The Global Non Grain Oriented Electrical Steel Market is expected to grow at a high CAGR during the forecasting period (2022-2029).
Electrical Steel is specialty steel that exhibits magnetic properties. There are two major types of Electrical Steel- Grain-oriented electrical steel and Non-Grain Oriented Electrical Steel.
Non-Grain-oriented (NGO) electrical steel features similar magnetic properties in all directions.
Increasing consumption of Hybrid Electric Vehicles (HEVs) in the world is one of the primary drivers of the global NGO electrical steel market. NGO electric steel is primarily used in high-speed electric motors and high-frequency transformers. It is also used in traction motor of HEVs.
HEVs are a rising trend in the Automotive Industry. Global HEVs production has reached 1.2 million units in 2015 and is expected to reach 5.4 million units by 2025.
The rise in HEV sales is mainly due to increasing environmental regulations across the world. Thus, the demand for HEVs will drive the market for NGO electrical steel.
The Global Non-Grain Oriented Electrical Steel Market segments the market by type, by application, and by end-user. Based on the model, the classification includes Fully Processed, Semi-Processed, and Others.
Further, the report divides the market by applications such as Motors, Transformers, Inductors, and Others. The end-user industry includes Automotive Industry, Power, Aviation, Domestic Appliances, and Others.
Semi-processed NGO is primarily used and has a dominant market share. In semi-processed NGO magnetic properties are not fully developed. The magnetic properties are fully developed only after the Decarburization and Annealing of laminations. Moreover, a Semi-processed NGO is ideally suited for motors 20 HP or below.
Motors has the largest market in the application segment. A motor is an electrical machine that converts electrical energy into mechanical energy.
Non-Grain Oriented Electrical steel is used in traction motors for HEVs, electric power steering motors, high-efficiency air-conditioner compressor motors, vacuum cleaner motors, and energy-efficient induction motors.
The global market for electric motors is expected to be around 50 million Euros by 2030. Thus, the proliferating market for electric motors will increase the demand for NGO electrical steel in the coming years.
Geographically, the Global Non-Grain Oriented Electrical Steel Market is segmented into
North America, South America, Asia-Pacific, Europe, and the Rest of the world. Asia-Pacific region dominates the market for Non-Grain Oriented Electrical Steel.
The market is expanding at a significant pace in this region because of the increase in demand for NGO steel in various end-user industries in countries such as China, India, and Japan. China is the leading and fastest-growing market for NGO steel because of rapid urbanization and the fast-growing market for automotive especially HEVs.
The Global Non-Grain Oriented Electrical Steel market report profiles the following companies-ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal Corporation(NSSMC), JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
ArcelorMittal, Baosteel, and NSSMC are critical players in the market and hold the maximum share in the market. ArcelorMittal operates in more than 60 countries, having the largest market in Europe.
It was the largest producer of electrical steel in the world in 2017. Baosteel Group, a group, based in China exports its products to more than 40 countries and is one of the largest producers of electrical steel. NSSMC provides iron for areas such as construction, automobiles, civil engineering, energy, resources and operates in 15 countries currently.
Rest of the World
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