According to study, “World
Grain Oriented Electrical Steel Market Research Report 2024(Covering
USA, EU, China, South East Asia, Japan and etc)” the key companies operating in
the world grain oriented electrical steel market are NLMK Group, ThyssenKrupp,
AK Steel, JFE Steel, Posco, Stalprodukt S.A., ArcelorMittal, Cogent (Tata
Steel), ATI, Baosteel, NSSMC, Shougang, WISCO, Ansteel. The manufacturing
companies have been planning to create long-term associations with solution
providers for the purpose of adapting functionality of end-products and to
improve effectiveness.
Electrical steel is an alloy which contains iron and
silicon. Grain oriented electrical steel is an iron-silicon magnetic alloy,
which is used to construct the cores of highly-efficient electric transformers owing
to its unique magnetic property. It consists of tiny regions, called magnetic
domains, which have the same unstructured magnetization direction. The boundary
between two domains is known as domain wall. It is available in many grades such
as M-2, M-3, M-4, M-5 and M-6, with superior magnetic properties in the rolling
direction. It is used in large generators and other apparatus when design
permits the directional magnetic characteristics to be used efficiently. It is usually
has a silicon level of 3%. It is usually applied in rectifiers, transformers, and
so on.
Based on type, grain oriented electrical steel market
is segmented into HiB high permeability and cold-rolled grain-oriented sheet (CRGO)
steel. HiB segment is expected to witness higher growth rate due to rise in
focus on energy efficiency over the forecast period. Based on product type,
market is segmented into general, domain refinement and high magnetic strength.Based
on process type, market is segmented into semi-processed and fully-processed.Based
on grade type, market is segmented into conventional grade (CGO) and high
permeability grade (HGO). Based on sales channel, market is segmented into distribution
sales and direct sales.In addition, based on application, market is segmented
into spinner, large electrical machine, immobilizer, compressor-motor, middle
sized motors and general-purpose machine.
The grain oriented electrical steel market is driven
by rise in demand for electricity, followed by rapid urbanization & growth
in population, surge in disposable income, increase in investments in
infrastructural growth, rise in spending ability of the consumers, high
consumption rate of grain oriented electrical steel in transformers &
motors, rise in innovative technologies, various advantageous properties and rise
in development in automobile & construction industry.However, rise in
safety & technological constraints and volatile price of raw material may
impact the market. Moreover, stringent regulations & government support is
a key opportunity for market.
Based on geography, China country holds major share
in grain oriented electrical steel market owing to shift in buying behavior of
individuals and growth in population density in urban areas in the country. USA
and EU regions are expected to witness higher growth rate due to increase in
construction activities and rise in demand from automobile sectors over the
forecast period. In near future, it is estimated that the market will be
reached at rapid pace on account of growth in production sales of
grain-oriented electrical steel and rise in smart power sector infrastructure during
the forecast period. The worldwide market is anticipated to grow at a CAGR of
approximately 1.6% over the next five years, will reach US $7270 million in
2024, from US $6590 million in 2019.
For more information on the research
report, refer to below link:
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