2024 Grain Oriented Electrical Steel Market Analysis: Market Size, Key Drivers, and Segment Insights
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What Will Be the Growth Trajectory of the Grain Oriented Electrical Steel Market from 2024 to 2033?
In recent times, the market size of grain oriented electrical steel has seen consistent growth. It is projected to increase from $7.3 billion in 2023 to $7.54 billion in 2024, with an expected compound annual growth rate (CAGR) of 3.3%. The noticeable growth during the historic period is due to factors such as higher demand for power generation, expanded power infrastructure, advances in industrialization and urbanization, improved efficiency in electrical equipment and integration of renewable energy.
The market size for grain oriented electrical steel is predicted to witness consistent growth in the coming years, reaching a potential value of $8.46 billion in 2028 with a compound annual growth rate (CAGR) of 2.9%. This expected growth over the forecast period can be linked to a continued rise in power demand, increased adoption of smart grids, growth in electric vehicle manufacturing, regulatory standards for energy efficiency, and surges in investments for transmission and distribution networks. Major trends anticipated during the forecast period include an increase in infrastructure for electric vehicles, the formulation of strategic collaborations and partnerships, a focus on sustainable and environmentally-friendly technologies, market extension in the Asia-Pacific region, and supply chain enhancement.
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What Are the Primary Growth Drivers for the grain oriented electrical steel Market?
The growth of the grain-oriented electric steel market is expected to be driven by the expanding market for electric vehicles. These vehicles, powered by single or multiple electric motors, leverage the energy stored in batteries or drawn from external sources such as charging stations. The signficance of grain-oriented electrical steel is rooted in its importance in developing charging infrastructures for electric vehicles. This material is instrumental across the broader electrical and power sectors, indirectly encouraging the growth and management of electric cars through its utilisation in motors, charging systems and power electronics. The International Energy Agency, a France-based intergovernmental organization, reported in April 2023 that over 10 million electric vehicles were sold across the globe in 2022. These sales are projected to rise by an additional 35% in 2023 to hit 14 million. Furthermore, the World Economic Forum, a lobbying group based in Switzerland, noted that around 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold worldwide during the first half of 2022. PHEV sales rose by 37% and BEVs by 75% annually in 2022. Therefore, it’s evident that the grain-oriented electric steel market is flourishing due to the surging demand for electric vehicles.
What Are the Defining Segments of the Grain Oriented Electrical Steel Market?
1) By Type: High Magnetic Strength, Conventional, Domain Refinement
2) By Application: Transformer, Power Generator, Motor, Other Applications
3) By End-User: Electrical Steel For Automobiles, Electrical Steel For Manufacturing, Electrical Steel For Energy Generation, Electrical Steel For Household Appliances, Electrical Steel For Other End Uses
What Trends Are Revolutionizing Standards in the Grain Oriented Electrical Steel Market?
The key trend gaining traction in the grain-oriented electrical steel market is product innovation. Major industry players are creating innovative products in an effort to consolidate their market presence. For instance, ThyssenKrupp AG., a German engineering firm that produces grain-oriented electrical steel, launched Bluemint steel in October 2021. This is a high-quality flat steel product with reduced CO2 intensity. The innovative product features a power core with 50% less CO2 intensity, enhancing current transport efficiency due to its reduce core losses. Bluemint steel, designed for the manufacturing of transformers using CO2-reduced electrical steel, will be used for new digital E.ON medium-voltage substations. Furthermore, the product boasts features such as corrosion resistance, recyclability, aesthetics, formability, and enhanced sustainability.
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What Regions Are Propelling Growth in the Grain Oriented Electrical Steel Industry?
Asia-Pacific was the largest region in the global grain-oriented electrical steel market in 2023. The regions covered in the grain oriented electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Grain Oriented Electrical Steel Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the grain oriented electrical steel market, its market share, and analyzes key competitors along with 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 Template 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
29. Appendix
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