Pune, India, Nov. 24, 2022 (GLOBE NEWSWIRE) — The global grain oriented electrical steel market size was valued at USD 11.12 billion in 2021. The market is expected to grow from USD 12.47 billion in 2022 to USD 18.81 billion by 2030, exhibiting a CAGR of 6.0% during the forecast period. Increasing demand for electric vehicles and rising awareness regarding steel’s benefits are expected to enhance market progress. Fortune Business Insights™ provides this information in its report titled “Grain Oriented Electrical Steel Market, 2022-2030.”
Supply Chain Disruptions Hampered Market Growth during the Pandemic
This market was negatively affected during the COVID-19 pandemic due to supply chain disruptions. The sudden spike in COVID-19 infections resulted in the closure of several industries, thereby hampering the industry’s growth prospects. Furthermore, manufacturing restrictions disrupted the supply chain, hampering the industry’s progress. Moreover, transport and travel restrictions resulted in a lack of raw materials required for grain oriented steel production. These factors hampered industry growth during the pandemic.
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List of Key Players Profiled in the Grain-Oriented Electrical Steel Market Report are:
- ArcelorMittal (Luxembourg)
- POSCO (South Korea)
- Baosteel Group Corporation (China)
- Nippon Steel Corporation (Japan)
- JFE Steel Corporation (Japan)
- ThyssenKrupp Steel (Germany)
- Cleveland-Cliffs Inc. (U.S.)
- Arnold Magnetic Technologies (U.S.)
- VIZ-Steel (U.S.)
Conventional Segment to Dominate Backed by its Increasing Applications
By product type, the market is segmented into domain refinement, high magnetic strength, and conventional. The conventional segment is expected to lead due to its rising applications.
Transformer Segment to Lead Owing to Increasing Energy Consumption
Based on application, the market is classified into transformer, power generator, electric motor, and others. The transformer segment is expected to lead due to rising energy consumption.
Regionally, the market is grouped into North America, Europe, Asia Pacific, and the Rest of the World.
Report Scope & Segmentation
|Market size value in 2021||USD 11.12 billion|
|Revenue forecast in 2030||USD 18.81 billion|
|Growth Rate||CAGR of almost 6.0 2022-2030|
|Historic Years||2018 – 2020|
|Segments Covered||By End-Use, By Application|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Quantitative Units||Revenue in USD million/billion and CAGR from 2020 to 2027|
|Regions Covered||North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World|
|Countries Covered||Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others|
Browse Summary of This Research Insights with Detailed TOC:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Robust Demand for the Product from the Electrical Industry to Propel Market Growth
Grain oriented electrical steel is used to fabricate huge, high-performance generators, and energy-efficient transformers. The rising demand for material from the electrical industry is expected to enhance the product demand. Furthermore, the increasing adoption of grain-oriented electrical steel for power generation is expected to enhance its adoption. Moreover, rising economic development, urbanization, and population have encouraged storage units & warehouses, industrial buildings, and metro station construction, which, in turn, may facilitate the demand for electrical steel. These factors may drive the grain oriented electrical steel market growth.
However, fluctuations in steel prices may hamper the industry’s progress.
Increasingly Developing Manufacturing Sector to Foster Market Growth in Asia Pacific
Asia Pacific is projected to dominate the grain-oriented electrical steel market share due to the rapidly developing manufacturing sector. The market in Asia Pacific stood at USD 7.79 billion in 2021 and is likely to gain a huge portion of the global market share in the coming years. Further, the rapid development of the manufacturing sector in China, India, and South Korea is likely to propel market progress.
In Europe, strong demand for grain oriented electrical steel for industrial equipment production is likely to bolster the industry’s progress. Furthermore, the increasing adoption of grain oriented electrical steel from the automotive industry may fuel market growth.
In North America, the presence of several economically strong countries that back technological development in manufacturing technologies is likely to boost market growth. Further, the increasing adoption of steel from electronic motors and engines may foster market progress.
Major Players Invest Significantly in the Development of Novel Facilities to Enhance Market Reach
The prominent companies operating in the market invest significantly to develop novel facilities to enhance their market reach. For example, ArcelorMittal declared an investment of multi-million dollars to set up novel electrical steel production facilities at the Mardyck site situated in North France in March 2022. This strategy may allow the company to boost its production capacities and enhance its market reach. Furthermore, major players deploy mergers, acquisitions, expansions, research and development, partnerships, innovations, novel product launches, and industrial automation to enhance their market position globally.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends in the Market
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Cold Rolled Grain Oriented Steel Qualitative Information
- Qualitative Insights – Impact of COVID-19 on Global Grain Oriented Electrical Steel Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Global Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2018-2030
- Key Findings / Summary
- By Product Type
- High Magnetic Strength
- Domain Refinement
- By Application
- Power Generator
- Electric Motor
- By Region
- North America
- Asia Pacific
- Rest of World
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Key Industry Development
- November 2020 – NIPPON STEEL CORPORATION expanded its electrical steel manufacturing plant situated in Kyushu Works Yawata and Setouchi Works Hirohata to increase quality and capacity.
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