Grain Oriented Electrical Steel Market Size Worth USD 22.71 Billion by 2034 | CAGR: 5.7%

The grain oriented electrical steel market size is expected to reach USD 22.71 billion by 2034, according to a new study by Polaris Market Research. The report “Grain Oriented Electrical Steel Market Size, Share, Industry Analysis Report: By Product Type, Thickness, Application (Transformer, Power Generator, Electric Motor, and Others), and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The grain oriented electrical steel market refers to the demand and supply of specialized steel sheets used in transformer cores and electrical equipment, designed to improve energy efficiency and reduce power loss.

The global shift toward renewable energy sources such as wind and solar power is driving the demand for grain oriented electrical steel. Renewable energy systems depend on efficient power transmission and generation systems to convert and distribute energy. Wind turbines and solar power systems require transformers and electrical motors that use grain-oriented electrical steel to optimize performance and reduce energy losses. Countries investing in clean energy continue to increase the need for this specialized steel in the production of renewable energy infrastructure, which will further boost the demand for the grain oriented electrical steels.

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Technological progress in electrical equipment, such as transformers, generators, and electric motors, has created a need for higher-performing materials such as grain-oriented electrical steel. These advancements require materials that improve the efficiency and functionality of electrical systems. Grain-oriented electrical steel offers superior magnetic properties that improve the efficiency of electrical devices and reduce energy loss. The continuous development of newer and more efficient technology in power distribution and motor systems is driving the grain oriented electrical steel market growth.

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Grain Oriented Electrical Steel Market Report Highlights

• In 2024, transformer segment dominated the grain oriented electrical steel market. Transformers are critical for efficient power transmission, and grain-oriented electrical steel improves their performance.
• The conventional segment held the largest market share due to its cost-effectiveness and dependable performance.
• In 2024, North America dominated the grain oriented electrical steel market, driven by the increasing demand for energy-efficient systems and the modernization of power grids.
• Asia Pacific is expected to record a significant market share during the forecast period, due to rapid industrialization and urbanization in countries such as China, Japan, and South Korea.
• The global key market players are ArcelorMittal, POSCO, Stalprodukt S.A., Baosteel Group Corporation, NIPPON STEEL CORPORATION, JFE Steel Corporation, thyssenkrupp Steel, Cleveland-Cliffs Inc., Arnold Magnetic Technologies, and VIZ-Steel.

Polaris market research has segmented grain oriented electrical steel market report based on product type, thickness, application, and region:

By Product Type (Revenue - USD Billion, 2020–2034)

• Conventional
• High Magnetic Strength Sheets
• Domain Refinement

By Thickness (Revenue - USD Billion, 2020–2034)

• 0.2 mm and Below
• 0.23 mm
• 0.27 mm
• 0.30 mm
• 0.35 mm and Above

By Application (Revenue - USD Billion, 2020–2034)

• Transformer
• Power Generator
• Electric Motor
• Others

By Regional Outlook (Revenue - USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of Asia Pacific
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Grain Oriented Electrical Steel Market Report Scope