Press release
Grain-Oriented Electrical Steel Market Outlook Report 2024
"The Business Research Company recently released a comprehensive report on the Global Grain Oriented Electrical Steel Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company's, The grain oriented electrical steel market size has grown steadily in recent years. It will grow from $7.3 billion in 2023 to $7.54 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increased demand in power generation, expansion of power infrastructure, industrialization and urbanization, efficiency improvements in electrical equipment, renewable energy integration..
The grain oriented electrical steel market size is expected to see steady growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to continued growth in power demand, smart grid implementation, rise in electric vehicle production, energy efficiency regulations, increasing investments in transmission and distribution networks.. Major trends in the forecast period include rise in electric vehicle infrastructure, strategic collaborations and partnerships, focus on sustainable and green technologies, market expansion in asia-pacific, supply chain optimization..
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/grain-oriented-electrical-steel-global-market-report
Market Drivers and Trends:
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10831&type=smp
Major Key Players of the Market:
Thyssenkrupp AG; POSCO International Corporation; Nippon Steel Corporation; JFE Steel Corporation; NLMK Group; Baowu Group; AK Steel Holdings Corporation; Tata Steel Limited; ArcelorMittal; Shougang Group Co Ltd.; Cleveland-Cliffs Inc.; Aperam SA; TC Metal Co; Mapes & Sprowl Steel LLC; Tempel Steel; China Baowu Steel Group Corp Ltd.; Gerdau S.A.; Allegheny Technologies Incorporated; United States Steel Corporation; Voestalpine Group; CSC Steel Sdn. Bhd.; Kobe Steel Ltd.; Sumitomo Metal Industries Ltd.; Baosteel Group Corporation; Jindal Steel and Power Limited; JSW Steel Ltd.; Essar Steel; Cogent Power Limited; Ansteel Group Corporation Limited; Baoshan Iron & Steel Co. Ltd.; Benxi Iron and Steel Group Co. Ltd.; Hebei Iron and Steel Group Co. Ltd.; Hunan Valin Steel Co. Ltd.; Jiangsu Shagang Group Co. Ltd.; Maanshan Iron & Steel Company Limited; Shandong Iron and Steel Group Co. Ltd.; Tata Iron and Steel Company Limited; World Industrial Specialty Company Inc; Wuhan Iron and Steel (Group) Corp.
Grain Oriented Electrical Steel Market 2024 Key Insights:
• The grain oriented electrical steel market size will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Rising Demand For Electric Vehicles Fuels Growth In The Grain-Oriented Electric Steel Market
• Thyssenkrupp Launches Bluemint Steel With Reduced Co2 Intensity In The Grain-Oriented Electric Steel Market
• Asia-Pacific was the largest region in the global grain-oriented electrical steel market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10831&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
According to The Business Research Company's, The grain oriented electrical steel market size has grown steadily in recent years. It will grow from $7.3 billion in 2023 to $7.54 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to increased demand in power generation, expansion of power infrastructure, industrialization and urbanization, efficiency improvements in electrical equipment, renewable energy integration..
The grain oriented electrical steel market size is expected to see steady growth in the next few years. It will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%. The growth in the forecast period can be attributed to continued growth in power demand, smart grid implementation, rise in electric vehicle production, energy efficiency regulations, increasing investments in transmission and distribution networks.. Major trends in the forecast period include rise in electric vehicle infrastructure, strategic collaborations and partnerships, focus on sustainable and green technologies, market expansion in asia-pacific, supply chain optimization..
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/grain-oriented-electrical-steel-global-market-report
Market Drivers and Trends:
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=10831&type=smp
Major Key Players of the Market:
Thyssenkrupp AG; POSCO International Corporation; Nippon Steel Corporation; JFE Steel Corporation; NLMK Group; Baowu Group; AK Steel Holdings Corporation; Tata Steel Limited; ArcelorMittal; Shougang Group Co Ltd.; Cleveland-Cliffs Inc.; Aperam SA; TC Metal Co; Mapes & Sprowl Steel LLC; Tempel Steel; China Baowu Steel Group Corp Ltd.; Gerdau S.A.; Allegheny Technologies Incorporated; United States Steel Corporation; Voestalpine Group; CSC Steel Sdn. Bhd.; Kobe Steel Ltd.; Sumitomo Metal Industries Ltd.; Baosteel Group Corporation; Jindal Steel and Power Limited; JSW Steel Ltd.; Essar Steel; Cogent Power Limited; Ansteel Group Corporation Limited; Baoshan Iron & Steel Co. Ltd.; Benxi Iron and Steel Group Co. Ltd.; Hebei Iron and Steel Group Co. Ltd.; Hunan Valin Steel Co. Ltd.; Jiangsu Shagang Group Co. Ltd.; Maanshan Iron & Steel Company Limited; Shandong Iron and Steel Group Co. Ltd.; Tata Iron and Steel Company Limited; World Industrial Specialty Company Inc; Wuhan Iron and Steel (Group) Corp.
Grain Oriented Electrical Steel Market 2024 Key Insights:
• The grain oriented electrical steel market size will grow to $8.46 billion in 2028 at a compound annual growth rate (CAGR) of 2.9%.
• Rising Demand For Electric Vehicles Fuels Growth In The Grain-Oriented Electric Steel Market
• Thyssenkrupp Launches Bluemint Steel With Reduced Co2 Intensity In The Grain-Oriented Electric Steel Market
• Asia-Pacific was the largest region in the global grain-oriented electrical steel market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=10831&type=smp
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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