The global grain oriented electrical steel market size was estimated at USD 8.62 billion in 2024 and is projected to reach USD 11.86 billion by 2030, growing at a CAGR of 5.6% from 2025 to 2030. The market’s growth is primarily driven by the rising global demand for electricity and the increasing need for efficient electrical components that support reliable power transmission and distribution.
GOES is a key material used in the production of transformers, which are essential for the distribution and management of electrical power across industrial, commercial, and residential sectors. The global trend of urbanization and industrialization has significantly increased the need for advanced electrical infrastructure, thereby driving demand for GOES.
Investments in power grids, renewable energy projects, and transmission networks are further fueling the requirement for transformers, which directly impacts the consumption of grain-oriented electrical steel. The expansion of emerging markets, particularly in the Asia Pacific region, is also contributing to market growth, as these regions continue to invest heavily in electrification initiatives and infrastructure development. As a result, the GOES market is experiencing steady growth, supported by both technological advancements in electrical components and ongoing global efforts to enhance energy distribution systems.
Key Market Trends & Insights:
• Asia Pacific emerged as the dominant region in the global grain oriented electrical steel (GOES) market, accounting for a revenue share of over 69.0% in 2024. The region’s leadership is attributed to rapid industrialization, urbanization, and infrastructure expansion, which have significantly increased the demand for electrical components such as transformers and motors. Countries in Asia Pacific, particularly China, India, and Japan, are investing heavily in power generation, transmission networks, and electrification projects, further reinforcing the region’s strong market position.
• In North America, the grain oriented electrical steel market is projected to grow at a CAGR of 6.1% over the forecast period. The growth in this region is supported by ongoing modernization of power grids, increased adoption of renewable energy projects, and rising investments in industrial automation. Technological advancements in electrical machinery and a focus on energy-efficient solutions are also expected to drive market expansion in North America.
• By end use, the motors segment is anticipated to register the fastest CAGR over the forecast period. This growth is driven by the increasing demand for energy-efficient electric motors in industrial, commercial, and residential applications. The rising adoption of electric vehicles, industrial automation, and advanced machinery requiring high-performance motors further contributes to the accelerated growth of the motors segment within the GOES market.
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Market Size & Forecast:
• 2024 Market Size: USD 8.62 Billion
• 2030 Projected Market Size: USD 11.86 Billion
• CAGR (2025-2030): 5.6%
• Asia Pacific: Largest market in 2024
Key Companies & Market Share Insights:
Some of the key players in the grain oriented electrical steel (GOES) market include ArcelorMittal and POSCO, both of which hold significant positions in the global steel industry. These companies focus on technological innovation, product quality, and global market expansion to maintain their competitive edge in the GOES segment.
ArcelorMittal is one of the world’s leading steel and mining companies, operating in over 60 countries and maintaining a presence in all major global markets. The company produces a diverse portfolio of steel products that serve multiple industries, including automotive, construction, and household appliances. Within the electrical steel segment, ArcelorMittal manufactures grain oriented electrical steel specifically designed for transformers and other electrical applications, where high magnetic permeability and performance are critical. The company’s expertise in producing high-quality GOES ensures reliability and efficiency in power distribution and electrical machinery applications.
POSCO, a South Korean multinational steel-making company, is recognized as one of the largest steel producers globally. The company operates across various regions, providing a wide range of steel products for industries such as automotive, construction, shipbuilding, and energy. POSCO specializes in producing grain oriented electrical steel with superior magnetic properties, achieved through uniform crystal orientation and advanced manufacturing processes. This high-quality GOES is extensively used in transformers and other electrical components, offering enhanced efficiency, reliability, and performance in critical applications.
Key Players
• ArcelorMittal
• Arnold Magnetic Technologies
• Baosteel Group Corporation
• Cleveland-Cliffs Inc.
• JFE Steel Corporation
• NIPPON STEEL CORPORATION
• POSCO
• Stalprodukt S.A.
• thyssenkrupp
• VIZ-Steel
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Conclusion:
The grain-oriented electrical steel (GOES) market is experiencing significant growth, primarily driven by the increasing demand for electricity and the need for efficient electrical components. GOES plays a crucial role in the manufacturing of transformers, which are essential for power distribution. The rise in urbanization and industrialization globally has led to a surge in the demand for electrical infrastructure, thereby propelling the GOES market. Investments in power grids, renewable energy projects, and transmission networks are further boosting the demand for transformers and, consequently, for grain-oriented electrical steel.
