A prominent research firm, Cognizance Market Research added a cutting-edge industry report on “Global Grain-Oriented Silicon Steel Market”. The report studies the current as well as past growth trends and opportunities for the market to gain valuable insights during the forecast period from 2023 to 2030.
Global Grain-Oriented Silicon Steel Market Analysis
According to cognizance market research, the Global Grain-Oriented Silicon Steel Market is valued at US$ 12,534.50 Million and is anticipated to reach US$ 18,937.73 Million by the end of 2030 with a CAGR of 5.3% from 2023 to 2030.
What is Grain-Oriented Silicon Steel?
Electrical Steel, also recognized as Grain-Oriented Silicon Steel or Transformer Steel, stands as a specialized steel variant with tailored applications in the electrical domain, including generators, transformers, and various machinery. The designation “grain-oriented” denotes the intentional alignment of the material’s crystal structure in a specific direction, a technique employed to optimize its magnetic attributes.
At its core, Grain-Oriented Silicon Steel serves the primary purpose of curbing energy dissipation stemming from hysteresis and eddy current losses that arise when magnetic fields shift within the material. These losses can wield a substantial impact on electrical apparatus operating across diverse frequencies. Manufacturers exert control over the alignment of crystal grains to mitigate these losses and augment the efficiency of electrical equipment.
Global Grain-Oriented Silicon Steel Market Outlook
In the Global Grain-Oriented Silicon Steel report, the market outlook segment mainly includes important dynamics of the market, including drivers, restraints, opportunities, and challenges tackled by the industry. Opportunities and challenges are extrinsic factors whereas, drivers and restraints are intrinsic factors of the market.
The grain-oriented silicon steel market is experiencing transformation due to a multitude of trends and factors. The global surge in electricity demand has fostered a need for higher-efficiency transformers and electrical equipment, consequently propelling the demand for grain-oriented silicon steel. The expansion of renewable energy sources, like wind and solar power, has further stimulated the market as these sources rely on transformers and electrical apparatus. Emerging economies characterized by rapid urbanization and infrastructure progress have also amplified the requirement for energy-efficient electrical equipment, thereby driving the grain-oriented silicon steel market. Stricter energy efficiency norms and environmental standards have encouraged the adoption of high-efficiency electrical equipment, in turn, enhancing the demand for grain-oriented silicon steel. Technological strides concerning magnetic properties and manufacturing techniques have played a role in elevating efficiency and diminishing losses in transformers.
The grain-oriented silicon steel market exhibits global ramifications owing to intricate trade dynamics and policies. Trade conflicts and tariffs involving major manufacturing nations could influence the availability and pricing of this specialized steel. Despite favorable trends, the market faces challenges like volatility in the prices of crucial raw materials for steel production, competition from alternative materials and technologies, and ecological concerns related to the steel manufacturing process. Adjustments in trade regulations, energy efficiency criteria, and environmental regulations also have the potential to affect the market’s landscape.
Anticipating the future, the demand for grain-oriented silicon steel is poised for continued growth, driven by the evolution of energy demands, the expansion of renewable energy, and urbanization trends. Advancements in technology will further contribute to even more efficient electrical devices, thereby augmenting the demand for this specialized steel. However, economic circumstances, trade policies, and progress in alternative technologies could also influence the market’s trajectory. For comprehensive updates on the global grain-oriented silicon steel market, consulting recent industry reports, market analyses, and reliable news sources is recommended.
Based on geography the global Grain-Oriented Silicon Steel market has been segmented into five main regions namely, North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
The Grain-Oriented Silicon Steel market has witnessed substantial contributions from the Asia-Pacific region, with notable emphasis on China and Japan. China’s rapid industrialization and energy infrastructure development have positioned it as a premier producer and consumer of this steel variant. Japan, renowned for its technological prowess and robust electrical equipment industry, also exerts a significant influence on production and consumption.
In Europe, countries such as Germany and the United Kingdom have firmly established energy and electrical equipment sectors, fostering demand for Grain-Oriented Silicon Steel. European manufacturers have showcased their competitive edge in the production of this specialized steel.
North America, specifically the United States and Canada, stands as a hub for robust energy and industrial activities, consequently generating high demand for Grain-Oriented Silicon Steel. The region also boasts advanced capabilities in transformer manufacturing.
South Korea emerges as another noteworthy contender in the Grain-Oriented Silicon Steel production landscape, placing strong emphasis on producing top-quality electrical steel.
