The global Grain Oriented Electrical Steel Market is poised to register a 8.1% CAGR from $11.6 Billion in 2024 to $18.5 Billion in 2030.
The global Grain Oriented Electrical Steel Market Study analyzes and forecasts the market size across 6 regions and 24 countries for diverse segments -By Application (Transformer, Power Generator, Electric Motor, Others), By Grade (CRNO (Cold Rolled Non-Grain Oriented Steel), CRGO (Cold Rolled Grain Oriented Steel)).
An Introduction to Global Grain Oriented Electrical Steel Market in 2024
The future of the grain-oriented electrical steel market is shaped by trends such as energy efficiency, renewable energy integration, and electric vehicle electrification driving innovation in steel processing, magnetic properties, and application technologies. Grain-oriented electrical steel, a specialized alloy designed for use in power transformers, electric motors, and generators, plays a crucial role in energy transmission and distribution systems. Key trends shaping this market include advancements in steel manufacturing processes such as continuous annealing, hot rolling, and controlled cooling to optimize grain structure, magnetic properties, and electrical conductivity in grain-oriented electrical steel products, the development of innovative alloy compositions such as silicon content, grain size distribution, and surface coatings to enhance magnetic flux density, core losses, and energy efficiency in electrical components and devices, and the adoption of grain-oriented electrical steel in emerging technologies such as renewable energy systems, grid infrastructure upgrades, and electrified transportation to improve power generation, transmission, and utilization efficiency while reducing environmental impact and carbon emissions. As industries transition towards electrification, decarbonization, and sustainable energy systems, the demand for grain-oriented electrical steel that offers high performance, reliability, and energy efficiency is expected to drive market growth and stimulate further innovation in steel processing and electrical engineering.
Grain Oriented Electrical Steel Market Competitive Landscape
The market report analyses the leading companies in the industry including ArcelorMittal, Baosteel Group Corp, China Steel Corp, Cogent Power Ltd, Jindal Steel and Power Ltd, Nippon Steel Corp, POSCO, Tata Steel Europe, Thyssenkrupp AG, Voestalpine AG.
Grain Oriented Electrical Steel Market Dynamics
Grain Oriented Electrical Steel Market Trend: Increased Demand for Energy-Efficient Transformers
The market for Grain Oriented Electrical Steel (GOES) is witnessing a significant trend driven by the growing demand for energy-efficient transformers. With increasing concerns about environmental sustainability and energy conservation, there has been a notable shift towards the adoption of more efficient electrical equipment. GOES, known for its high magnetic permeability and low core loss, is becoming increasingly sought after in transformer manufacturing. Industries such as power generation, distribution, and renewable energy are driving The trend as they seek to enhance the efficiency and reliability of their electrical infrastructure. Moreover, government regulations mandating higher efficiency standards for electrical equipment are further propelling the demand for GOES in the market.
Grain Oriented Electrical Steel Market Driver: Expansion of Power Infrastructure in Emerging Economies
One of the primary drivers propelling the market for Grain Oriented Electrical Steel (GOES) is the ongoing expansion of power infrastructure in emerging economies. Countries across Asia, Africa, and Latin America are experiencing rapid urbanization and industrialization, leading to a surge in electricity demand. To meet this growing demand, governments and utilities are investing heavily in upgrading and expanding their power transmission and distribution networks. As a crucial component in transformers and other electrical equipment used in power infrastructure, the demand for GOES is witnessing a substantial boost. The robust economic growth and infrastructural development in emerging markets are driving the consumption of GOES, presenting lucrative opportunities for manufacturers and suppliers in the industry.
Grain Oriented Electrical Steel Market Opportunity: Technological Advancements and Product Innovation
A promising opportunity within the market for Grain Oriented Electrical Steel (GOES) lies in technological advancements and product innovation. With increasing emphasis on efficiency, reliability, and sustainability, there is a growing need for GOES with enhanced performance characteristics. Manufacturers are investing in research and development to develop alloys and manufacturing processes that offer superior magnetic properties, reduced core losses, and improved resistance to electrical and mechanical stresses. Additionally, innovations in insulation coatings and surface treatments are enhancing the durability and longevity of GOES products, expanding their application in demanding environments such as renewable energy systems and electric vehicles. Capitalizing on these technological advancements presents a significant opportunity for companies to differentiate themselves in the market and cater to evolving customer requirements.
Grain Oriented Electrical Steel Market Ecosystem
The Market Ecosystem of the grain-oriented electrical steel (GOES) market begins with raw material production, where iron ore miners including Vale S.A., Rio Tinto Group, and BHP Group extract iron ore, the primary material for steelmaking. Additionally, manganese and other alloying elements are sourced from various suppliers to enhance the steel's magnetic properties. Integrated steel mills including Nippon Steel Corporation, POSCO, ArcelorMittal, and Thyssenkrupp AG then convert the iron ore into steel slabs or coils through steelmaking processes. These steel products undergo grain orientation processing by specialized GOES processors including NLMK, Voestalpine AG, and Kawasaki Steel Corporation, ensuring the steel meets stringent specifications for magnetic properties and grain size.
