The research report on ‘global grain oriented electrical steel market’ provides with an exhaustive analysis of the industry vertical in terms of growth opportunities and revenue estimations, final market valuation, and other factors which are poised to have a positive impact on the growth matrix during the period of 2020-2026.

Selbyville, Delaware, June 04, 2020 (GLOBE NEWSWIRE) — Global grain oriented electrical steel market generated revenues worth USD 7.21 billion in the year 2019 and is expected to grow with a CAGR of 3.31% through 2026. Increasing dependency on electricity and rising adoption of GOES in electricity transformation activities are major factors driving the market growth.

According to the given report, global grain oriented electrical steel industry has been fragmented into various segments such as type, applications, regions and key players. The study emphasizes the respective market shares as well as prevailing and expected growth rates, overall segment valuation and other crucial details of every listed segment.

In fact, according to IEA (International Energy Agencies), the worldwide demand for electricity is presumed to grow 2.1% annually till the year 2040. Moreover, the consumption of electricity is estimated to increase by 24% by 2040 up from 19% in 2018.

GOES (grain oriented electrical steels) are iron-silicon based magnetic alloys which are utilized to develop the core of electric transformers. The product exhibits excellent electricity conservation as well as magnetic properties which play a pivotal role in transformer core operations. Moreover, grain oriented electrical steel offers high permeability as well as low core loss, thereby enabling economical and efficient operations of electrical transformers.

Rapid urbanization and growing population are further aiding the expansion of grain oriented electrical steel industry. However, factors such as price fluctuations and high costs associated with GOES may act as a restraining factor to the overall market growth. Additionally, the emergence of COVID-19 pandemic has not only affected various manufacturing industries, but also has resulted in global economic slowdown, which is projected to inhibit the market expansion.

Analyzing the regional spectrum

The regional spectrum of grain oriented electrical steel industry is divided into Asia-Pacific, North America, Latin America, Europe, and ROW. North America holds a significant fraction of the global revenues  and is expected to exhibit decent traction in the subsequent years. Notably, growing electricity demand coupled with swift urbanization are favoring the business outlook in the region.