With the escalation of energy needs in emerging economies like India, Brazil, and Southeast Asian nations, a potential surge in demand for energy-efficient electrical equipment, including Grain-Oriented Silicon Steel, could be anticipated.
Lastly, as parts of the Middle East and Africa undergo ongoing infrastructure development alongside surging energy requirements, the prospects for Grain-Oriented Silicon Steel appear promising in these regions.
The report offers the revenue of the global grain-oriented silicon steel market for the period 2020-2030, considering 2020 & 2021 as historical years, 2022 as the base year and 2023 to 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global grain-oriented silicon steel market for the forecast period. The global grain-oriented silicon steel market report provides insights and in-depth analysis into developments impacting enterprises and businesses on a regional and global level. The report covers the global grain-oriented silicon steel market performance in terms of revenue contribution from several segments and comprises a detailed analysis of key drivers, trends, restraints, and opportunities prompting revenue growth of the global Grain-Oriented Silicon Steel market.
The report has been prepared after wide-ranging secondary and primary research. Secondary research included internet sources, numerical data from government organizations, trade associations, and websites. Analysts have also employed an amalgamation of bottom-up and top-down approaches to study numerous phenomena in the global Grain-Oriented Silicon Steel market. Secondary research involved a detailed analysis of significant players’ Industry portfolios. Literature reviews, press releases, annual reports, white papers, and relevant documents have been also studied to understand the global grain-oriented silicon steel market. Primary research involved a great extent of research efforts, wherein experts carried out interviews telephonic as well as questioner-based with industry experts and opinion-makers.
The report includes an executive summary, along with a growth pattern of different segments included in the study’s scope. The Y-o-Y analysis with elaborate market insights has been provided in the report to comprehend the Y-o-Y trends in the global Grain-Oriented Silicon Steel market. Additionally, the report focuses on altering competitive dynamics in the global market. These indices serve as valued tools for present market players as well as for companies interested in participating in the global grain-oriented silicon steel market. The subsequent section of the global grain-oriented silicon steel report highlights the USPs, which include key industry events (product launch, research partnership, acquisition, etc.), technology advancements, pipeline analysis, prevalence data, and regulatory scenario.
Global Grain-Oriented Silicon Steel Market Competitive Landscape
The “Global Grain-Oriented Silicon Steel Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as:
The report explores the competitive scenario of the global Grain-Oriented Silicon Steel market. Major players operating in the global Grain-Oriented Silicon Steel market have been identified and profiled for unique commercial attributes. Company overview (company description, Type portfolio, geographic presence, employee strength, Key management, etc.), financials, SWOT analysis, recent developments, and key strategies are some of the features of companies profiled in the global Grain-Oriented Silicon Steel market report.
Global Grain-Oriented Silicon Steel Market, by Thickness/Size:
Global Grain-Oriented Silicon Steel Market, by Grade
Global Grain-Oriented Silicon Steel Market, by Product
Global Grain-Oriented Silicon Steel Market, by Application
Global Grain-Oriented Silicon Steel Market, by Region
The major players operating in the global Grain-Oriented Silicon Steel market are NLMK (VIZ Steel), Stalprodukt SA, Arnold Magnetic Technologies, NIPPON STEEL CORPORATION, ThyssenKrupp AG, JFE Steel Corporation, JSW, Tata Steel, POSCO, Baosteel Group Corporation, Cleveland-Cliffs Inc., AK Steel International Shanghai Metal Corporation, ArcelorMittal, Jiangsu Tisco SS Steel & Iron, Other Prominent Players
Grain-oriented silicon steel, also known as electrical steel or transformer steel, is a specialized type of steel that is designed and manufactured to have specific magnetic properties for use in electrical and electronic devices, particularly in power transformers, generators, and other electromagnetic devices.
The demand for energy, especially electrical power, continues to grow worldwide. As countries invest in building and upgrading their power generation, transmission, and distribution infrastructure, there is a corresponding need for efficient transformers and electrical equipment that use grain-oriented silicon steel.
The production of grain-oriented silicon steel involves specific alloying elements, including silicon. Fluctuations in the prices of these raw materials can impact the overall cost of manufacturing, potentially affecting the profitability of producers and the affordability of the final product.
The global grain-oriented silicon steel market is poised to grow at a CAGR of 5.3% from 2023 to 2030.
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