A new study on the global grain oriented electrical steel (GOES) market made available by Absolute Reports focuses on the GOES markets in North America, Europe, Asia-Pacific, South America, Middle East and Africa in the forecast period 2019-2024.

The global grain oriented electrical steel market is expected to grow at a CAGR of around 1.6% over the next five years, and reach $7.27 billion in 2024, from $6.59 billion in 2019, according to the report.

Over the past few years, from 2012-2016 in particular, global grain oriented electrical steel industry developed at a low growth rate due to a complex international economic situation. However, in Asia, especially China and India, grain oriented electrical steel industry developed at a higher growth rate. In the period from 2017-2025, grain oriented electrical steel industry in Asia will keep growing at the CAGR of 1.78%.

High-performance electrical steel is in high demand, as there is short supply in the market. In the future, manufacturing companies will invest much more in R&D and to get their products closer to the high-end market and seize a larger market share.

By region, Asia, and especially China, is the largest production and consumption region, followed by Europe and US. Japan and Korea also play an important role.

Some of the most important players in the market profiled in the report include NSSMC, Posco, JFE Steel, NLMK Group, ThyssenKrupp, AK Steel, Cogent (Tata Steel), ArcelorMittal, Stalprodukt S.A., ATI, Baowu Group, and Shougang. These suppliers occupied about 95% of the production market in 2017.

In the meantime, newly created China Baowu Steel Group Corp by Wisco and Baosteel have become the largest player in the world, the reports says.

Source: Absolute Reports