Grain oriented electrical steel finds crucial applications in the production of transformers, electric motors, and generators due to its exceptional magnetic properties. Its unique feature is its grain alignment, which minimizes energy loss, making it ideal for power transmission and distribution. In transformers, it reduces core loss, while in electric motors and generators, it enhances energy efficiency. With these attributes, it plays a vital role in various electrical devices, improving their performance and contributing to energy conservation in applications like renewable energy systems and electrified transportation.
According to Data Bridge Market Research, the North America Grain Oriented Electrical Steel Market is accounted at USD 3,361.98 million in 2022 and is expected to USD 5,545.68 million by 2030. The market is expected to grow with a CAGR of 6.2% in the forecast period of 2023 to 2030.
“Surging demand for steel in motors used in hybrid and electric vehicles boosts the market’s growth”
The North America grain oriented electrical steel market is on the rise due to the surging demand for steel in motors used in hybrid and electric vehicles (EVs). EVs and hybrid vehicles rely on electric motors for propulsion, which require specialized electrical steel for their cores. Grain-oriented electrical steel offers low core loss and high magnetic permeability, making it ideal for these motors. With the growing adoption of EVs and hybrid vehicles in North America, the demand for grain-oriented electrical steel has surged, driving market growth significantly.
What restraints the growth of the North America grain oriented electrical steel market?
“Fluctuation in raw material prices restraints the market’s growth”
The grain oriented electrical steel market faces growth restraints due to the fluctuation in raw material prices. Electrical steel production relies on specific alloy compositions, and any price fluctuations in core materials like iron and silicon can impact production costs. Manufacturers may struggle to maintain competitive pricing amidst volatile raw material costs. Additionally, end-users may delay or reconsider purchases when prices are unpredictable.
Segmentation: North America Grain Oriented Electrical Steel Market
The North America grain oriented electrical steel market is segmented on the basis of type, thickness, form, silicone content, distribution channel, application, and end-user.
- On the basis of type, the grain oriented electrical steel market is segmented into domain refined and conventional.
- On the basis of thickness, the grain oriented electrical steel market is segmented into 0.23 mm, 0.27 mm, 0.30 mm, 0.35 mm, 0.5 mm, 0.65 mm, and others.
- On the basis of form, the grain oriented electrical steel market is segmented into laminated sheets, wounds sheets, and punched sheets.
- On the basis of silicone content, the grain oriented electrical steel market is segmented into below 3% and 3% or more.
- On the basis of distribution channel, the grain oriented electrical steel market is segmented into online and offline.
- On the basis of application, the grain oriented electrical steel market is segmented into transformers, power generators, motors, battery, shunt reactors, wound cores, and others.
- On the basis of end-user, the grain oriented electrical steel market is segmented into energy and power, automotive, household appliances, building and construction, aviation, and others.
Regional Insights: U.S. is expected to dominate the market North America Grain Oriented Electrical Steel Market
The U.S. is expected to dominate the market AS demand for Electric Vehicles (EVs) is rising rapidly in the country. As consumers and the government embrace sustainable transportation solutions, the EV market is experiencing significant growth. This surge in EV adoption is driving the need for specialized electrical steel, which is a key component in EV motors, thus boosting the Grain Oriented Electrical Steel Market's growth.
Recent Developments
- In May 2021, Aperam entered into a Share Purchase Agreement with Franz Haniel & Cie. GmbH to acquire ELG, a prominent player in stainless and alloys recycling worldwide. This strategic move is set to bolster Aperam's global market position significantly.
- In March 2021, Arnold Magnetic Technologies revealed its acquisition of Ramco Electric Motors, Inc., a company specializing in stators, rotors, and complete electric motors manufacturing. This strategic move aims to expand Arnold Magnetic Technologies' product range and customer reach, offering diversification opportunities for its product portfolio and client base.
- In April, thyssenkrupp AG initiated the operation of a new electrical steel production line in Nasik, contributing to India's power grid expansion. This strategic move is poised to boost the company's revenue in the coming years.
- In July, NIPPON STEEL CORPORATION established a partnership with BP Oman, with an official ceremony taking place in Oman. This strategic collaboration has facilitated an expansion of the company's customer base and revenue.
To know more about the study visit, https://www.databridgemarketresearch.com/ko/reports/north-america-grain-oriented-electrical-steel-market
The Prominent Key Players Operating in the North America Grain Oriented Electrical Steel Market Include:
- AD POSCO ( South Korea)
- JFE Steel Corporation (India)
- Tempel (U.S.)
- NLMK (Russia)
- Lamination Specialties (U.S.)
- Baosteel Group (China)
- ThyssenKrupp AG (Germany)
- Tata Steel Limited (India)
- ArcelorMittal S.A. (Luxembourg)
- Nippon Steel Corporation (Japan)
- Cleveland-Cliffs Inc. (U.S.)
- Aperam S.A. (Luxembourg)
- Mapes & Sprowl Steel (U.S.)
- Arnold Magnetic Technologies (U.S.)
- TC Metal (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of North America grain oriented electrical steel market companies contact, https://www.databridgemarketresearch.com/ko/contact
Research Methodology: North America Grain Oriented Electrical Steel Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, North America vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
