Grain Oriented Electrical Steel (GOES) Market Overview

The Grain Oriented Electrical Steel market was valued at USD 14.36 billion in 2022 and is projected to grow to USD 14.84 billion in 2023. By 2032, the market is expected to reach USD 20.0 billion, reflecting a compound annual growth rate (CAGR) of 3.37% over the forecast period (2024 – 2032).

Grain Oriented Electrical Steel (GOES) is a critical material used primarily in the power and energy sectors for manufacturing transformers, generators, and other electrical appliances. Its unique magnetic properties, such as low core loss and high permeability, make it ideal for use in transformers, where energy efficiency is key. As global energy demand continues to grow, particularly in emerging economies, the demand for GOES has also been on the rise. The GOES market is anticipated to expand significantly due to advancements in power distribution systems, renewable energy integration, and ongoing infrastructure upgrades in both developed and developing regions.

Market Drivers

1. Growing Energy Demand: The increasing global demand for electricity, driven by population growth, urbanization, and industrialization, has led to a surge in energy infrastructure projects. Governments and utility companies are investing heavily in the construction of new power grids, substations, and energy storage systems, all of which require transformers. GOES is a key material for transformer cores due to its energy-efficient magnetic properties, which help reduce energy losses during transmission and distribution.
2. Renewable Energy Integration: The transition to renewable energy sources, such as solar, wind, and hydropower, is further driving the demand for GOES. As renewable energy systems are integrated into existing grids, the need for efficient transformers that can handle fluctuating power inputs increases. Grain-oriented electrical steel plays a crucial role in ensuring that these transformers operate efficiently, which is critical for reducing overall energy loss in the power grid.
3. Infrastructure Modernization: Aging infrastructure in developed countries like the U.S., Germany, and Japan is pushing governments to upgrade their power grids. These modernization efforts require new transformers and other electrical components that rely heavily on GOES. Moreover, many emerging economies, such as India and China, are rapidly expanding their energy infrastructures to meet the growing demands of industrialization and urbanization.

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Market Challenges

1. Fluctuating Raw Material Prices: The production of GOES involves specific materials, including high-grade silicon, which can experience price volatility due to supply chain disruptions or geopolitical tensions. Any significant increase in raw material costs can impact the profitability of GOES manufacturers and, in turn, influence the overall market price of the steel.
2. Technological Advancements in Alternative Materials: While GOES is the preferred material for transformers due to its high efficiency, ongoing research in alternative materials, such as amorphous steel, poses a potential threat. Amorphous steel is gaining attention for its ability to offer lower core losses and higher energy efficiency than GOES, although its high manufacturing costs currently limit its widespread adoption.
3. Environmental Regulations: Environmental regulations, especially concerning emissions and energy consumption, have become stricter in recent years. GOES manufacturers are under pressure to adopt cleaner production processes and reduce the environmental impact of their operations, which could increase production costs. Additionally, the rising emphasis on sustainability in the energy sector may accelerate the shift toward alternative materials or technologies.

Key Companies in the Grain Oriented Electrical Steel Market Include

China Steel Corporation
Wuhan Iron and Steel
ThyssenKrupp
Hyundai Steel
Voestalpine
Wuyang Iron and Steel
Baosteel
AK Steel
Vallourec
Tata Steel
JFE Steel
POSCO
ArcelorMittal
Nippon Steel
Shanghai Baosteel

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TABLE OF CONTENTS

1. EXECUTIVE SUMMARY

1.1. Market Overview

1.2. Key Findings

1.3. Market Segmentation

1.4. Competitive Landscape

1.5. Challenges and Opportunities

1.6. Future Outlook

2. MARKET INTRODUCTION

2.1. Definition

2.2. Scope of the study

2.2.1. Research Objective

2.2.2. Assumption

2.2.3. Limitations

3. RESEARCH METHODOLOGY

3.1. Overview

3.2. Data Mining

3.3. Secondary Research

3.4. Primary Research

3.4.1. Primary Interviews and Information Gathering Process

3.4.2. Breakdown of Primary Respondents

3.5. Forecasting Model

3.6. Market Size Estimation

3.6.1. Bottom-Up Approach

3.6.2. Top-Down Approach

3.7. Data Triangulation

3.8. Validation

4. MARKET DYNAMICS

4.1. Overview

4.2. Drivers

4.3. Restraints

4.4. Opportunities

5. MARKET FACTOR ANALYSIS

5.1. Value chain Analysis

5.2. Porter’s Five Forces Analysis

5.2.1. Bargaining Power of Suppliers

5.2.2. Bargaining Power of Buyers

5.2.3. Threat of New Entrants

5.2.4. Threat of Substitutes

5.2.5. Intensity of Rivalry

5.3. COVID-19 Impact Analysis

5.3.1. Market Impact Analysis

5.3.2. Regional Impact

5.3.3. Opportunity and Threat Analysis

Continue…

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Regional Insights

Asia-Pacific: The Asia-Pacific region dominates the GOES market, with countries like China, Japan, and India leading the demand due to their rapid industrialization and infrastructure expansion. China, in particular, is the largest producer and consumer of GOES, driven by its extensive power grid expansion projects and increasing renewable energy installations. India is also investing in energy infrastructure to meet its growing electricity demand, making the region a key growth area.

North America: In North America, the U.S. is a significant market for GOES, driven by its ongoing infrastructure modernization and the expansion of renewable energy projects. The demand for GOES is further supported by efforts to reduce energy losses in transmission systems and improve grid efficiency.

Europe: Europe is another important market, with countries like Germany and the UK focusing on upgrading their power infrastructure and integrating renewable energy sources into the grid. The European Union’s stringent regulations on energy efficiency and environmental impact also contribute to the increasing demand for GOES.

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