Distribution and sales involve direct sales by large GOES producers to transformer manufacturers, while steel service centers including Ryerson Holding Corporation, Marubeni Corporation, and SSAB distribute GOES to smaller transformer manufacturers and other end-users. The primary consumers of GOES are transformer manufacturers, which utilize the material to produce high-efficiency transformers for electricity transmission and distribution grids. Electric motor manufacturers and other electrical equipment manufacturers also utilize GOES in select applications requiring specific magnetic properties.
Grain-Oriented Electrical Steel Market Share Analysis: Transformer held the dominant revenue share in 2024
The largest segment in the Grain Oriented Electrical Steel Market is the Transformer segment. This dominance can be attributed to diverse factors. Grain oriented electrical steel (GOES) is primarily used in the manufacturing of transformers, which are essential components in electrical power transmission and distribution systems. Transformers play a crucial role in stepping up or stepping down voltage levels to facilitate efficient electricity transmission over long distances and to deliver power to end-users at appropriate voltage levels. GOES is specifically designed to exhibit high magnetic permeability and low core losses, making it ideal for use in transformer cores where magnetic flux is concentrated. Additionally, the demand for electricity continues to rise globally, driven by population growth, urbanization, industrialization, and the increasing adoption of electric vehicles and renewable energy sources. As a result, there is a growing need for efficient and reliable transformers to support the expansion and modernization of electrical infrastructure. Further, advancements in transformer design and technology, such as high-efficiency transformers and smart grid systems, emphasize the importance of using high-quality electrical steel like GOES to maximize energy efficiency and minimize losses. Therefore, the Transformer segment holds the largest share in the Grain Oriented Electrical Steel Market due to the critical role of GOES in transformer manufacturing and its widespread application in power transmission and distribution systems.
Grain-Oriented Electrical Steel Market Share Analysis: CRGO (Cold Rolled Grain Oriented Steel) Grade is the fastest growing market segment over the forecast period to 2030
The fastest-growing segment in the Grain Oriented Electrical Steel Market is the CRGO (Cold Rolled Grain Oriented Steel) grade segment. This growth can be attributed to diverse factors. CRGO steel is specifically engineered to exhibit superior magnetic properties, including high magnetic permeability and low core losses, making it highly suitable for use in electrical transformers and other magnetic devices where magnetic flux needs to be concentrated and efficiently transferred. As industries and economies continue to evolve, there is a growing demand for energy-efficient electrical equipment and infrastructure. CRGO steel enables the production of transformers with higher efficiency and reduced energy losses, aligning with the global trend toward sustainability and energy conservation. Additionally, advancements in transformer design and technology, such as the development of high-efficiency transformers and smart grid systems, further drive the demand for CRGO steel. In addition, the increasing investment in renewable energy sources such as wind and solar power necessitates the deployment of efficient electrical infrastructure, including transformers made from CRGO steel, to facilitate the integration and distribution of renewable energy into the grid. Further, CRGO steel's superior magnetic properties and performance characteristics make it a preferred choice for manufacturers seeking to optimize transformer performance and meet stringent regulatory standards for energy efficiency. As a result, the CRGO grade segment is expected to be the fastest-growing segment in the Grain Oriented Electrical Steel Market due to its indispensable role in the production of high-performance electrical transformers and the increasing demand for energy-efficient electrical infrastructure.
