Non-Grain Oriented Electrical Steel Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Non-Grain Oriented Electrical Steel Market
The non-grain oriented electrical steel market size was valued at USD 17.39 billion in 2023, and the market is now projected to grow from USD 18.15 billion in 2024 to USD 26.88 billion by 2032, exhibiting a CAGR of 5.0% during the forecast period of 2024-2032.
COVID-19-related government measures disrupted steel output for manufacturers. Lower demand for power from business and business sectors led to a lower in strength generator use. This ended in lowering demand for non-grain orientated electrical steel, that's important for generating excessive-performance energy generating motors. These issues disturbed both supply and demand for the goods.
Non-grain oriented steel is a crucial magnetic and structural material for producing electrical instruments like power generation motors and rotors. Its excellent punching workability, strong magnetic flux, and high efficiency make it suitable for large rotating equipment. The constant demand for power generation motors and rotors has increased the consumption of electrical steel. The rapid growth of the automotive industry also drives the market growth, as non-oriented grain electric steel is essential for motor production and high-performance electric vehicles.
The steel sector has had moderate growth in recent years. However, the emergence of hybrid electric cars has led to growing product demand. The utilization of non-grain orientated electrical steel in EV cars is in all likelihood to pressure market expansion, specially in emerging international locations. Non-grain oriented electric metallic is generally used in production EV rotors, traction automobiles, and different electrical home equipment. Electrical metallic is used in engines, traction cars, high-speed rotors, and electric cars in both conventional and electric powered cars. Hybrid electric vehicles are driving up non-grain oriented electrical steel market growth, providing market potential throughout the projection period.
Comprehensive Analysis of Non-Grain Oriented Electrical Steel Market
The non-grain oriented electrical steel market is segmented into thicknesses (0.35 mm, 0.5 mm, 0.65 mm, and others), with the 0.5 mm segment dominating the market in 2023. Thicker sheets are used in heavy-duty equipment like transformers and power generators, while thinner sheets are used in smaller motors and generators. The market is divided into semi-processed and fully-processed types. Semi-processed steel is heat-treated to achieve desired microstructure, allowing for customization in applications like electric motor rotors and stators. Fully-processed steel is used in limited magnetic field applications. The market is categorized into household appliances, AC motors, and power generation. Power generation is the largest segment, with the highest CAGR growth expected. The growing demand for energy-efficient motors in home appliances is also driving demand for non-grain oriented steel.
The Asia Pacific region lead the non-grain oriented electrical steel market share by benefitting a market size of USD 7.84 billion in 2023 due to developing nations, such as India and China, have significant untapped economic development potential. That is expected to occur throughout the evaluation phase. Infrastructure demand, particularly in electricity distribution, generation, and transmission, is expected to rise in these countries as their economies expand. NGOES are essential components of any electrical equipment in power infrastructure. Growing demand from the electrical power industry is expected to boost market expansion in Asia Pacific. China is the top country in Asia Pacific due to increased demand for electricity from diverse industries.
Key players in the steel industry include Benxi Steel Group Co., Ltd. (China), CSC Steel Sdn. Bhdx. (Malaysia), Tata Steel (India), Nucor Corporation (US), NLMK (Russia), ArcelorMittal S.A. (Luxembourg), Shougang Group (China), Thyssenkrupp Steel (Germany), Baosteel Group Corporation (China), POSCO (South Korea), NIPPON STEEL CORPORATION (Japan), and Voestalpine Group. These firms focus on product innovation, capacity improvement, cooperation, and market acquisitions.
January 2024: POSCO completes building of the new electrical sheet facility in Gawangyang. The newly built factory can create high-efficiency, environmentally friendly non-grain oriented electrical steel sheets. The firm aims to attain net zero carbon emissions by 2050 by competing in green product categories.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 5.0% from 2024 to 2032
Unit Value (USD Billion), Volume (Kiloton)
Segmentation By Thickness
0.35 mm0.5 mm0.65 mm
Others
By Type
Semi-processed
Fully Processed
By Application
Household Appliances
AC Motor
Power Generation
Others
By Geography
North America (Value & Volume)
- U.S.
- Canada
Europe (Value & Volume)
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific (Value & Volume)
- China
- Japan
- South Korea
- Australia
- Thailand
- Rest of Asia Pacific
Latin America (Value & Volume)
- Brazil
- Argentina
- Chile
- Rest of Latin America
Middle East & Africa (Value & Volume)
- South Africa
- Egypt
- UAE
- Saudi Arabia
- Rest of MEA