Non-Grain Oriented Electrical Steel Market 2023 - By Industry Demand, Growth Drivers, Share Analysis, Trends And Outlook By 2032

The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company's Non-Grain Oriented Electrical Steel Global Market Report 2023 identifies rising adoption of electric vehicles (EV) as the major driver for the Non-Grain Oriented Electrical Steel market's growth in the forecast period. The electric vehicle is automotive that can be powered by an electric motor that takes electricity from a battery and can be charged from an external source. The non-oriented electrical steel enhances the performance of the electric motor used as the core material in electric vehicles; as a result, the rising adoption of electric vehicles increases the demand for non-grain oriented electrical steel.

The global non-grain oriented electrical steel market size is expected to grow from $13.58 billion in 2022 to $14.32 billion in 2023 at a compound annual growth rate (CAGR) of 5.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The size of non-grain oriented electrical steel market is expected to reach $16.96 billion in 2027 at a CAGR of 4.3%.

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Major competitors in the Non-Grain Oriented Electrical Steel market are ThyssenKrupp AG, ArcelorMittal SA, Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, Ansteel Group Corporation Limited.

A key trend in the Non-Grain Oriented Electrical Steel market includes product innovation. Major companies operating in the non-grain-oriented electrical steel market are focused on developing innovative products to strengthen their position in the market. For instance, in December 2022, Cleveland-Cliffs Inc., a US-based mining and manufacturing company of electrical steel, iron ore, and other ferroalloys, launched MOTOR-MAX. This product is a high-frequency non-oriented electrical steel (HF NOES) that can enhance the engine's ultimate performance and efficiency developed for high-speed engines, electric vehicle (EV) propulsion motors, aviation generators, and other rotating machinery.

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The Non-Grain Oriented Electrical Steel market is segmented -

• By Product: Fully Processed, Semi-processed
• By Thickness: 0.35 mm, 0.5 mm, 0.65 mm, Other Thickness
• By Application: Inductors, Transformers, Motors, Other Applications
• By End User: Automotive Industry, Aviation, Power, Domestic Appliances, Other End Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Asia Pacific was the largest region in the Non-Grain Oriented Electrical Steel market.

The Business Research Company's "Global Non-Grain Oriented Electrical Steel Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.

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The Table Of Content For The Non-Grain Oriented Electrical Steel Market Include:

1. Executive Summary
2. Non-Grain Oriented Electrical Steel Market Characteristics
3. Non-Grain Oriented Electrical Steel Market Trends And Strategies
4. Non-Grain Oriented Electrical Steel Market - Macro Economic Scenario
5. Global Non-Grain Oriented Electrical Steel Historic Market Size and Growth, 2017 - 2022, Value ($ Billion)
………………………………………..
32. Global Non-Grain Oriented Electrical Steel Market Competitive Benchmarking
33. Global Non-Grain Oriented Electrical Steel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Non-Grain Oriented Electrical Steel Market
35. Non-Grain Oriented Electrical Steel Market Future Outlook and Potential Analysis
36. Appendix

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