialization and urbanization in countries such as China, Japan, and South Korea.
Segmental Perspective
The grain oriented electrical steel market segmentation is based on product type, thickness, application and region. By product type analysis, the conventional segment accounted for a significant revenue share in 2024 owing to its usage in transformers and electrical apparatus because of its economical and reliable performance.
Based on application analysis, the transformer segment dominated the market due to them being important for productive power transmission.
By Product Type (Revenue - USD Billion, 2020-2034)
• Conventional
• High Magnetic Strength Sheets
• Domain Refinement
By Thickness (Revenue - USD Billion, 2020-2034)
• 0.2 mm and Below
• 0.23 mm
• 0.27 mm
• 0.30 mm
• 0.35 mm and Above
By Application (Revenue - USD Billion, 2020-2034)
• Transformer
• Power Generator
• Electric Motor
• Others
Regional Analysis
• North America
o US
o Canada
• Europe
o Germany
o UK
o France
o Italy
o Spain
o Russia
o Netherlands
o Rest of Europe
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.
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