Grain Oriented Electrical Steel Market Overview

The Grain Oriented Electrical Steel Market Size was estimated at USD 15.86 Billion in 2024. The Grain Oriented Electrical Steel Industry is expected to grow from USD 16.40 Billion in 2025 to USD 22.10 Billion by 2034. exhibiting a compound annual growth rate (CAGR) of 3.37% during the forecast period (2025 - 2034).

Grain Oriented Electrical Steel (GOES) is a specialized steel variant used primarily in the electrical industry for manufacturing transformers, electric motors, and other power distribution equipment. This material is crucial due to its high magnetic permeability and low core loss, which enhances energy efficiency in power transmission systems. The GOES market has seen steady growth driven by increasing energy demands, modernization of power grids, and advancements in electrical infrastructure globally.

The global Grain Oriented Electrical Steel market is expanding due to rapid industrialization, urbanization, and the growing need for efficient power distribution. GOES is an essential component in high-performance transformers, which are vital in reducing energy losses in electricity transmission and distribution networks. The increasing demand for renewable energy sources has also contributed to market expansion, as GOES is used in wind turbines and solar energy inverters.

Key Market Drivers

1. Rising Energy Demand: With the growing global population and rapid urbanization, the demand for electricity is increasing, necessitating the expansion of power grids and distribution networks.
2. Advancements in Transformer Technology: GOES is widely used in modern transformers that improve efficiency and reduce operational costs, making it an essential material for energy transmission.
3. Renewable Energy Integration: The integration of renewable energy sources, such as wind and solar power, into existing grids requires high-performance transformers, which drives demand for GOES.
4. Government Regulations and Efficiency Standards: Many governments and regulatory bodies worldwide have implemented strict efficiency standards to reduce energy losses, leading to increased adoption of high-grade GOES.
5. Industrial Growth and Infrastructure Development: Emerging economies are investing in infrastructure development, particularly in power generation and transmission, boosting the demand for GOES.

Market Challenges

1. Fluctuating Raw Material Prices: The prices of raw materials such as silicon and iron impact the overall cost of GOES production, influencing market dynamics.
2. High Manufacturing Costs: The specialized production process and technological requirements make GOES relatively expensive, which may limit its adoption in cost-sensitive markets.
3. Competition from Amorphous Steel: Amorphous steel is an alternative material with lower core losses, posing a competitive challenge to GOES.
4. Supply Chain Disruptions: The COVID-19 pandemic and geopolitical tensions have disrupted global supply chains, affecting the production and distribution of GOES.

Market Segmentation

By Product Type

• Conventional Grain Oriented Electrical Steel
• High-Permeability Grain Oriented Electrical Steel
• Domain-Refined Grain Oriented Electrical Steel

By Application

• Transformers (Power Transformers, Distribution Transformers, Instrument Transformers)
• Electric Motors
• Generators
• Others (Inductors, Relays, etc.)

By End-Use Industry

• Energy & Power
• Automotive
• Industrial Manufacturing
• Telecommunication
• Others

Download Free Sample Copy of Grain Oriented Electrical Steel Market

Regional Analysis

1. North America: The presence of established energy infrastructure and ongoing grid modernization projects are key factors driving the GOES market in this region.
2. Europe: Stringent energy efficiency regulations and increasing adoption of renewable energy sources contribute to steady market growth.
3. Asia-Pacific: Rapid industrialization, urbanization, and government initiatives in countries like China, India, and Japan have fueled GOES demand.
4. Latin America: Growing investments in energy infrastructure and electrification projects are boosting market expansion.
5. Middle East & Africa: Increasing power generation projects and electricity demand in developing economies drive market growth.

Competitive Landscape

China Steel Corporation
Wuhan Iron and Steel
ThyssenKrupp
Hyundai Steel
Voestalpine
Wuyang Iron and Steel
Baosteel
AK Steel
Vallourec
Tata Steel
JFE Steel
POSCO
ArcelorMittal
Nippon Steel
Shanghai Baosteel

Future Outlook

The Grain Oriented Electrical Steel market is expected to grow steadily in the coming years, driven by increasing energy demands, rising renewable energy adoption, and advancements in transformer technologies. Emerging economies will continue to be key contributors to market expansion due to infrastructure development and electrification projects. However, companies must navigate challenges such as fluctuating raw material costs and supply chain disruptions to maintain steady growth.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients.

Contact us:

Market Research Future (part of Wantstats Research and Media Private Limited),

99 Hudson Street, 5Th Floor,

New York, New York 10013

United States of America

+1 628 258 0071

Website: https://www.marketresearchfuture.com