Grain Oriented Electrical Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Description
Growth Factors of Grain Oriented Electrical Steel Market
The grain oriented electrical steel (GOES) market is a critical pillar of the global power infrastructure industry, supporting the efficient performance of transformers, generators, and other electromagnetic devices. According to Fortune Business Insights, the global grain oriented electrical steel market size was valued at USD 11.14 billion in 2023 and is projected to grow from USD 11.64 billion in 2024 to USD 16.27 billion by 2032, driven by increasing demand for energy-efficient systems and infrastructure modernization worldwide.
Rising Demand for Power Efficiency and Infrastructure Upgrades
Grain oriented electrical steel, known for its high magnetic permeability and low core loss, is extensively used in transformers and power distribution equipment. With growing urbanization and industrialization across emerging markets, electricity consumption continues to rise. This is pushing public and private stakeholders to invest heavily in energy-efficient power transmission and distribution systems.
The transition toward smart grids, along with increasing adoption of renewable energy sources, has further propelled the use of GOES in distribution transformers. Governments across the globe are prioritizing grid modernization projects, especially in developing countries like India, Brazil, and those in Southeast Asia, providing a major boost to the market.
Technological Trends in the GOES Industry
One of the key trends shaping the market is the advancement in domain refinement techniques, which help reduce core loss and improve magnetic properties of steel. Manufacturers are also focusing on developing high-grade GOES materials, including high permeability and laser-scribed variants, which offer enhanced efficiency and reduced power loss.
Furthermore, the automotive sector, particularly in electric vehicles (EVs), is exploring the use of grain oriented electrical steel for onboard transformers and charging infrastructure, creating a promising ancillary growth path for the market.
Regional Insights
Asia Pacific dominates the global GOES market, led by China, India, Japan, and South Korea. The region accounted for the largest market share in 2023, backed by massive investments in power infrastructure, rapid urban expansion, and government focus on renewable energy.
Europe follows closely, driven by grid reinforcement initiatives in Germany, France, and the UK. The region is a key advocate for sustainable energy practices, and transformer upgrades using GOES play a significant role in reducing power losses.
North America holds a significant share, particularly the U.S., where investments in upgrading aging power grids and enhancing electricity delivery systems are gaining momentum.
Application and End-Use Analysis
Grain oriented electrical steel is primarily used in the following applications:
Power Transformers
Distribution Transformers
Instrument Transformers
Reactors
Others (motors, EV transformers, etc.)
Among these, power and distribution transformers hold the largest share, as they are integral to transmission and substation applications in both urban and rural power distribution networks.
Competitive Landscape
The market is moderately consolidated, with several global manufacturers dominating supply. Key companies include:
Nippon Steel Corporation
POSCO
Baosteel Group (China Baowu Steel Group)
JFE Steel Corporation
Thyssenkrupp AG
AK Steel Holding Corporation (Cleveland-Cliffs Inc.)
ArcelorMittal
Tata Steel
Stalprodukt S.A.
Voestalpine AG
These players are investing in advanced production facilities, R&D, and strategic mergers to enhance product quality and expand their global reach. For example, Baowu and POSCO have increased capacity for high-permeability GOES to meet surging demand in the power sector.
Strategic Outlook
The grain oriented electrical steel market stands at the forefront of the energy efficiency movement. Its role in enhancing the performance of transformers and minimizing transmission loss positions it as a vital material in global electrification and sustainability efforts. Over the forecast period, continued demand for green energy, grid modernization, and digital substations will ensure strong and stable growth for the GOES market.
Manufacturers that align with high-efficiency standards, environmentally friendly production, and localized supply chains will be best positioned to capitalize on this evolving market landscape.
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
CAGR (2023-2030) CAGR of 5.7% from 2024-2032
Unit Value (USD Billion) and Volume (Kiloton)
Segmentation By Product Type
Conventional
High Magnetic Strength Sheets
Domain Refinement
By Thickness
0.2 mm and Below0.23 mm0.27 mm0.30 mm0.35 mm and Above
By Application
Transformer
Power Generator
Electric Motor
Others
By Geography
North America (By Product Type, By Application, By Country)
U.S.
Canada
Europe (By Product Type, By Application, By Country)
Germany
U.K.
France
Italy
Russia
Rest of Europe
Asia Pacific (By Product Type, By Application, By Country)
China
India
Australia
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Rest of the Asia Pacific
Latin America (By Product Type, By Application, By Country)
Brazil
Mexico
Colombia
Argentina
Rest of Latin America
Middle East & Africa (By Product Type, By Application, By Country)
Saudi Arabia
UAE
Turkey
Rest of the Middle East & Africa
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
The grain oriented electrical steel (GOES) market is a critical pillar of the global power infrastructure industry, supporting the efficient performance of transformers, generators, and other electromagnetic devices. According to Fortune Business Insights, the global grain oriented electrical steel market size was valued at USD 11.14 billion in 2023 and is projected to grow from USD 11.64 billion in 2024 to USD 16.27 billion by 2032, driven by increasing demand for energy-efficient systems and infrastructure modernization worldwide.
