Grain oriented electrical steel market to grown by 1.78 % CAGR by 2024
The worldwide market for grain oriented electrical steel is expected to grow at a CAGR of roughly 1.6 % over the next five years, and will reach $7.3 B in 2024, from $6.6 B in 2019, according to the Industry Research study.
Supply and demand conditions of grain oriented electrical steel show polarization. In low-end products field, overcapacity has become more and more serious, but in the high-performance field, oriented electrical steel with high grade and magnetic induction, the market is in short supply. To seize a larger global market share, in the future, manufacturing companies will invest much more on R&D and the products will be closer to high-end field.
Asia, especially China, is the largest production and consumption region, followed by Europe and the US. Japan and Korea also play important rule in the market. This situation will not change in the short term.
The key players are: NSSMC, Posco, JFE Steel, NLMK Group, ThyssenKrupp, AK Steel, Cogent (Tata Steel), ArcelorMittal, Stalprodukt S.A., ATI, Baowu Group, Shougang, Ansteel, and China Baowu Steel Group Corp.
Source: Flatland Today