Grain Oriented Electrical Steel Global Market Report 2023

Major players in the grain oriented electrical steel market are Thyssenkrupp AG, POSCO International Corporation, Nippon Steel Corporation, JFE Steel Corporation, NLMK Group, Tata Steel Limited, AK Steel Holdings Corporation, China Baowu Steel Group Corp Ltd.

New York, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Grain Oriented Electrical Steel Global Market Report 2023" - https://www.reportlinker.com/p06486611/?utm_source=GNW , ArcelorMittal, Shougang Group Co Ltd., Cleveland-Cliffs Inc., Aperam SA, TC Metal Co, Mapes & Sprowl Steel LLC, and Tempel Steel.The global grain-oriented electrical steel market is expected to grow from $7.03 billion in 2022 to $7.30 billion in 2023 at a compound annual growth rate (CAGR) of 3.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The grain-oriented electrical steel market is expected to reach $8.15 billion in 2027 at a CAGR of 2.8%.The grain-oriented electrical steel market consists of sales of wound cores, laminations, cold-rolled steel, goss texture, metal cladding, and silicon steels.Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.The value of goods in this market includes related services sold by the creators of the goods.Grain-oriented electrical steel is a specialized type of steel and a vital component in the production of energy-efficient transformers and large, high-performance generators. It is mainly employed in instrument and current transformers, power, and high-voltage direct current transmission cores.Asia-Pacific was the largest region in the grain oriented electrical steel market in 2022. The regions covered in grain-oriented electrical steel report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.The main types of products in grain-oriented electrical steel are high magnetic strength, conventional, and domain refinement.High magnetic strength steel refers to a type of alloy steel that has better mechanical qualities and higher corrosion resistance than normal carbon steel.These are used for several applications, including transformers, power generators, motors, and others. The main end-users are electrical steel for automobiles, electrical steel for manufacturing, electrical steel for energy generation, electrical steel for household appliances, and others.The increasing demand for electric vehicles is expected to propel the demand for the grain-oriented electric steel market going forward.Electric vehicles (EVs) refer to automobiles that are powered by one or more electric motors.They use electricity stored in batteries or obtained from an external power source, such as a charging station, to propel the vehicle.Grain-oriented electrical steel is crucial for the development of electric vehicle charging infrastructure.Its role in the larger electrical and power industries indirectly supports the development and operation of electric vehicles through its application in motors, charging infrastructure, and power electronics. For instance, in April 2023, according to the report released by the International Energy Agency., a France-based intergovernmental organization, more than 10 million electric vehicles were sold worldwide in 2022, and these sales are expected to increase by another 35% in 2023 to reach 14 million. Also, in 2022, the World Economic Forum, a Switzerland-based international non-governmental and lobbying organization, reported that in the first half of 2022, almost 4.3 million battery-powered electric cars (BEVs) and plug-in hybrid electric vehicles (PHEVs) were sold globally. PHEV sales increased by 37% and BEVs by 75% yearly in 2022. Therefore, increasing demand for electric vehicles is driving the growth of the grain-oriented electric steel market.Product innovation is the key trend gaining popularity in the grain-oriented electric steel market.Major companies operating in the grain-oriented electric steel market are developing innovative products to strengthen their position in the market.For instance, in October 2021, ThyssenKrupp AG., a Germany-based engineering company that manufactures grain-oriented electrical steel, launched Bluemint steel, a high-quality flat steel with reduced CO2 intensity. This innovative product has a power core with 50% less CO2 intensity. Due to its reduced core losses, low-emission electric steel offers great current transport efficiency. Bluemint steel is designed to manufacture transformers using electrical steel that has been CO2-reduced for new digital E.ON medium-voltage substations. Additionally, it includes features such as corrosion resistance, recycling, aesthetics, formability, and improved sustainability.In December 2020, Cleveland-Cliffs Inc., a US-based flat-rolled steel producer, acquired ArcelorMittal USA LLC. for $1.4 billion. With this acquisition, Cleveland-Cliffs aimed to increase its market share, aim to produce quality-focused steel production, expand its reach in the steel industry, and strengthen its position as a leading steel producer in North America. ArcelorMittal USA LLC. is a US-based steel and mining company that produces grain-oriented electrical steel products and metals.The countries covered in the grain-oriented electrical steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.The grain-oriented electrical steel market research report is one of a series of new reports that provides grain-oriented electrical steel market statistics, including grain-oriented electrical steel industry global market size, regional shares, competitors with a grain-oriented electrical steel market share, detailed grain-oriented electrical steel market segments, market trends and opportunities, and any further data you may need to thrive in the grain-oriented electrical steel industry. This grain-oriented electrical steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06486611/?utm_source=GNWAbout ReportlinkerReportLinker is an award-winning market research solution. 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