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In-Depth Examination of Segments, Industry Developments, and Key Players in the Grain Oriented Electrical Steel Market
Grain Oriented Electrical Steel Market
Projected Market Growth and Valuation of the Grain Oriented Electrical Steel Market
The grain oriented electrical steel market is forecasted to reach a valuation of $8.58 billion by 2030, growing at a compound annual growth rate (CAGR) of 3.1%. This expected expansion is fueled by growing needs for energy-efficient transformer cores, continuous development of renewable energy transmission networks, innovations in high-performance steel grades, and upgrades in grid infrastructure. Additionally, the rising adoption of advanced domain-refined materials supports this positive outlook. Key trends anticipated in this period include the use of sustainable transformer core materials, expansion of electrification infrastructure, advancements in intelligent steel processing technologies, integration of smart grid-ready electrical steels, and the adoption of robotics in steel manufacturing.
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Leading Companies Driving the Grain Oriented Electrical Steel Market
The grain oriented electrical steel market features several prominent companies shaping its landscape. Notable players include Thyssenkrupp AG, POSCO International Corporation, Nippon Steel Corporation, JFE Steel Corporation, NLMK Group, Baowu Group, AK Steel Holdings Corporation, Tata Steel Limited, ArcelorMittal, and Shougang Group Co Ltd. Other key participants are 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 Acquisition Expanding Market Reach in India
In a significant development in October 2024, Japan-based JFE Steel Corporation, through its joint venture JSW JFE Electrical Steel Private Limited, acquired thyssenkrupp Electrical Steel India Private Limited for about $485 million (?40.5 billion). This acquisition enables the consortium between JFE Steel and JSW Steel to set up an integrated production system for grain-oriented electrical steel sheets (GOES) in India. The move is aimed at meeting the country's rising demand in power generation and transmission sectors and allows the companies to enter the Indian market ahead of their initial timeline. Thyssenkrupp Electrical Steel India specializes in manufacturing and selling cold-rolled grain-oriented electrical steel sheets.
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Key Trends Shaping the Grain Oriented Electrical Steel Industry
Leading companies in the grain oriented electrical steel market are increasingly focusing on strategic partnerships and collaborations to strengthen their market positions. These partnerships are designed to achieve mutual business goals and foster growth. For example, in February 2024, Indian steel company JSW Steel Limited teamed up with Japan's JFE Steel Corporation to produce grain-oriented electrical steel (GOES) within India. The joint venture expects to begin full-scale production by 2027. This alliance not only addresses current market demands but also positions both companies advantageously for future expansion in a market that prioritizes sustainability and energy efficiency.
Market Segmentation and Comparative Insights of Grain Oriented Electrical Steel
This market is segmented based on type, application, and end-user. By type, the categories include High Magnetic Strength, Conventional, and Domain Refinement. Applications cover Transformer, Power Generator, Motor, and Other uses. End-user segments include Electrical Steel for Automobiles, Manufacturing, Energy Generation, Household Appliances, and other specific uses.
Subcategories under these segments further differentiate the offerings. For High Magnetic Strength steels, the subtypes are High Performance Grades, Ultra-Low Loss Grades, and High Efficiency Grades. Conventional steels are divided into Standard Grades, Basic Grades for Transformer Applications, and General Purpose Grades. Domain Refinement steels include Thin Gauge Grades, High-Performance Domain Refined Grades, and Grades suited for High-Frequency Applications.
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