Grain Oriented Electrical Steel Market Report Scope-
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
Grain Oriented Electrical Steel Market Companies Profiled
ArcelorMittal
Baosteel Group Corp
China Steel Corp
Cogent Power Ltd
Jindal Steel and Power Ltd
Nippon Steel Corp
POSCO
Tata Steel Europe
Thyssenkrupp AG
Voestalpine AG
*- List Not Exhaustive
TABLE OF CONTENTS
1 Introduction to 2024 Grain Oriented Electrical Steel Market
1.1 Market Overview
1.2 Quick Facts
1.3 Scope/Objective of the Study
1.4 Market Definition
1.5 Countries and Regions Covered
1.6 Units, Currency, and Conversions
1.7 Industry Value Chain
2 Research Methodology
2.1 Market Size Estimation
2.2 Sources and Research Methodology
2.3 Data Triangulation
2.4 Assumptions and Limitations
3 Executive Summary
3.1 Global Grain Oriented Electrical Steel Market Size Outlook, $ Million, 2021 to 2030
3.2 Grain Oriented Electrical Steel Market Outlook by Type, $ Million, 2021 to 2030
3.3 Grain Oriented Electrical Steel Market Outlook by Product, $ Million, 2021 to 2030
3.4 Grain Oriented Electrical Steel Market Outlook by Application, $ Million, 2021 to 2030
3.5 Grain Oriented Electrical Steel Market Outlook by Key Countries, $ Million, 2021 to 2030
4 Market Dynamics
4.1 Key Driving Forces of Grain Oriented Electrical Steel Industry
4.2 Key Market Trends in Grain Oriented Electrical Steel Industry
4.3 Potential Opportunities in Grain Oriented Electrical Steel Industry
4.4 Key Challenges in Grain Oriented Electrical Steel Industry
5 Market Factor Analysis
5.1 Value Chain Analysis
5.2 Competitive Landscape
5.2.1 Global Grain Oriented Electrical Steel Market Share by Company (%), 2023
5.2.2 Product Offerings by Company
5.3 Porter’s Five Forces Analysis
5.4 Pricing Analysis and Outlook
6 Growth Outlook Across Scenarios
6.1 Growth Analysis-Case Scenario Definitions
6.2 Low Growth Scenario Forecasts
6.3 Reference Growth Scenario Forecasts
6.4 High Growth Scenario Forecasts
7 Global Grain Oriented Electrical Steel Market Outlook by Segments
7.1 Grain Oriented Electrical Steel Market Outlook by Segments, $ Million, 2021- 2030
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
8 North America Grain Oriented Electrical Steel Market Analysis and Outlook To 2030
8.1 Introduction to North America Grain Oriented Electrical Steel Markets in 2024
8.2 North America Grain Oriented Electrical Steel Market Size Outlook by Country, 2021-2030
8.2.1 United States
8.2.2 Canada
8.2.3 Mexico
8.3 North America Grain Oriented Electrical Steel Market size Outlook by Segments, 2021-2030
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
9 Europe Grain Oriented Electrical Steel Market Analysis and Outlook To 2030
9.1 Introduction to Europe Grain Oriented Electrical Steel Markets in 2024
9.2 Europe Grain Oriented Electrical Steel Market Size Outlook by Country, 2021-2030
9.2.1 Germany
9.2.2 France
9.2.3 Spain
9.2.4 United Kingdom
9.2.4 Italy
9.2.5 Russia
9.2.6 Norway
9.2.7 Rest of Europe
9.3 Europe Grain Oriented Electrical Steel Market Size Outlook by Segments, 2021-2030
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
10 Asia Pacific Grain Oriented Electrical Steel Market Analysis and Outlook To 2030
10.1 Introduction to Asia Pacific Grain Oriented Electrical Steel Markets in 2024
10.2 Asia Pacific Grain Oriented Electrical Steel Market Size Outlook by Country, 2021-2030
10.2.1 China
10.2.2 India
10.2.3 Japan
10.2.4 South Korea
10.2.5 Indonesia
10.2.6 Malaysia
10.2.7 Australia
10.2.8 Rest of Asia Pacific
10.3 Asia Pacific Grain Oriented Electrical Steel Market size Outlook by Segments, 2021-2030
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
11 South America Grain Oriented Electrical Steel Market Analysis and Outlook To 2030
11.1 Introduction to South America Grain Oriented Electrical Steel Markets in 2024
11.2 South America Grain Oriented Electrical Steel Market Size Outlook by Country, 2021-2030
11.2.1 Brazil
11.2.2 Argentina
11.2.3 Rest of South America
11.3 South America Grain Oriented Electrical Steel Market size Outlook by Segments, 2021-2030
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
12 Middle East and Africa Grain Oriented Electrical Steel Market Analysis and Outlook To 2030
12.1 Introduction to Middle East and Africa Grain Oriented Electrical Steel Markets in 2024
12.2 Middle East and Africa Grain Oriented Electrical Steel Market Size Outlook by Country, 2021-2030
12.2.1 Saudi Arabia
12.2.2 UAE
12.2.3 Oman
12.2.4 Rest of Middle East
12.2.5 Egypt
12.2.6 Nigeria
12.2.7 South Africa
12.2.8 Rest of Africa
12.3 Middle East and Africa Grain Oriented Electrical Steel Market size Outlook by Segments, 2021-2030
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
13 Company Profiles
13.1 Company Snapshot
13.2 SWOT Profiles
13.3 Products and Services
13.4 Recent Developments
13.5 Financial Profile
ArcelorMittal
Baosteel Group Corp
China Steel Corp
Cogent Power Ltd
Jindal Steel and Power Ltd
Nippon Steel Corp
POSCO
Tata Steel Europe
Thyssenkrupp AG
Voestalpine AG
14 Appendix
14.1 Customization Offerings
14.2 Subscription Services
14.3 Related Reports
14.4 Publisher Expertise
By Application
Transformer
Power Generator
Electric Motor
Others
By Grade
CRNO (Cold Rolled Non-Grain Oriented Steel)
CRGO (Cold Rolled Grain Oriented Steel)
Countries Analyzed
North America (US, Canada, Mexico)
Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, South East Asia, Rest of Asia)
South America (Brazil, Argentina, Rest of South America)
Middle East and Africa (Saudi Arabia, UAE, Rest of Middle East, South Africa, Egypt, Rest of Africa)
