July 01, 2020
According to the research report titled ‘Global Grain Oriented Electrical Steel Market Size study with COVID-19 impact, by Type (Conventional, High Magnetic Strength and Domain Refinement), by Application (Transformer, Power Generator, Electric Motor and Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global grain oriented electrical steel market was worth USD 7.21 billion in 2019 and is expected to expand with a CAGR of 3.31% through 2026.
Exponential growth of the electricity sector in tandem with applicability of grain oriented electrical steel in electricity transformation is likely to stimulate the market expansion over the forecast period. According to the data revealed by International Energy Agencies (IEA) in 2018, global electricity demand is projected to rise at 2.1% per year till 2040. This in turn will increase the electricity share in total energy consumption to 24% in 2020 from 19% in 2018, indicating a higher demand for grain oriented electrical steel market over the analysis timeframe.
For the uninitiated, grain oriented electrical steel (GOES) is an iron-silicon magnetic alloy used for constructing the cores of electric transformers. This steel exhibits exceptional magnetic properties in the rolling direction for operations in transformer cores. It is primarily designed to offer high permeability and low core loss required for highly efficient and cost-effective electrical transformers. Hence, ever-increasing energy consumption and focus towards sustainable development are positively impacting the industry growth. Furthermore, rapid urbanization and increasing population across the world will also present profitable growth opportunities for grain oriented electrical steel market in the approaching years.
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On the contrary, fluctuating price and hefty cost of GOES is impeding the market growth. Additionally, COVID-19 pandemic has impacted various economies due to shutdown of manufacturing industries, leading to a sluggish growth of global grain oriented electrical steel market.
Considering the geographical landscape, the prominent contributors include Latin America, Europe, North America, and Asia Pacific. North America currently holds a significant fraction of global market, pertaining to high demand for electricity and rapid urbanization in the region.
Meanwhile, Asia Pacific is projected to showcase a high CAGR over 2020-2026, owing to surging energy demand and high consumption of electricity per capita in the region.
Leading organizations in global grain oriented electrical steel market are AK Steel Holding, Ansteel Group Corp., JFE Steel Corporation, Jiangsu Shagang Group Company Limited, China Baowu Steel Group Corp., Ltd., United States Steel Corporation, Nippon Steel & Sumitomo Metal Corporation (NSSMC) Group, Tata Steel Limited, ArcelorMittal S.A., Steel Authority of India Limited, and Shandong Iron & Steel Group Co. Ltd. among others.