Market Overview
The global non-grain oriented electrical steel market reached USD million in 2023 and is projected to witness lucrative growth by reaching up to USD million by 2031. The market is growing at a CAGR of 5.2% during the forecast period (2024-2031). Electrical equipment like transformers, motors, generators and electromechanical parts are made with NGO electric steel, a type of electrical steel.
The fully processed steel, known as non-grain oriented electrical steel, uses an iron-silicon alloy with varying silicon concentrations and the same magnetic characteristics in all directions of the sheet's plan. It is an excellent material for electrical energy transfer machinery due to its high magnetic characteristics and capacity to generate powerful magnetic fields.
Market Summary
| Metrics | Details |
| CAGR | 5.2% |
| Size Available for Years | 2022-2031 |
| Forecast Period | 2024-2031 |
| Data Availability | Value (US$) |
| Segments Covered | Type, Thickness, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | North America |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Market Dynamics
The rising use of electric steel in HEVs
The expanding global automobile manufacturing is primarily driving the expansion of the electrical steel market. A variety of materials are used to make cars. A main factor propelling the global NGO electrical steel market is the rise in the usage of hybrid electric vehicles (HEVs) on a global scale. High-frequency transformers and high-speed electric motors are the two main applications of NGO electric steel. Additionally, HEV traction motors employ it. A growing trend in the automotive industry is HEVs.
High costs and volatility in raw material price
High manufacturing costs and the instability of raw material prices are two obstacles to the growth of the global NGO electric steel industry. NGO electric steel production is capital-intensive and necessitates substantial investments in machinery and technology, leading to high production costs.
Market Segment Analysis
The global non-grain oriented electrical steel market is segmented based on type, thickness, application, end-user and region.
The exceptional magnetic characteristics drive the growth of the transformers
Due to its exceptional magnetic characteristics and capacity to create powerful magnetic fields, NGO electric steel is frequently used in transformers. The magnetic field in a transformer is used to move energy from one circuit to another, usually using electromagnetic induction. NGO electric steel's magnetic qualities make it perfect for transformers because they enable effective energy transfer with little loss.
Market Geographical Share
The significant growth automotive industry in Asia-Pacific
China and India, which are both seeing substantial growth in their automotive industries, are the two countries that dominate Asia-Pacific market for non-grain oriented electrical steel. These industries are expanding due to increased public and private investments, population growth, economic expansion and high disposable income. Multinational steel producers like ArcelorMittal, Tata Steel, Nippon Steel & Sumitomo Metal Corporation and POSCO Steel are also responsible for the growth in Asia-Pacific.
Companies and Competitive Landscape
The major global players include ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal, JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
Key Developments
- In March 2021, ArcelorMittal invested US$14,09,000,000 in its iCARe electrical steels for the automobile industry production in Saint Chély d'Apcher, France. The factory will be able to produce cutting-edge non grain-oriented (NO) iCARe electrical steel grades as a result of the investment, satisfying the needs of the electro-mobility industry.
- On May 2021, JFE Steel Corporation and JSW Steel Limited (JSW) signed a memorandum of understanding to make a feasibility study for creating an Indian joint-venture business for the manufacturing and marketing grain-oriented electrical steel sheets.
- On November 2020, Nippon Steel announced plans to invest almost US$1 billion in two locations in Japan to increase its capacity for producing electrical steel sheets. Production capacity is anticipated to increase by over 40% due to this series of capacity and quality enhancement measures, which will go into effect in the first half of 2023.
The global non-grain oriented electrical steel market report would provide approximately 69 tables, 77 figures and 210 Pages.
