The Grain-Oriented Silicon Steel Market size is anticipated to grow at US$ XX billion by 2026 and increasing at a CAGR of XX% during 2021 and 2026.
Grain-Oriented Silicon Steel Market Scenario:
Grain Orientated Silicon Steel market is developing quicker, with considerable growth rates in recent years. As a result, it is projected to increase significantly in the anticipated period, i.e., 2021 to 2026. The necessity to reduce production and process costs and the drive for a sustainable environment that will encourage market expansion are critical aspects of the rise in market revenue for Grain-Oriented Silicon Steel. Magnetic softness is improved, while electrical resistance is increased, thanks to the silicon additions. However, when silicon additions exceed roughly two wt. Percent, they also have the unfavorable effects of lowering the Curie temperature, decreasing saturation magnetization, and embrittling the alloy. Silicon steels with more than roughly 3% silicon are challenging to produce due to the embrittling effects of silicon. Owing to these factors, the grain-oriented silicon steel market would experience significant growth during 2021-2026.
Increasing power demand, particularly in developing nations like India, Indonesia, and Vietnam, is expected to positively impact the grain-oriented silicon steel market. These counties are positioned to bolster the need for transmission capacity development due to fast urbanization and a growing population. For example, according to a study, the National Institution for Transforming India (NITI) increased transmission capacity by over 51,000 circuit kilometers (CKM) between 2016 and 2017. As a result, consistent transmission network expansion is expected to play a critical role in product demand. Grain-oriented silicon steel refers to orientated silicon steel that has been cold rolled. The ferrosilicon alloy cold-rolled oriented silicon steel, commonly known as cold-rolled transformer steel, is widely utilized in manufacturing the transformer (iron core). It has a complicated manufacturing process and stringent manufacturing technology.
Silicon steel is a soft magnetic material used in power transformers, motors, and generators. It has a high silicon concentration of roughly 3.2 mass percent, which raises iron's electrical resistivity and lowers eddy current losses. Grain-Oriented Silicon Steel is characterized by a stable preferred crystallographic orientation in non-rotating applications, such as transformers. The crystal directions are the easiest magnetization orientations in iron. The Goss orientation is technologically realized in Grain-Oriented Silicon Steel to minimize magnetic losses in electrical transformers. The product is an iron-silicone alloy that can deliver high permeability and minimal core loss in electrical transformers. Therefore, it is frequently used as the core of power transformers and is regarded as the most energy-efficient steel. As a result, the product is also known as transformer steel in different parts of the world. These are the crucial factors that tend to boost the global grain-oriented silicon steel market in the upcoming years.
Grain-Oriented Silicon Steel Market Restraints:
The slow growth of the grain-oriented silicon steel market, mainly in the emerging economies, and the increasing demand for amorphous steel are the primary factors the hampers the grain-oriented silicon steel market growth. Transformer makers' main task is to reduce or eliminate core losses. Traditionally, transformer manufacturer's preferred cold-rolled grain-oriented (CRGO) steel. However, the capacity of amorphous steel to minimize core losses by a large margin compared to CRGO is expected to boost demand for the material. As a result, the growth of the Grain-Oriented Silicon Steel Market will be limited.Moreover, silicon requires a thick layer and has short life cycles. On the other hand, silicon crystals are very expensive. These are the major restraints that slow down the global grain-oriented silicon steel market growth.
Recent Developments in the Grain-Oriented Silicon Steel Market:
Stalprodukt SA launched the production of laser-treated steel. Through the decrease of core loss, the laser scratching method allows for a significant, long-term improvement in the magnetic properties of electrical steel strips.
The board of directors of AK Steel has approved a $21 million capital investment to enhance the Company's manufacturing capacities for high-value-added, grain-oriented electrical steels, which are currently in great demand in domestic and international markets.
Tata Steel announced a wide variety of new electrical steel products. In addition, it possesses a unique quality. It can reduce the loss of electricity by 25-35 % than conventional grain-oriented grades.
JFE Steel Corporation declared that it had signed a Memorandum of Understanding with JSW Steel Limited (JSW), a Strategic Alliance Partner, The goal is to complete the study during the current fiscal year of 2021 and then take the necessary procedures to set up the Company, pending the required permissions.
