Grain Oriented Electrical Steel Market on Track for Strong Growth, Estimated to Grow at 2.7% CAGR Through 2029

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What Is the Expected CAGR for the Grain Oriented Electrical Steel Market Through 2025?
In recent years, there has been a slight increase in the market size of grain oriented electrical steel. There is an expected escalation from $7.41 billion in 2024 to $7.41 billion in 2025, marking a compound annual growth rate (CAGR) of 0.1%. The growth during the historic period can be credited to factors such as increased power generation demand, power infrastructure expansion, advancements in urbanization and industrialization, efficiency enhancements in electrical equipment, and the incorporation of renewable energy.

What's the Projected Size of the Global Grain Oriented Electrical Steel Market by 2029?
Expectations hint towards a stable growth in the grain oriented electrical steel market size in the upcoming years. The market is projected to attain a value of $8.25 billion in 2029, growing at a compound annual growth rate (CAGR) of 2.7%. Factors propelling this growth during the forecast period encompass the steady increase in power demand, implementation of smart grids, hike in the production of electric vehicles, adherence to energy efficiency rules, and escalated investments in transmission and distribution networks. The period also forecasts an upsurge in electric vehicle infrastructure, strategic alliances, emphasis on sustainable and green technologies, market proliferation in the Asia-Pacific region, and optimization of the supply chain.

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Top Growth Drivers in the Grain Oriented Electrical Steel Industry: What's Accelerating the Market?
The rising popularity of electric vehicles is anticipated to boost the grain-oriented electric steel market's growth. Electric vehicles (EVs), which are powered by one or more electric motors, using electricity from batteries or from external power sources like charging stations, are gaining prevalence. The pivotal role played by grain-oriented electrical steel in the creation of EV charging stations is hard to overlook. Besides, its significance in broader electrical and power sectors indirectly benefits the expansion and functioning of electric vehicles through its use in motors, charging systems, and power electronics. The International Energy Agency, based in France, revealed in a 2023 report that over 10 million electric vehicles were sold globally in 2022, with expectations of a further 35% growth in 2023, totalling 14 million. Simultaneously, the World Economic Forum, a non-governmental organization operating from Switzerland, stated in 2022 that roughly 4.3 million battery-powered cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold internationally in the first half of 2022. PHEV sales soared by 37%, and BEVs escalated by 75% annually in 2022. Hence, the surging demand for electric vehicles fuels the evolution of the grain-oriented electric steel market.

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Which Emerging Trends Are Transforming the Grain Oriented Electrical Steel Market in 2025?
Prominent businesses in the grain-oriented electrical steel market are establishing strategic alliances and collaborations to maintain their marketplace standing. Strategic alliances, by nature, are co-operative relationships created between two or more firms to accomplish particular business aims. To illustrate, JSW Steel Limited, a steel corporation based in India, formed a partnership with JFE Steel Corporation, a counterpart from Japan, in February 2024. The objective of this partnership is to manufacture grain-oriented electrical steel (GOES) in India, with the anticipation of reaching full production by 2027. This collaboration not only caters to immediate market demands, but it also sets JSW Steel and JFE Steel up for potential future growth in an industry that is increasingly turning its attention to sustainability and energy efficiency.

What Are the Main Segments in 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

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Which Top Companies are Driving Growth in the Grain Oriented Electrical Steel Market?
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.

Which Regions Will Dominate the Grain Oriented Electrical Steel Market Through 2029?
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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