Global Grain-Oriented Electrical Steel (GOES) Market Overview

Global Grain-Oriented Electrical Steel (GOES) Market size was valued at USD 12.40 Million in 2024 and is poised to grow from USD 13.33 Million in 2025 to USD 25.56 Million by 2034, growing at a CAGR of 7.50% in the forecast period (2025-2034).

The Grain-Oriented Electrical Steel (GOES) market constitutes the backbone of the energy supply network in the world and thereby assists in the efficient transmission and distribution of electrical energy. GOES is a special kind of soft magnetic material that is considered soft because of its peculiar crystalline structure, which gives it excellent low core losses and high magnetic permeability along the rolling direction. It is therefore a critical raw material for making highly efficient transformers, from the very large power transformers that feed the national grid down to distribution transformers for last-mile energy delivery. The superior magnetic properties supported by GOES are crucial for reducing energy dissipation during voltage transformation, thus directly impacting the efficiency and reliability of the grid.

Governments across the globe lay emphasis on energy efficiency and modernization of the grid. The U.S. DOE has, for years, been alluring high-efficiency transformers by means of standards and research programs aimed at energy use reduction and carbon emissions abatement. These regulatory policies enforced through reports by the DOE on energy conservation and grid resilience create a demand for sophisticated materials such as GOES that are necessary for complying with heavy energy performance requirements. For its part, the IEA has pointed to the necessity of building resilient and efficient networks for the transfer of electricity through its world outlooks, thereby placing GOES squarely at the heart of sustainable energy transitions and mitigating transmission losses.

Trade policy as well as economic stability, as proved by reports on GOES investigations from the USITC, also reinforce its strategic importance in the maintenance of critical infrastructure. Innovative trends are often in lockstep with public sector research endeavours and development programs (as featured by DOE technology roadmaps) that aim at improving GOES property for even lower core losses and higher saturation magnetization, thus stretching transformer efficiencies into new territories highly supportive of modern-day renewable energy integration. The GOES market is, therefore, inextricably tied into larger governmental efforts toward energy security, climate change mitigation, and modernization of power delivery systems.

Market Dynamics — Market Drivers

Growing Demand for Energy-Efficient Transformers Due to Stricter Regulations

• Global countries are increasingly adopting strict standards of energy efficiency within government buildings for electrical equipment, especially transformers, which are energy intensive in the use of electrical steel. Among them, for example, is the European Commission's Eco-design Directive, which specifies that minimum energy performance standards for transformers placed on the EU market should continuously update at several tiers such as Tier - 1 in 2015 and Tier-2 in 2021 to demand still higher efficiency. These regulations, as indicated in their respective official EU legislative documents and accompanying implementation reports, are directed at reducing national energy consumption and greenhouse gas emissions and improving grid reliability among member states. The unique desirability of GOES is the magnetic property which makes it an ideal candidate for use in highly efficient transformers due to its low core losses that eventually directly translate into reduced energy wastage during power transmission and distribution. The demand for high-grade GOES components in new and replacement transformers will rise because national energy policies are moving in the direction of these efficiency imperatives, as in the case of the Bureau of Energy Efficiency, India and U.S. Department of Energy (not necessarily from that source, but the general point holds). Quite simply, regulatory compliance is the leading driver for the GOES market in most developing countries against the backdrop of rising advocacy for ever-increasing energy efficiency, usually expressed in gigawatt-hours saved each year by national energy agencies.

Global Grid Modernization and Expansion Initiatives

• Thus, in combination with the aging electricity infrastructure worldwide, GOES demand is being substantially driven by huge investments in modernization and systemic up-gradation. For example, the Ministry of Power in India keeps on outlining ambitious plans to strengthen and extend the T&D network of the country through important initiatives like the development of Green Energy Corridors and various intra-state transmission system projects. These government initiatives, as laid out in the annual reports and strategic documents of the Ministry of Power, aim to general improve reliability of the grid, reduce aggregate technical and commercial (AT&C) losses, and enhance the efficiency of power delivery with increasing electricity demand and integration of different energy sources. New substations, ramped-up transmission lines to remote generation locations (like renewable energy parks), and smart grid components all will need massive amounts of new transformers. Since GOES would be the linchpin in these significant infrastructure items, therefore, government capital expenditure in grid modernization and expansion everywhere, developed and developing, acts as a strong impetus for sustained demand in the GOES market.

