Global Grain Oriented Electrical Steel Market Analysis: Size, Drivers, Trends, Opportunities And Strategies
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The global grain-oriented electrical steel market is witnessing substantial growth, driven by the increasing demand for electric vehicles (EVs) and a notable trend towards product innovation. This blog explores the pivotal role of grain-oriented electrical steel in the electric vehicle revolution, profiles major industry players, and delves into the innovative strides shaping the market’s future.
- Electric Vehicle Boom: Catalyst for Growth
- Defining Electric Vehicles (EVs): Automobiles powered by electric motors, using electricity stored in batteries or obtained from external sources.
- Grain-Oriented Electrical Steel’s Role: Vital for EV charging infrastructure development, supporting motors, charging stations, and power electronics.
- Global EV Sales: The International Energy Agency reported over 10 million electric vehicles sold worldwide in 2022, with a 35% sales increase expected in 2023, reaching 14 million.
- Impact: The surge in electric vehicle demand is a driving force behind the growth of the grain-oriented electrical steel market.
- Major Players Shaping the Landscape
- Key Market Players: Industry leaders include Thyssenkrupp AG, Nippon Steel Corporation, Tata Steel Limited, ArcelorMittal, and others.
- Diverse Contributions: From Thyssenkrupp AG’s innovative products to ArcelorMittal’s global influence, these players contribute significantly to the market’s dynamics.
- Trending: Product Innovation Driving Market Dynamics
- Emerging Trend: Product innovation takes center stage as companies focus on developing cutting-edge grain-oriented electrical steel products.
- ThyssenKrupp AG’s Bluemint Steel: Launched in October 2021, Bluemint steel is a high-quality flat steel with reduced CO2 intensity, offering 50% less CO2 intensity in its power core.
- Benefits: Bluemint steel, designed for transformers, stands out with reduced core losses, improved sustainability, and features like corrosion resistance and recycling.
- Market Segmentation: Navigating the Spectrum
- Type Segmentation: Grain-oriented electrical steel categorized into High Magnetic Strength, Conventional, and Domain Refinement, offering diverse magnetic properties.
- Application Segmentation: Used in Transformers, Power Generators, Motors, and other applications, showcasing its versatility.
- End-User Segmentation: Serves Electrical Steel for Automobiles, Manufacturing, Energy Generation, Household Appliances, and Other End Uses, highlighting its broad applications.
- Regional Dynamics: Asia-Pacific Leading the Charge
- Asia-Pacific’s Dominance: The region claimed the largest share in the grain-oriented electrical steel market in 2022, solidifying its position as a key player in the industry.
- Significance: Asia-Pacific’s leadership underscores its pivotal role in driving global demand for grain-oriented electrical steel.
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The Grain Oriented Electrical Steel Global Market Report 2023 provides an overview of the grain oriented electrical steel market for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The grain oriented electrical steel market forecast analyzes grain oriented electrical steel market size, grain oriented electrical steel market share, leading competitor and their market positions.
The Table Of Content For The Grain Oriented Electrical Steel Market Include:
1. Grain Oriented Electrical Steel Market Executive Summary
2. Grain Oriented Electrical Steel Market Segments
3. Grain Oriented Electrical Steel Market Size And Grain Oriented Electrical Steel Market Growth Rate
4. Key Grain Oriented Electrical Steel Market Trends
5. Major Grain Oriented Electrical Steel Market Drivers
25. Key Mergers And Acquisitions In The Grain Oriented Electrical Steel Market
26. Top Grain Oriented Electrical Steel Companies
27. Grain Oriented Electrical Steel Market Opportunities And Strategies
28. Grain Oriented Electrical Steel Market, Conclusions And Recommendations
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