Grain Oriented Electrical Steel Market to Exhibit a CAGR of 5.7% from 2024 to 2032; POSCO Finished the Completion of its First Lithium Facility for Rechargeable Batteries to Increase the Manufacturing of Electrical Steel Sheets

The global grain oriented electrical steel market size stood at USD 12.40 billion in 2023. The market value is slated to rise from USD 13.11 billion in 2024 to USD 20.48 billion by 2032 at a CAGR of 5.7% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Grain Oriented Electrical Steel Market Size, Share & Industry Analysis, By Product Type (Conventional, High Magnetic Strength Sheets, and Domain Refinement), By Thickness (0.2 mm and Below, 0.23 mm, 0.27 mm, 0.30 mm, and 0.35 mm and Above), By Application (Transformer, Power Generator, Electric Motor, and Others), and Regional Forecast, 2024-2032”

Grain oriented electrical steel is a substantial material utilized to fabricate energy-efficient transformers and high-performing generators. The expanding electrical industry, coupled with the surging demand for the product from power generation, is expediting the market growth.

During the COVID-19 pandemic, several countries, such as India, Germany, the U.S., and China, declared labor and raw material transportation restrictions, which impacted the supply chain of steel makers. In addition, people were compelled to work from home, which reduced commercial power consumption while decreasing the adoption of steel due to the lockdown restrictions.

POSCO Constructed the First Lithium Plant for Rechargeable Batteries to Boost Manufacturing Capacity

In December 2023, POSCO unveiled the completion of its first lithium unit for rechargeable batteries. This company is poised to emerge as the first company to commercially produce the primary raw materials for rechargeable batteries in Korea with the inauguration of this plant.

Market Value to Grow Owing to Surging Product Demand in the Electrical Industry

The grain oriented electrical steel market growth is driven by a rise in the demand for the product in the electrical industry. Economic development, urbanization, and rise in the population have increased the establishment of warehouses & storage units, metro stations, and industrial buildings where the product is deployed as transformer steel and lamination steel for the distribution of electric power.

Despite such growth opportunities, the volatile prices of steel may hamper the growth of market for grain oriented electrical steel.

Prominent Companies Focus on Joint Ventures to Strengthen Their Position

The market players are engaged in collaborations, capacity improvement, acquisition, and product innovations. Different strategic initiatives are being implemented by key players to achieve a competitive advantage. Several players are also emphasizing joint ventures to boost their position in the market.

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Key Players

• ArcelorMittal (Luxembourg)


• POSCO (South Korea)


• Stalprodukt S.A. (Poland)


• Baosteel Group Corporation (China)


• NIPPON STEEL CORPORATION (Japan)


• JFE Steel Corporation (Japan)


• thyssenkrupp Steel (Germany)


• Cleveland-Cliffs Inc. (U.S.)


• Arnold Magnetic Technologies (U.S.)


• VIZ-Steel (Russia)

Key Industry Development

August 2023 - The JFE Steel Corporation unveiled that it has entered a joint venture agreement named “JSW JFE Electrical Steel Private Limited” between JFE Steel Corporation and JSW Steel Limited. This joint venture emphasizes laying the foundation for manufacturing a grain-oriented electrical steel sheet (GOES).

Further Report Findings

• The Asia Pacific witnessed the largest grain oriented electrical steel market share in 2023. This is on account of the surging demand for the product due to the expansion of the manufacturing sector. Moreover, the prominent nations in the manufacturing sector include China, India, and South Korea.


• By product type, the grain oriented electrical steel market is segregated into domain refinement, high magnetic strength sheets, and conventional. The conventional segment registered the largest share in 2023. The growth in the demand for electrical supply owing to greater reliance on technologies and urbanization is fueling the conventional segment expansion.


• In terms of thickness, the market is segregated into 0.2 mm and below, 0.35 mm and above, 0.27 mm, 0.30 mm, and 0.23 mm. The 0.23 mm segment registered the largest share in 2023. The surging demand for household applications is augmenting the 0.23 mm segment growth.


• By application, the market is classified into power generator, electric motor, transformer, and others. The transformer segment witnessed the largest share in 2023. The suitability of the product for energy-efficient transformers and high-performing generators is driving the segment growth.

Table of Segmentation