Europe GO Electrical Steel Market was valued at USD 6.00 Billion in 2022 and is projected to reach USD 8.00 Billion by 2030, growing at a CAGR of 4.10% from 2024 to 2030.
The Europe GO Electrical Steel market is witnessing significant demand driven by various industries, particularly in the energy and automotive sectors. As the need for more efficient energy consumption grows, GO (Grain-Oriented) Electrical Steel is becoming an essential material for transformers, electric motors, and other electrical components. This market is essential for industries that require high-performance steel products to optimize the functioning of their devices and machines.
GO Electrical Steel is a key material in the manufacturing of transformers, as it possesses excellent magnetic properties that are crucial for reducing energy losses and enhancing the efficiency of electrical systems. The energy sector, with a growing emphasis on renewable energy and grid modernization, continues to push the demand for GO Electrical Steel. Additionally, the automotive industry, with its shift toward electric vehicles (EVs), requires high-quality electrical steel for the manufacturing of motors that power EVs. The unique properties of GO Electrical Steel make it an ideal material for these applications.
Industries are increasingly requiring GO Electrical Steel due to the rising need for energy-efficient and sustainable technologies. In particular, countries in Europe are focusing on reducing carbon emissions, which requires adopting advanced electrical materials like GO Electrical Steel. According to estimates, the growing need for renewable energy solutions, particularly wind and solar power, has further increased the demand for transformers that use GO Electrical Steel to improve their performance and efficiency.
In addition to the energy and automotive industries, the use of GO Electrical Steel is also expanding in the industrial sector for applications that require high-efficiency motors and transformers. As industries continue to evolve and integrate advanced technology, the demand for high-performance materials, including GO Electrical Steel, is expected to continue growing.
Furthermore, the increasing adoption of electric vehicles and the shift toward sustainable infrastructure are contributing to the rising requirement for GO Electrical Steel across Europe. Industries are realizing the benefits of using this steel to optimize energy use, reduce losses, and create more efficient systems.
The Europe GO Electrical Steel market, driven by evolving industrial requirements, continues to grow as key sectors like energy, automotive, and manufacturing demand more efficient materials for their products. As the need for innovative and sustainable solutions intensifies, GO Electrical Steel is expected to play a crucial role in meeting these demands.
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Baowu Group
Nippon Steel Corporation
AK Steel
NLMK Group
ThyssenKrupp
Posco
JFE Steel
Shougang
Stalprodukt S.A.
Ansteel
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Europe GO Electrical Steel Market
Grain-Oriented Electrical Steel (GOES)
Non-Grain-Oriented Electrical Steel (NGOES)
Transformers
Motors
Generators
Inductors
Other Electrical Devices
Uncoated Electrical Steel
Coated Electrical Steel
Less than 0.5 mm
0.5 mm - 1 mm
Greater than 1 mm
Energy & Power
Automotive
Industrial Machinery
Consumer Electronics
Others
US (United States, US and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Europe GO Electrical Steel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Europe GO Electrical Steel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Europe GO Electrical Steel Market, By Type
6. Europe GO Electrical Steel Market, By Application
7. Europe GO Electrical Steel Market, By Geography
US
Europe
Asia Pacific
Rest of the World
8. Europe GO Electrical Steel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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