Non-Grain Oriented Electrical Steel Market Report 2024 Key Players, Growth Demand And Forecast 2033

The non-grain oriented electrical steel market size has grown strongly in recent years. It will grow from $14.32 billion in 2023 to $15.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to industrial revolution impact, electrification of industries, research and development, urbanization and infrastructure growth, emergence of energy-efficient appliances.

The non-grain oriented electrical steel market size is expected to see steady growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The growth in the forecast period can be attributed to supply chain optimization, industry 4.0 and automation, smart grid development, electric vehicle revolution, recycling and sustainability. Major trends in the forecast period include data-driven maintenance strategies, localized manufacturing, material traceability and transparency, resilience to high temperatures, iot integration in electrical steel:

Market Overview -
Non-grain-oriented electrical steel, also known as electrical steel, laminate steel, core iron, and silicon steel, is a type of specialty steel designed to generate certain magnetic qualities such as minimal hysteresis or high permeability loss. Non-grain-oriented electrical steel has magnetic characteristics that are uniform in all directions. They are key materials in rotating devices ranging from tiny precision electric motors to massive power generators.

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Electric Vehicle Surge Propels Growth In Non-Grain-Oriented Electrical Steel Market
The rising adoption of electric vehicles (EV) is expected to propel the growth of the non-grain-oriented electrical steel market going forward. 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. For instance, according to the Global EV Outlook 2022 report, electric vehicle (EV) sales had doubled from the previous year in 2021, reaching a new high of 6.6 million. Additionally, the sales of electric car vehicles worldwide in 2021 have reached 6600000 units from 2980000 units. Therefore, the rising adoption of electric vehicles drives the non-grain-oriented electrical steel market.

Competitive Landscape -
Major companies operating in the non-grain oriented electrical steel market report are ThyssenKrupp AG, ArcelorMittal SA, Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, Ansteel Group Corporation Limited, Shagang Group Co. Ltd., Shougang Group Co. Ltd., Nucor, Baosteel Group Corporation, JFE Holdings Inc., Tata Steel Limited, Cleveland-Cliffs Inc., United States Steel Corporation, Voestalpine AG, NoVo Lipetsk Steel, Gerdau S/A, Benxi Steel Group Co. Ltd, Aperam S.A., China BaoWu Steel Group Corporation Limited, Taiyuan Iron and Steel Co. Ltd., Malaysia Steel Works (KL) Bhd., CSC Steel Sdn. Bhd., Arnold Magnetic Technologies Corporation, Yieh Corp., Lamination Specialties Corp., AK Steel International B.V, Johnson Bros. Roll Forming Co., Continental Steel & Tube Co., TC Metal Co., AAA Metals Co. Inc.

Innovative Advancements Propel Non-Grain-Oriented Electrical Steel Market Growth
Product innovation is the major trend gaining momentum in the non-grain-oriented electrical steel market. 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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Key Segments -
The non-grain oriented electrical steel market covered in this report is segmented -
1) By Product: Fully Processed, Semi-processed
2) By Thickness: 0.35 mm, 0.5 mm, 0.65 mm, Other Thickness
3) By Application: Inductors, Transformers, Motors, Other Applications
4) By End User: Automotive Industry, Aviation, Power, Domestic Appliances, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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