1. What is the projected Compound Annual Growth Rate (CAGR) of the U.S. Grain Oriented Electrical Steel (GOES) Market?
The projected CAGR is approximately 5.6%.
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U.S. Grain Oriented Electrical Steel (GOES) MarketU.S. Grain Oriented Electrical Steel (GOES) Market by Product Type (Conventional, High Magnetic Strength, Domain Refinement), by Thickness (0.2 mm, Below, 0.23 mm, 0.27 mm, 0.30 mm, 0.35 mm, Above), by Application (Transformer, Power Generator, Electric Motor, Others), by Forecast 2026-2034
The U.S. Grain Oriented Electrical Steel (GOES) Marketsize was valued at USD 896.9 USD Million in 2023 and is projected to reach USD 1313.38 USD Million by 2032, exhibiting a CAGR of 5.6 % during the forecast period. Grain Oriented Electrical Steel (GOES) is a specialized type of electrical steel optimized for high magnetic permeability and low core loss in the direction of rolling. It is primarily used in the cores of transformers and large electric machines, where efficient magnetic flux conduction is critical. GOES is classified into two main types: conventional grain-oriented (CGO) and high permeability grain-oriented (HGO). Key features of GOES include its reduced hysteresis loss, high saturation magnetization, and excellent magnetic properties along the rolling direction. These characteristics make GOES indispensable in power transformers, distribution transformers, and certain magnetic amplifiers, contributing to the overall efficiency and performance of electrical power systems.
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Product Type:
Thickness:
Application:
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| Aspects | Details |
|---|---|
| Study Period | 2020-2034 |
| Base Year | 2025 |
| Estimated Year | 2026 |
| Forecast Period | 2026-2034 |
| Historical Period | 2020-2025 |
| Growth Rate | CAGR of 5.6% from 2020-2034 |
| Segmentation |
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Note*: In applicable scenarios
Primary Research
Secondary Research
Involves using different sources of information in order to increase the validity of a study
These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.
Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.
During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence
The projected CAGR is approximately 5.6%.
Key companies in the market include Cleveland-Cliffs Inc. (U.S.), Arnold Magnetic Technologies (U.S.), VIZ-Steel (U.S.), ArcelorMittal (Luxembourg), POSCO (South Korea), Baosteel Group Corporation (China), Nippon Steel Corporation (Japan), JFE Steel Corporation (Japan), ThyssenKrupp Steel (Germany).
The market segments include Product Type, Thickness, Application.
The market size is estimated to be USD 896.9 USD Million as of 2022.
Increased Grain Oriented Electrical Steel Demand for Enhancing Energy Grid to Drive Market Growth.
Growing Renewable Energy Adoption to Boost Market Growth.
Fluctuations in Energy Prices to Hamper Market Growth.
December 2019 – Cleveland-Cliffs Inc. acquired AK Steel to be self-sufficient in iron ore pellets and geared toward high value-added steel products. AK Steel engages in the production of automotive steel, electrical steel, and flat-rolled carbon stainless products. Cleveland-Cliffs Inc. expects growth post-acquisition due to the contracted nature of AK Steel’s sales of high-end automotive steel.
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The market size is provided in terms of value, measured in USD Million and volume, measured in K Tons .
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