High Magnetic Induction Grain-Oriented Silicon Steel Market size is expected to witness robust growth during 2023-2032 due to technical developments in the electronics and power sector.
High magnetic induction grain-oriented silicon steel, also known as electric steel, is an alloy formed of grain-oriented silicon steel which is produced by a series of rolling and annealing processes and has a high degree of permeability. The demand for this steel has escalated given to rapid expansion in the power sector. Although, the growing popularity of amorphous steel owing to its high resistance to wear & corrosion could hamper market expansion.
Based on the product, the high magnetic induction grain-oriented silicon steel market is divided into two categories, namely cold rolling and hot rolling. With a growing preference for core materials in power and distribution transformers, cold rolled grain orientated (CRGO) stainless steel is estimated to gain considerable market share in the coming years. Due to their high knee saturation and low hysteresis, the material is often used to increase productivity and provide ease of winding. High demand for products with lower losses, reduced magnetostriction, high resistivity, and laminated core designs that enable compact core designs should influence segment development.
The power application segment is estimated to hold a major share of the high magnetic induction grain-oriented silicon steel market over the forecast period. This is attributed to the materials growing use as wrapped, punched, or laminated sheets in a variety of transformers. Soaring demand for electricity, particularly in the APAC, will accelerate the introduction of new power installation plans. The increased focus on expanding the transformer grid for better energy in the residential and commercial sectors should facilitate industry expansion.
With the rising demand for energy, the Asia Pacific high magnetic induction grain-oriented silicon steel market is anticipated to observe noteworthy growth over the estimated timeframe. The region is home to a sizable number of industry players that are frequently developing new strategies to expand their business footprint. Additionally, the fast-paced growth of the manufacturing industries in South Korea, China, and India is anticipated to advance regional market development.
Key companies operating in the global high magnetic induction grain-oriented silicon steel market include JFE Steel Corporation (JFE Holdings), Thyssenkrupp, Nippon Steel & Sumitomo Metal, Posco, AK Steel Intl., Cogent Power Limited, Baosteel (SASAC of the State Council), Arnold Magnetic Technologies Corp., Cogent power. Companies are focusing on strategic team-ups, such as acquisitions and partnerships, to introduce novel production plants for strengthening their footprint.