The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

Steady Market Growth Trajectory
The grain-oriented electrical steel market has shown consistent growth, rising from $7.3 billion in 2023 to $7.54 billion in 2024, boasting a compound annual growth rate (CAGR) of 3.3%.

Future Projections
The market is poised for further expansion, projected to reach $8.46 billion by 2028, with a CAGR of 2.9%.

Impact of Electric Vehicle Demand
Increasing electric vehicle adoption is a key driver:

• Demand for grain-oriented electric steel surges.
• Essential for EV charging infrastructure and power systems.

Key Players
Major companies dominating the market include:

• Thyssenkrupp AG
• POSCO International Corporation
• Nippon Steel Corporation
• JFE Steel Corporation
• NLMK Group

Product Innovation Trends
Product innovation drives market competitiveness:

• Thyssenkrupp launches Bluemint Steel with reduced CO2 intensity.
• Innovations focus on sustainability and reduced environmental impact.

View More On The Grain Oriented Electrical Steel Market Report 2024 – https://www.thebusinessresearchcompany.com/report/grain-oriented-electrical-steel-global-market-report

Strategic Collaborations
Partnerships drive market growth and innovation:

• Strategic collaborations enhance market reach and product offerings.
• Joint ventures facilitate technology exchange and market expansion.

Market Segmentation
The grain-oriented electrical steel market is segmented based on:

1. Type (High Magnetic Strength, Conventional, Domain Refinement)
2. Application (Transformer, Power Generator, Motor, Others)
3. End-User (Automobiles, Manufacturing, Energy Generation, Household Appliances, Others)

Regional Insights

• Asia-Pacific emerged as the largest region in 2023.

In conclusion, the grain-oriented electrical steel market presents significant growth opportunities fueled by electric vehicle demand, technological innovations, and strategic collaborations. Stakeholders must stay abreast of market trends and invest in sustainable practices to capitalize on emerging opportunities and sustain growth in this dynamic sector.

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The Grain Oriented Electrical Steel Global Market Report 2024  provides comprehensive insights on the grain oriented electrical steel market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the grain oriented electrical steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –
Grain Products Global Market Report 2024
Grain Farming Global Market Report 2024
Non-Grain Oriented Electrical Steel Global Market Report 2024

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