Market Opportunities

Advancements in Manufacturing Processes and Material Science for Enhanced GOES Performance

• These government-funded research and development programs would greatly benefit the further improvements in GOES performance and increase its applications and market value. The National Institute of Standards and Technology (NIST), United States Department of Commerce, is involved in research and supports activities ranging from basic to applied research in materials science, metrology, and manufacturing processes. Often, these programs target the area of advanced materials to further industrial efficiency and national competitiveness. NIST had programs and publications in advanced manufacturing and materials measurement science looking for innovations in steelmaking processes, annealing processes, and magnetic domain engineering targeted for improved magnetic behaviour, reduction in core losses, and increased saturation magnetization of electrical steels. For instance, advances in grain orientation control, the development of ultra-thin gauge GOES with improved magnetic characteristics, or even novel surface coatings would make the manufacture of smaller and more efficient transformers achievable; thereby, fulfilment of the more stringent energy standards. The technical reports and research publications of NIST often highlight such advancements, which create opportunities for producers to create high value GOES products that carry a better market price that satisfy the growing demand for ultra-efficient power conversion solutions.

Market Restraining Factors

Fluctuations in Raw Material Prices and Supply Chain Vulnerabilities

• Grain-Oriented Electrical Steel depends on certain specific raw materials for its production, of which the most important ones are high-purity iron ore and silicon, besides smaller amounts of manganese, aluminium, and other alloying elements. In the Annual Minerals Commodity Summary and all other mineral industry surveys, the United States Geological Survey (USGS) keeps an eye on global supply-demand dynamics for these mineral commodities and states that there have been huge irregularities in prices over time because of geopolitical factors, mining production variations, global economic conditions, and trade policies. For example, big swings in iron ore prices, which are directly impacting the cost of producing GOES, are usually associated with steelmaking. Also, supply chains for these raw materials often start from really limited numbers of sources around the world, making them susceptible to disturbances, such as natural disasters, labour disputes, or trade restrictions. According to the various USGS analyses of mineral criticality and supply chain risks, so such types of vulnerabilities lead to unpredictable availability and price spikes and increasing cost associated with production for GOES manufacturers, which in turn could affect cost and availability of transformers but act as restraints in market growth.

Market Challenges

Development and Adoption of Alternative Core Materials

• The GOES market faces long-term challenges from continuing research and possible commercial adoption of alternative magnetic core materials. Technology roadmaps for energy efficiency and electricity systems of intergovernmental organizations, such as the International Energy Agency (IEA), consistently identify and analyse emerging technologies that can potentially disrupt conventional energy materials. For instance, IEA reports frequently refer to advanced magnetic materials such as amorphous metals and nanocrystalline alloys characterized by ultra-low core losses-at least for higher frequencies-which would be of interest for transformer applications. While these alternative materials are subject to major obstacles in manufacturing complexity, mechanical properties, and production costs which are generally higher than those of GOES for large-scale power applications, the continuous efforts from governments and academia, sometimes funded through the National science agencies or ministries of energy around the globe, are geared towards making them viable. If these alternative materials become financially and practically more favourable, as indicated in several IEA techno-economic outlooks on transformer efficiency and materials innovation, they may one day assign GOES to specific transformer designs, especially in high-efficiency or compact niche solutions, thus posing long-term competition for the established GOES market.

Segmentation Analysis

The market scope is segmented because of By Device Type, By Wafer Size, By Component, By Application & By Region.