Rising Demand for Power Efficiency and Infrastructure Upgrades
Grain oriented electrical steel, known for its high magnetic permeability and low core loss, is extensively used in transformers and power distribution equipment. With growing urbanization and industrialization across emerging markets, electricity consumption continues to rise. This is pushing public and private stakeholders to invest heavily in energy-efficient power transmission and distribution systems.
The transition toward smart grids, along with increasing adoption of renewable energy sources, has further propelled the use of GOES in distribution transformers. Governments across the globe are prioritizing grid modernization projects, especially in developing countries like India, Brazil, and those in Southeast Asia, providing a major boost to the market.
Technological Trends in the GOES Industry
One of the key trends shaping the market is the advancement in domain refinement techniques, which help reduce core loss and improve magnetic properties of steel. Manufacturers are also focusing on developing high-grade GOES materials, including high permeability and laser-scribed variants, which offer enhanced efficiency and reduced power loss.
Furthermore, the automotive sector, particularly in electric vehicles (EVs), is exploring the use of grain oriented electrical steel for onboard transformers and charging infrastructure, creating a promising ancillary growth path for the market.
Regional Insights
Asia Pacific dominates the global GOES market, led by China, India, Japan, and South Korea. The region accounted for the largest market share in 2023, backed by massive investments in power infrastructure, rapid urban expansion, and government focus on renewable energy.
Europe follows closely, driven by grid reinforcement initiatives in Germany, France, and the UK. The region is a key advocate for sustainable energy practices, and transformer upgrades using GOES play a significant role in reducing power losses.
North America holds a significant share, particularly the U.S., where investments in upgrading aging power grids and enhancing electricity delivery systems are gaining momentum.
Application and End-Use Analysis
Grain oriented electrical steel is primarily used in the following applications:
Power Transformers
Distribution Transformers
Instrument Transformers
Reactors
Others (motors, EV transformers, etc.)
Among these, power and distribution transformers hold the largest share, as they are integral to transmission and substation applications in both urban and rural power distribution networks.
Competitive Landscape
The market is moderately consolidated, with several global manufacturers dominating supply. Key companies include:
Nippon Steel Corporation
POSCO
Baosteel Group (China Baowu Steel Group)
JFE Steel Corporation
Thyssenkrupp AG
AK Steel Holding Corporation (Cleveland-Cliffs Inc.)
ArcelorMittal
Tata Steel
Stalprodukt S.A.
Voestalpine AG
These players are investing in advanced production facilities, R&D, and strategic mergers to enhance product quality and expand their global reach. For example, Baowu and POSCO have increased capacity for high-permeability GOES to meet surging demand in the power sector.
Strategic Outlook
The grain oriented electrical steel market stands at the forefront of the energy efficiency movement. Its role in enhancing the performance of transformers and minimizing transmission loss positions it as a vital material in global electrification and sustainability efforts. Over the forecast period, continued demand for green energy, grid modernization, and digital substations will ensure strong and stable growth for the GOES market.
Manufacturers that align with high-efficiency standards, environmentally friendly production, and localized supply chains will be best positioned to capitalize on this evolving market landscape.
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
CAGR (2023-2030) CAGR of 5.7% from 2024-2032
Unit Value (USD Billion) and Volume (Kiloton)
Segmentation By Product Type
Conventional
High Magnetic Strength Sheets
Domain Refinement
By Thickness
0.2 mm and Below0.23 mm0.27 mm0.30 mm0.35 mm and Above
By Application
Transformer
Power Generator
Electric Motor
Others
By Geography
North America (By Product Type, By Application, By Country)
U.S.
Canada
Europe (By Product Type, By Application, By Country)
Germany
U.K.
France
Italy
Russia
Rest of Europe
Asia Pacific (By Product Type, By Application, By Country)
China
India
Australia
Indonesia
Thailand
Malaysia
Philippines
Vietnam
Rest of the Asia Pacific
Latin America (By Product Type, By Application, By Country)
Brazil
Mexico
Colombia
Argentina
Rest of Latin America
Middle East & Africa (By Product Type, By Application, By Country)
Saudi Arabia
UAE
Turkey
Rest of the Middle East & Africa
Please Note:
It will take 5-6 business days to complete the report upon order confirmation.
