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Market Trend Analysis: The Impact of Recent Advances on the Grain Oriented Electrical Steel Market
Grain Oriented Electrical Steel Market
Projected Market Value and Growth of the Grain Oriented Electrical Steel Market
The grain oriented electrical steel market is forecasted to grow steadily and reach a valuation of $8.25 billion by 2029. This represents a compound annual growth rate (CAGR) of 2.7% during the forecast period. Several factors contribute to this growth trajectory, including increasing power demands worldwide, the rollout of smart grid systems, a surge in electric vehicle manufacturing, stringent energy efficiency policies, and heightened investments aimed at upgrading transmission and distribution infrastructure. Key market trends anticipated over the coming years involve expansion of electric vehicle infrastructure, strategic alliances between companies, a stronger emphasis on green and sustainable technologies, notable market growth in the Asia-Pacific region, as well as efforts to streamline supply chains.
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Leading Companies Dominating the Grain Oriented Electrical Steel Industry
The grain oriented electrical steel market features several prominent players who hold significant influence within the sector. These major companies 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, and Wuhan Iron and Steel (Group) Corp.
Strategic Collaborations Shaping the Grain Oriented Electrical Steel Market
Companies within the grain oriented electrical steel market are increasingly forming strategic partnerships and collaborations to maintain competitive advantage and drive innovation. These partnerships enable organizations to pool resources, share expertise, and enhance market reach to meet growing demand efficiently. For example, in February 2024, JSW Steel Limited from India joined forces with Japan's JFE Steel Corporation. Their collaboration aims to establish production of grain-oriented electrical steel (GOES) in India, with full-scale manufacturing expected by 2027. This joint venture not only caters to immediate market needs but also strategically positions both companies to capture future opportunities in a sector committed to sustainability and energy-conscious technologies.
View the full grain oriented electrical steel market report:
https://www.thebusinessresearchcompany.com/report/grain-oriented-electrical-steel-global-market-report
Market Segmentation Overview in the Grain Oriented Electrical Steel Industry
The market for grain oriented electrical steel is divided into key segments that offer detailed insight into product types, applications, and end-user sectors:
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
Further breakdown of subsegments includes:
1) High Magnetic Strength Types:
- High Performance Grades
- Ultra-Low Loss Grades
- High Efficiency Grades
2) Conventional Types:
- Standard Grades
- Basic Grades for Transformer Applications
- General Purpose Grades
3) Domain Refinement Types:
- Thin Gauge Grades
- High-Performance Domain Refined Grades
- Grades for High-Frequency Applications
This classification structure allows for a comprehensive understanding of the grain oriented electrical steel market's diverse product offerings and their respective applications across multiple industries.
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