Grain Oriented Electrical Steel Market Valued at USD 24.8 Billion in 2024, Projected to Reach USD 35 Billion by 2035 at 3.2% CAGR

The Grain Oriented Electrical Steel Market Size was valued at 24.8 USD Billion in 2024. The Grain Oriented Electrical Steel Market is expected to grow from 25.6 USD Billion in 2025 to 35 USD Billion by 2035. The Grain Oriented Electrical Steel Market CAGR (growth rate) is expected to be around 3.2% during the forecast period (2025 - 2035).The Grain Oriented Electrical Steel (GOES) Market has become a crucial segment in the global steel industry, driven primarily by the rising demand for efficient electrical equipment and energy-saving technologies. GOES, known for its high magnetic permeability and low core loss, is widely used in transformers, motors, and generators, making it indispensable for the power sector.

Market Overview

The market for grain oriented electrical steel is witnessing strong growth, fueled by industrialization and urbanization across emerging economies. Governments are increasingly investing in energy-efficient technologies to meet rising electricity demand while reducing carbon footprints. GOES plays a vital role in this transition by enabling low-loss transformers and energy-efficient electric motors.

Technological advancements in steel manufacturing, such as thin-slab casting and advanced annealing processes, are also contributing to higher quality and performance of GOES products. Additionally, the adoption of eco-friendly and low-carbon manufacturing practices is becoming a key differentiator for market players.

Key Drivers

1. Rising Demand in Power Generation:
2. The increasing global energy consumption is driving the need for reliable and efficient power transmission. Transformers using grain oriented electrical steel ensure minimal energy loss, making GOES essential for modern power grids.
3. Industrial Growth and Urbanization:
4. Rapid industrialization, particularly in Asia-Pacific, is boosting demand for electrical equipment and machinery, further propelling the GOES market. Countries like China and India are investing heavily in upgrading their power infrastructure.
5. Energy Efficiency Regulations:
6. Stringent government regulations and policies promoting energy efficiency are pushing manufacturers to adopt GOES for reduced energy losses in electrical equipment.
7. Technological Advancements:
8. Continuous innovations in steel production, such as grain refinement and coating technologies, are improving the magnetic properties and durability of GOES, expanding its application across various industries.

Market Segmentation

The Grain Oriented Electrical Steel Market can be segmented based on thickness, application, and region:

• By Thickness: Products are categorized into 0.23 mm, 0.27 mm, and others, with thinner sheets gaining traction due to reduced energy loss.
• By Application: Transformers, motors, and generators are the primary applications, with transformers holding the largest market share.
• By Region: Asia-Pacific dominates due to rapid industrialization and electricity demand, followed by North America and Europe.

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Key Companies in the Global Grain Oriented Electrical Steel Market include:

• Nucor Corporation
• POSCO
• JFE Steel Corporation
• Steel Authority of India Limited
• Thyssenkrupp AG
• Tata Steel Limited
• Kalay Steel
• Nippon Steel Corporation
• Akkuyu Enerji
• Shanghai Zhongyue Steel
• United States Steel Corporation
• Voestalpine AG
• South Korean Steel
• ArcelorMittal
• AK Steel Holding Corporation

Challenges

Despite strong growth prospects, the market faces challenges such as raw material price volatility, high production costs, and intense competition. Additionally, achieving the desired magnetic properties in GOES requires sophisticated manufacturing processes, which can be capital-intensive.

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Future Outlook

The Grain Oriented Electrical Steel Market is expected to continue its upward trajectory, driven by growing energy efficiency initiatives, expanding transformer manufacturing, and increased adoption in renewable energy sectors. Innovations like nano-crystalline GOES and ultra-thin steel sheets will likely offer new growth opportunities.

Translation of the Report in Different Languages:

結晶方位性電気鋼板市場 | Richtkorn-Elektrostahlmarkt | Marché de l’acier électrique à grain orienté | 결정 방향성 전기강 시장 | 取向性电工钢市场 | Mercado de acero eléctrico orientado a granos

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