Table of Contents
230 Pages
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Market Trends
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Insights on Regulatory Scenario
- 4.4. Latest Technological Advancement
- 4.5. Porter’s Five Forces Analysis
- 4.6. Qualitative Insights on Impact of Covid-19 on the Market
- 5. Global Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings
- 5.2. By Product Type (value and volume)
- 5.2.1. Conventional
- 5.2.2. High Magnetic Strength
- 5.2.3. Domain Refinement
- 5.3. By Application (value and volume)
- 5.3.1. Transformer
- 5.3.2. Power Generator
- 5.3.3. Electric Motor
- 5.3.4. Others
- 5.4. By Thickness (value and volume)
- 5.4.1. 0.2 mm and Below
- 5.4.2. 0.23 mm
- 5.4.3. 0.27 mm
- 5.4.4. 0.30 mm
- 5.4.5. 0.35 mm and Above
- 5.5. By Region (value and volume)
- 5.5.1. North America
- 5.5.2. Europe
- 5.5.3. Asia Pacific
- 5.5.4. Latin America
- 5.5.5. Middle East & Africa
- 6. North America Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings
- 6.2. By Product Type (value and volume)
- 6.2.1. Conventional
- 6.2.2. High Magnetic Strength
- 6.2.3. Domain Refinement
- 6.3. By Application (value and volume)
- 6.3.1. Transformer
- 6.3.2. Power Generator
- 6.3.3. Electric Motor
- 6.3.4. Others
- 6.4. By Country (value and volume)
- 6.4.1. U.S.
- 6.4.2. Canada
- 7. Europe Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings
- 7.2. By Product Type (value and volume)
- 7.2.1. Conventional
- 7.2.2. High Magnetic Strength
- 7.2.3. Domain Refinement
- 7.3. By Application (value and volume)
- 7.3.1. Transformer
- 7.3.2. Power Generator
- 7.3.3. Electric Motor
- 7.3.4. Others
- 7.4. By Country (value and volume)
- 7.4.1. Germany
- 7.4.2. U.K.
- 7.4.3. France
- 7.4.4. Italy
- 7.4.5. Russia
- 7.4.6. Rest of Europe
- 8. Asia Pacific Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings
- 8.2. By Product Type (value and volume)
- 8.2.1. Conventional
- 8.2.2. High Magnetic Strength
- 8.2.3. Domain Refinement
- 8.3. By Application (value and volume)
- 8.3.1. Transformer
- 8.3.2. Power Generator
- 8.3.3. Electric Motor
- 8.3.4. Others
- 8.4. By Country (value and volume)
- 8.4.1. China
- 8.4.2. India
- 8.4.3. Australia
- 8.4.4. Indonesia
- 8.4.5. Thailand
- 8.4.6. Malaysia
- 8.4.7. Philippines
- 8.4.8. Vietnam
- 8.4.9. Rest of Asia Pacific
- 9. Latin America Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings
- 9.2. By Product Type (value and volume)
- 9.2.1. Conventional
- 9.2.2. High Magnetic Strength
- 9.2.3. Domain Refinement
- 9.3. By Application (value and volume)
- 9.3.1. Transformer
- 9.3.2. Power Generator
- 9.3.3. Electric Motor
- 9.3.4. Others
- 9.4. By Country (value and volume)
- 9.4.1. Brazil
- 9.4.2. Mexico
- 9.4.3. Colombia
- 9.4.4. Argentina
- 9.4.5. Rest of Latin America
- 10. Middle East & Africa Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings
- 10.2. By Product Type (value and volume)
- 10.2.1. Conventional
- 10.2.2. High Magnetic Strength
- 10.2.3. Domain Refinement
- 10.3. By Application (value and volume)
- 10.3.1. Transformer
- 10.3.2. Power Generator
- 10.3.3. Electric Motor
- 10.3.4. Others
- 10.4. By Country (value and volume)
- 10.4.1. Saudi Arabia
- 10.4.2. UAE
- 10.4.3. Turkey
- 10.4.4. Rest of Middle East & Africa
- 11. Company Profile (Overview, Applications & Services, Recent Developments, Strategies, Financials (based on availability))
- 11.1. ArcelorMittal
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (As per Availability)
- 11.1.5. Recent Developments
- 11.2. POSCO
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (As per Availability)
- 11.2.5. Recent Developments
- 11.3. Stalprodukt S.A.
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (As per Availability)
- 11.3.5. Recent Developments
- 11.4. Baosteel Group Corporation
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (As per Availability)
- 11.4.5. Recent Developments
- 11.5. NIPPON STEEL CORPORATION
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (As per Availability)
- 11.5.5. Recent Developments
- 11.6. JFE Steel Corporation
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (As per Availability)
- 11.6.5. Recent Developments
- 11.7. thyssenkrupp Steel
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (As per Availability)
- 11.7.5. Recent Developments
- 11.8. Cleveland-Cliffs Inc
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (As per Availability)
- 11.8.5. Recent Developments
- 11.9. Arnold Magnetic Technologies
- 11.9.1. Overview
- 11.9.2. Description
- 11.9.3. Product Portfolio
- 11.9.4. Financials (As per Availability)
- 11.9.5. Recent Developments
- 11.10. VIZ-Steel
- 11.10.1. Overview
- 11.10.2. Description
- 11.10.3. Product Portfolio
- 11.10.4. Financials (As per Availability)
- 11.10.5. Recent Developments
- 12. Strategic Recommendations
Pricing
Currency Rates
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