According to the new market research report “Grain Oriented Electrical Steel- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global Grain Oriented Electrical Steel market size is projected to reach USD 12.17 billion by 2030, at a CAGR of 5.2% during the forecast period.
- Global Grain Oriented Electrical Steel MarketSize(US$ Million), 2019-2030
Source: QYResearch, "Grain Oriented Electrical Steel- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
Electrical steel is an alloy that contains iron and silicon. It can be manufactured by modifying the magnetic properties of steel for efficient magnetism and electricity conversion. Also called silicon steel, lamination steel, relay steel or transformer steel, this type of steel is very often used to build the cores of transformers as well as the stators of generators and motors. An electrical steel sheet is a functional material used as an iron core material for electrical equipment. There are two types of electrical steel: grain oriented electrical steel and non-grain oriented electrical steel, and they are used for different applications. In this report we researched grain oriented electrical steel.
Grain oriented electrical steels are iron-silicon magnetic alloys. These alloys are used to construct the cores of highly-efficient electric transformers due to their unique magnetic properties. Available in grades M-2, M-3, M-4, M-5 and M-6, with superior magnetic properties in the rolling direction, oriented steels are used in transformer cores. They are used in large generators and other apparatus when the design permits the directional magnetic characteristics to be used efficiently.
Grain oriented electrical steel usually has a silicon level of 3%. It is processed in such a way that the optimal properties are developed in the rolling direction, due to a tight control (proposed by Norman P. Goss) of the crystal orientation relative to the sheet. Grain oriented electrical steels are usually applied in transformers, rectifiers and so on.
- Global Grain Oriented Electrical Steel Top14 Players Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)
Source: QYResearch, "Grain Oriented Electrical Steel- Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
According to QYResearch Top Players Research Center, the global key manufacturers of Grain Oriented Electrical Steel include Baowu Group, Nippon Steel, NLMK, Shougang, AK Steel (Cleveland-Cliffs), ThyssenKrupp, Posco, JFE Steel, Stalprodukt S.A., Chongqing Wangbian, etc. In 2023, the global top five players had a share approximately 59.0% in terms of revenue.
Market Drivers:
As countries around the world continue to invest in upgrading and expanding their power infrastructure, there is a growing need for transformers that can efficiently transmit and distribute electricity. GOES, with its superior magnetic properties, enables the construction of highly efficient transformers that minimize energy losses during power transmission. The integration of renewable energy sources such as wind and solar power into the electrical grid requires effective power conversion and distribution systems. GOES is utilized in the production of transformers that facilitate the efficient transfer of electricity generated from renewable sources, helping to stabilize the grid and maximize energy utilization. Rapid industrialization and urbanization in emerging economies have led to increased electricity consumption. This necessitates the expansion of power infrastructure and the use of high-performance transformers.
Restraint:
The production of GOES requires specific alloys and high-quality steel. The prices of raw materials, such as iron ore and various alloying elements like silicon and manganese, can be subject to significant fluctuations due to factors like global supply-demand dynamics, trade policies, and geopolitical events. These price fluctuations can impact the overall cost of manufacturing GOES and pose challenges for producers in managing their profit margins. Economic downturns or instability in major economies can impact the GOES market. During periods of economic recession, investments in infrastructure and industrial projects may decline, affecting the demand for GOES. Economic fluctuations can also lead to volatile raw material prices and currency exchange rate fluctuations, further impacting the market. Trade policies and tariffs imposed by governments can impact the GOES market. Trade disputes or restrictions on the import or export of electrical steel can disrupt the supply chain, affect pricing, and limit market access for manufacturers.
Opportunity:
As industries seek to optimize their equipment and systems, there is a trend towards lightweight designs. GOES manufacturers are working on developing advanced grades of electrical steel that offer improved magnetic properties while reducing the overall weight of the material. This trend aligns with the increasing demand for high-performance yet lightweight components across various industries. Emerging economies, particularly in Asia-Pacific, are witnessing rapid industrialization and infrastructure development. This is driving the demand for electrical steel, including GOES, to support the expansion of power infrastructure. Market players are targeting these emerging markets to capitalize on the growing demand for electricity and associated equipment.
About The Authors
| Jiquan Zhai - Lead Author |
| Email: zhaijiquan@qyresearch.com |
| Tel: 17319264309 |
About QYResearch
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