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High Magnetic Induction Grain-Oriented Silicon Steel Market will register significant growth between 2024 and 2032, propelled by partnerships and initiatives spearheaded by leading companies in the region. These collaborations foster innovation, driving the development of advanced technologies and products.
For instance, in May 2023, JSW Steel and JFE Steel of Japan announced their plan to establish a joint venture company aimed at manufacturing the complete range of CRGO products at proposed facilities in Vijayanagar, Karnataka. This collaboration marked a significant milestone as it was the first venture to produce CRGO products entirely within India. Additionally, the joint venture was poised to address the rapidly growing Indian demand by offering "Made in India" CRGO products, leveraging JFE Steel's energy-efficient production technology developed through extensive research and development.
As companies align efforts to improve performance and efficiency, the market experiences a surge in demand for high-quality grain-oriented silicon steel. This trend underscores a collective commitment to meeting the evolving needs of industries reliant on magnetic materials, such as renewable energy, automotive, and electrical engineering.
The high magnetic induction grain-oriented silicon steel market experiences heightened demand as an increasing number of companies showcase their products at leading events. These exhibitions serve as platforms for companies to highlight the latest innovations and technological advancements in grain-oriented silicon steel. By participating in such events, companies attract attention from potential customers and industry stakeholders, thus stimulating demand for their products. This trend underscores the importance of marketing and networking in driving growth and competitiveness within the market.
For instance, In February 2023, Thyssenkrupp Electrical Steel India announced that it is set to exhibit their products at the Elecrama event in New Delhi. The company was enhancing CRGO production in India to support the transition towards green energy. With a capacity to manufacture 50,000 tonnes of superior-grade CRGO, ThyssenKrupp employed powercore® technology to produce efficient grain-oriented electrical steel, vital for distribution and power transformers.
The High Magnetic Induction Grain-Oriented Silicon Steel Market faces several restraints. Supply chain disruptions, including raw material shortages and transportation challenges, can hinder manufacturing processes and limit market accessibility. Additionally, stringent environmental regulations and energy efficiency standards pose compliance burdens on manufacturers, potentially increasing production costs. Market saturation and intense competition also present challenges for companies striving to differentiate their products. Overcoming these obstacles requires strategic adaptation and innovation to navigate the complexities of the market.
High magnetic induction grain-oriented silicon steel industry trends are shaped by rising companies launching new product lines and innovations. These companies drive market evolution by introducing cutting-edge technologies and enhanced product offerings. From advanced manufacturing processes to novel applications, these innovations cater to the growing demand for high-performance materials in various industries. By continuously pushing boundaries and addressing emerging needs, these companies set the pace for the market, fostering competitiveness and propelling the market toward continued growth and advancement.
To cite an instance, in April 2023, Beijing Shougang, a subsidiary of Shougang Group, announced the commencement of operations for a groundbreaking new grain-oriented electrical steel production line. This line, touted as the first specialized production facility in the world for 100% thin gauge and high magnetic induction GO electrical steel, was unveiled alongside two new GO electrical steel products at a product launch event in Qian'an City, North China's Hebei province.
The industry is divided into two categories, namely cold rolling and hot rolling. With a growing preference for core materials in power and distribution transformers, cold-rolled grain-orientated (CRGO) stainless steel is estimated to gain considerable market share in the coming years. Due to their high knee saturation and low hysteresis, the material is often used to increase productivity and provide ease of winding. High demand for products with lower losses, reduced magnetostriction, high resistivity, and laminated core designs that enable compact core designs should influence segment development.
The power application segment is estimated to hold a major share of the high magnetic induction grain-oriented silicon steel market over the forecast period. This is attributed to the growing use of materials as wrapped, punched, or laminated sheets in a variety of transformers. Soaring demand for electricity, particularly in the APAC, will accelerate the introduction of new power installation plans. The increased focus on expanding the transformer grid for better energy in the residential and commercial sectors should facilitate industry expansion.
With the rising energy demand, the Asia Pacific market is anticipated to observe noteworthy growth over the estimated timeframe. The region is home to a sizable number of industry players who are frequently developing new strategies to expand their business footprint. Additionally, the fast-paced growth of the manufacturing industries in South Korea, China, and India is anticipated to advance regional market development.
Major companies operating in the high magnetic induction grain-oriented silicon steel industry competitive landscape include:
In October 2023, JFE Steel Corporation announced that its JGreeX™ green steel, grain-oriented electrical steel, was selected for inaugural use in transformers that will be manufactured in Europe. This was also the first order for JGreeX™ outside of Japan as well as its first use in electrical steel sheets. JFE Steel used the mass-balance approach to allocate emission reductions to specific JGreeX™ green-steel products. By Japan Iron and Steel Federation guidelines, JFE Steel allocated the environmental value of CO2 emission reductions achieved across an entire manufacturing process to specific steel products, which were then considered to have low CO2 emission intensity.