Grain Oriented Electrical Steel Market Estimated to Reach USD 22.71 Billion by 2034, Growing at a CAGR of 5.7%

Global Grain Oriented Electrical Steel Market size and share is currently valued at USD 13.02 billion in 2024 and is anticipated to generate an estimated revenue of USD 22.71 billion by 2034, according to the latest study by Polaris Market Research. Besides, the report notes that the market exhibits a robust 5.7% Compound Annual Growth Rate (CAGR) over the forecasted timeframe, 2025 – 2034

Market Definition

The Grain Oriented Electrical Steel (GOES) Market encompasses specialized silicon steel used in the core of transformers and electrical machines to enhance magnetic properties and energy efficiency. Characterized by a highly ordered crystal grain structure, GOES minimizes energy losses during magnetization and demagnetization cycles. It is critical in the manufacture of power and distribution transformers, reactors, and other electromagnetic devices. Rising global electricity demand, grid modernization efforts, and growth in renewable energy infrastructure are primary growth drivers. The market also benefits from increasing investments in smart grids and transmission upgrades. Key characteristics such as low core loss, high permeability, and coating technologies for insulation improvement continue to drive innovation. Asia Pacific dominates production and consumption, with strong demand from utilities, heavy industry, and electrical OEMs.

Key Report Highlights

The report highlights the key region that accounts for the highest revenue share in the global Grain Oriented Electrical Steel market.
It identifies the leading country within this region that makes a significant contribution to the market’s overall performance.
The report outlines the dominant segment that holds a major share of the market.
It also emphasizes the fastest-growing segment projected to gain strong traction during the forecast period.
Qualitative and quantitative market analysis have been used to provide an in-depth understanding of the market.

Market Overview: Key Figures at a Glance

Market Size Value in 2024 USD 13.02 billion
Market Size Value in 2025 USD 13.75 billion
Revenue Forecast in 2034 USD 22.71 billion
CAGR 5.7% from 2025–2034
Base Year 2024

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Market Growth Drivers

The Grain Oriented Electrical Steel (GOES) Market is expanding due to rising electricity demand, increasing renewable energy integration, and the need for energy-efficient power infrastructure. GOES is a critical material for transformer cores, offering superior magnetic properties and reduced core losses. As countries modernize transmission grids and invest in smart grid technologies, the demand for high-performance electrical steel rises. Growth in electric vehicles and renewable energy sources like wind and solar also contributes to increased transformer production. Energy efficiency regulations and sustainability goals are pushing manufacturers to develop low-loss, environmentally friendly GOES grades. Emerging economies are heavily investing in power infrastructure upgrades, boosting market demand. Additionally, innovations in coating technologies and silicon processing are enhancing product quality and reducing performance losses, thereby driving further market penetration.

Market Key Players

The competitive landscape features a mix of long-standing companies and emerging contenders. Grain Oriented Electrical Steel Market Leading players are actively pursuing R&D initiatives and strategic moves to strengthen their market position. Notable participants include