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Motor Lamination Market Size, Share & Growth 2024-2033 | Competitive Landscape
Motor Lamination Market Size
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According to The Business Research Company's, The motor lamination market size has grown strongly in recent years. It will grow from $20.27 billion in 2023 to $21.60 billion in 2024 at a compound annual growth rate (CAGR) of 6.6%. The growth in the historic period can be attributed to increased demand for electric vehicles, strict global regulations on energy consumption, growth in automation and use of electric motors in manufacturing processes, expansion of wind and solar power projects requiring efficient generators, increased use of electric motors.
The motor lamination market size is expected to see strong growth in the next few years. It will grow to $27.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to continued growth in the EV market, development of new alloys and composites, growing emphasis on reducing carbon footprints, continued growth in renewable energy installations, urbanization in developing economies, and greater investments in research and development. Major trends in the forecast period include increased use of high-performance materials, the trend towards smaller, lighter motor designs to improve performance in automotive and portable applications, growth in smart motors with embedded sensors and IoT connectivity for real-time monitoring and optimization, use of advanced manufacturing processes such as laser cutting and additive manufacturing, rise in demand for customized motor laminations tailored to specific applications and performance requirements.
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Market Drivers and Trends:
An increase in vehicle sales is expected to propel the growth of the motor lamination market going forward. The sale of vehicles refers to a commercial transaction involving the transfer of ownership of automobiles from sellers to buyers in exchange for payment. The increasing sales of vehicles highlight the growing challenges posed by escalating demand for efficient motor lamination solutions amidst evolving regulatory standards and sustainability concerns. Vehicles utilize motor lamination to enhance the efficiency and performance of electric motors, contributing to various essential functions such as propulsion, steering, and auxiliary systems. For instance, in December 2023, according to the National Automobile Dealers Association, a US-based automotive trade organization, the sale of new light vehicles rose from 14.93 million units in 2021 to 15.8 million units in 2022 and reached up to 15.46 million units in 2023. This represents 12.4% growth from 2022 to 2023. Therefore, the increase in vehicle sales is driving the motor lamination market.
Major companies operating in the motor lamination market are focused on developing advanced motor lamination products such as waterborne core plate varnish and thinner coatings for enhancing the efficiency of electric vehicle motors. Waterborne core plate varnish refers to a type of core plate varnish (CPV) applied to motor laminations that uses water as a solvent, offering environmental benefits and reduced emissions compared to traditional solvent-based coatings. For instance, in October 2021, Beckers Group, a Germany-based coatings and lamination manufacturer, launched a new BeckryCore Plate Varnish (CPV), leveraging its extensive expertise in coil coating applications to reinforce its leadership in sustainable coatings. This innovative product enables a thinner coating compared to competitors, enhancing electric motor efficiency by minimizing power losses in core laminates and improving magnetic properties.
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Major Key Players of the Market:
United States Steel Corporation, EuroGroup Laminations S.p.A., LCS Company, Tempel Steel Company, Pitti Engineering Ltd, Godrej And Boyce Manufacturing Limited, Alliance Steel Corporation, Metglas Inc, Precision Micro Ltd., UPG Enterprises LLC, Micro Precision Co. Ltd., Wingard & Co Inc, Partzsch Group, Polaris Laser Laminations LLC, Sinotech Logistics Co Limited, Lake Air Companies, R. Bourgeois SA, HV Wooding Limited, Thomson Lamination Company Inc, TEUK Limited
Motor Lamination Market 2024 Key Insights:
• The motor lamination market size is expected to see strong growth in the next few years. It will grow to $27.99 billion in 2028 at a compound annual growth rate (CAGR) of 6.7%.
• The Impact of Increasing Vehicle Sales On The Motor Lamination Market
• Technological Advancements In Motor Lamination Products Enhanced Market Growth
• Asia-Pacific was the largest region in the motor lamination market in 2023
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