By Product Type

Based on Product Type, the market is segmented into Conventional, High Magnetic Strength Sheets, Domain Refinement

Historically, most of the market has been accustomed to the Conventional section. Their extensive use extends to conventional grain-oriented electrical steels for transformer cores, which take care of power transmission and distribution, accounting for this dominance. Conventional grain-oriented electrical steel offers an excellent compromise of reasonable magnetic properties, low cost, and easy manufacturing, making it a preferred choice for most standard transformer applications around the world. In addition, the manufacturing processes for this material are well established, allowing economies of scale through large-scale production.

Though high magnetic strength sheets and domain refinement products provide superior magnetic properties and lower core losses, these products are increasingly limited to special application areas or high-end energy-saving applications due to the relatively higher manufacturing costs and requirement of modern manufacturing technologies. In many parts of the world, especially in developing regions, the demand for price-performance solutions far outweighs the need for highest efficiency; hence, the continued dominance of the conventional segment. However, with global energy efficiency guidelines becoming stricter and energy-efficient transformers being in demand, a rise in market share for high magnetic strength sheets and domain refinement products is anticipated. Globally, the Conventional sector is still dominant and will continue to be due to its low costing, established supply chain, and suitability for a broad variety of applications.

By Thickness

Based on Thickness, the market is segmented into 0.2 mm and below, 0.23 mm, 0.27 mm, 0.30 mm, 0.35 mm and above.

For a very long time, the 0.27 mm segment has had the best share. This is because it gives the best combination of performance, manufacturability and cost. This is the thickness of grain-oriented electrical steel mostly used in the construction of transformer cores, which are essential in power transmission and distribution network systems. Low core loss and mechanical strength describe this thickness, making it applicable in many standard transformer applications. Furthermore, the processes for making 0.27 mm sheets have matured well and are conducive to large-scale manufacturing, good quality assurances, and thus have spread rapidly. Thinner grades like 0.2 mm and 0.23 mm are more efficient, since they have much lower losses, but they are harder to manufacture and costlier, thus are used only in high-end or application-specific cases. On the other hand, grades such as 0.30 mm and 0.35 mm are easier to manufacture, but since they tend to give birth to higher energy losses, they are not as favoured with the existing stringent energy efficiency standards. Thus, the choice of the 0.27 mm segment becomes the best most basic option and will keep ruling the market of grain-oriented electrical steel in terms of efficiency, cost, and manufacturability.

Regional Snapshots

• Asia-Pacific

Grain-oriented electrical steel market is dominated by Asia-Pacific, bolstered by the consideration that government data indicates a strong growth profile for the power infrastructure. International Energy Agency (IEA), alongside reports from various governments in China and India, indicates that they have continued to invest in the growth and upgrading of electricity grids. The National Energy Administration of China has presented a significant increase in deployed power grids as well as transformer installations while India's Ministry of Power has prioritized grid modernization. The substantial government initiatives, then, have been the reason behind very high consumption of grain-oriented electrical steels, thus maintaining Asia-Pacific's leadership at the forefront of the market.

• Europe

Europe is anticipated to be the fastest-growing region for grain-oriented electrical steel. Essentially, the European Commission's "Fit for 55" package and the EU Green Deal highlight the significant need for investment in the modernization and expansion of electricity grids across the region bolstering renewable energy integration and improving energy efficiency. Besides, some of the national governments, such as Germany's Federal Ministry for Economic Affairs and Climate Action, have also announced large-scale grid upgrade projects. These government-sponsored initiatives are in turn driving the demand for grain-oriented electrical steel across Europe.

• North America

It is anticipated that North America will be the fastest-growing region in the market for grain-oriented electrical steel. This is reflected in the U.S. Department of Energy's Grid Modernization Initiative and Canada's "Investing in Canada Infrastructure Program," which highlights the sizable federal investments made in the upgrading and expansion of electricity transmission networks. Such government-backed initiatives will further drive the demand for advanced transformers and related materials, including grain-oriented electrical steel, which position North America as the fastest-growing market among all regions considered.