Based on the product, 0.30 mm tends to hold the largest grain-oriented silicon steel market and sustain its dominance during the forecast period. This is because the 0.30mm thickness of silicon steel increases the electrical resistivity of iron and is also responsible for decreasing eddy currents losses.
Based on application, the application of the electric motor plays the dominant in the global grain-oriented silicon steel market. It is anticipated to hold the maximum CAGR during the forecast period. The cores of motors, transformers, and generators are made of electrical steel, commonly known as silicon steel, a steel alloy of iron and silicon. This softer form of steel has a wide range of magnetic characteristics, high permeability, and low core loss, further responsible for the global grain-oriented silicon steel market growth.
The Grain-Oriented Silicon Steel Market Report includes the segmentation of Regions:
North America region acts as a dominant player in the Grain-Oriented Silicon Steel Market owing to the increasing demand for electricity, mainly in U.S and Canada.
Asia Pacific tends to grow with the highest CAGR in the Grain-Oriented Silicon Steel Market owing to increasing population and rapid urbanization in India and China.
Europe region is anticipated to have a significant CAGR owing to the increasing focus on high-end quality products.
Middle East and Africa
Impact of COVID-19 on Grain-Oriented Silicon Steel Market:
The grain-oriented silicon steel market has experienced a negative impact due to COVID-19. Most of the population across the world is confined to their homes due to the fear of getting a virus. The different age groups of people were suffered from various symptoms of the COVID-19. The rapid spread of the disease may cause many regions to step towards lockdown across the world. As a result, several industries faced huge loss and manufacturers have no other choice to follow the regulations implemented by the government. However, the purchasing power of the consumers was decreased, the grain-oriented silicon steel market suffered a massive loss and is trying many ways to recover post-COVID.
The companies covered in the report include:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Grain-oriented Silicon Steel Market , By Product
6.1.5 Market Size Estimations & Forecasts (2021-2026)
6.1.6 Y-o-Y Growth Rate Analysis
6.1.7 Market Attractiveness Index
6.2 Grain-oriented Silicon Steel Market , By Application
6.2.1 Electric Motors
6.2.3 Home Appliances
6.2.6 Market Size Estimations & Forecasts (2021-2026)
6.2.7 Y-o-Y Growth Rate Analysis
6.2.8 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Product
7.2.3 By Application
7.3.1 By Country
22.214.171.124 Rest of Europe
7.3.2 By Product
7.3.3 By Application
7.4 Asia Pacific
7.4.1 By Country
126.96.36.199 South Korea
188.8.131.52 South East Asia
184.108.40.206 Australia & NZ
220.127.116.11 Rest of Asia-Pacific
7.4.2 By Product
7.4.3 By Application
7.5 Latin America
7.5.1 By Country
18.104.22.168 Rest of Latin America
7.5.2 By Product
7.5.3 By Application
7.6 Middle East and Africa
7.6.1 By Country
22.214.171.124 Middle East
7.6.2 By Product
7.6.3 By Application
8. Key Player Analysis
8.1 Stalprodukt SA
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 AK Steel
8.5 Millennium Steel
8.8 KODDAERT nv
8.10 JFE Steel
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Grain-oriented Silicon Steel Market By Region, From 2021-2026 ( USD Billion )
Global Grain-oriented Silicon Steel Market By Product, From 2021-2026 ( USD Billion )
Global 0.23mm Market By Region, From 2021-2026 ( USD Billion )
Global 0.27mm Market By Region, From 2021-2026 ( USD Billion )
Global 0.30mm Market By Region, From 2021-2026 ( USD Billion )
Global 0.37mm Market By Region, From 2021-2026 ( USD Billion )
Global Grain-oriented Silicon Steel Market By Application, From 2021-2026 ( USD Billion )
Global Electric Motors Market By Region, From 2021-2026 ( USD Billion )
Global Transformer Market By Region, From 2021-2026 ( USD Billion )
Global Home Appliances Market By Region, From 2021-2026 ( USD Billion )
Global Generator Market By Region, From 2021-2026 ( USD Billion )
Global Others Market By Region, From 2021-2026 ( USD Billion )