• Latin America

Latin America is expected to be the fastest-growing region for grain-oriented electrical steel market development according to government data. According to Brazil's Ministry of Mines and Energy, the nation has announced a series of large investments to expand and upgrade its power transmission network. Likewise, the Secretariat of Energy (SENER) of Mexico has revealed actions regarding a national grid that would be substantially added and improved to meet new electricity demand. Increasing demand for transformers and thus grain-oriented electrical steel will go on making Latin America the fastest-growing market in the next years.

• Middle East and Africa

The region of the Middle East and Africa is expected to be the fastest-growing in the grain-oriented electrical steel market, according to government reports. Saudi Arabia´s Vision 2030 along with UAE Energy Strategy 2050 stress massive investments for enhancement and modernization of power infrastructure. Also, South Africa´s Integrated Resource Plan (IRP) foresees significant upgrades to the national grid. Such government initiatives are increasing the demand for transformers and related materials, making the Middle East and Africa the fastest-growing market for grain-oriented electrical steel.

List of Top Leading Companies

• Baoshan Iron & Steel Co., Ltd. (Baosteel)
• Nippon Steel Corporation
• POSCO
• JFE Steel Corporation
• ThyssenKrupp AG
• ArcelorMittal S.A.
• AK Steel Corporation (Cleveland-Cliffs)
• Tata Steel Limited
• Novolipetsk Steel (NLMK)
• China Steel Corporation
• Shougang Group
• Ansteel Group
• Voestalpine AG
• Benxi Steel Group
• JSW Steel
• HBIS Group
• Stalprodukt S.A.
• Cogent Power (Hitachi Metals)
• WISCO (Wuhan Iron & Steel)
• ATI Metals

Key Industry Developments

• In August 2024, Nippon Steel Corporation has further announced new project investments to be made at Mon Valley Works and Gary Works in connection with its upcoming acquisition of the United States Steel Corporation.
• In October 2024, JFE Steel Corporation and JSW Steel Limited have now announced in a joint statement that they acquired agreement with ThyssenKrupp AG to acquire in totality all shares in ThyssenKrupp Electrical Steel India Private Limited (the "Acquisition"), an Indian manufacturer and supplier of electrical steel sheets, through their joint venture JSW JFE Electrical Steel Pvt.Ltd. to enter into a share purchase agreement on October 18, 2024. The acquisition will happen when authority approval and other essential procedures are completed.

Report Coverage

The report will cover the qualitative and quantitative data on the Global Grain-Oriented Electrical Steel (GOES) Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations

Global Grain-Oriented Electrical Steel (GOES) Market Regional Analysis

North America accounted for the highest xx% market share in terms of revenue in the Grain-Oriented Electrical Steel (GOES) market and is expected to expand at a CAGR of xx% during the forecast period. This growth can be attributed to the growing adoption of Grain-Oriented Electrical Steel (GOES). The market in APAC is expected to witness significant growth and is expected to register a CAGR of xx% over upcoming years, because of the presence of key Grain-Oriented Electrical Steel (GOES) companies in economies such as Japan and China.

The objective of the report is to present comprehensive analysis of Global Grain-Oriented Electrical Steel (GOES) Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.

Grain-Oriented Electrical Steel (GOES) Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 12 years data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
• The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Reasons to Purchase

• To gain insightful analyses of the Grain-Oriented Electrical Steel (GOES) market and have comprehensive understanding of the global market and its commercial landscape.
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• To understand the most affecting driving and restraining forces in the market and its impact in the global market.
• Learn about the Grain-Oriented Electrical Steel (GOES) market strategies that are being adopted by leading respective organizations.
• To understand the future outlook and prospects for the Grain-Oriented Electrical Steel (GOES) market. Besides the standard structure reports, we also provide custom research according to specific requirements.

Research Scope of Grain-Oriented Electrical Steel (GOES) Market

• Historic year: 2019-2023
• Base year: 2024
• Forecast: 2025 to 2034
• Representation of Market revenue in USD Billion

Grain-Oriented Electrical Steel (GOES) Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: