Press release
Non-Grain Oriented Electrical Steel Market Analysis 2024-2033
Non-Grain Oriented Electrical Steel Market
Ready to Dive into Something Exciting? Get Your Free Exclusive Sample of Our Research Report @
https://www.thebusinessresearchcompany.com/sample.aspx?id=11945&type=smp
According to The Business Research Company's, 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:.
Get The Complete Scope Of The Report @
https://www.thebusinessresearchcompany.com/report/non-grain-oriented-electrical-steel-global-market-report
Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
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.
Non-Grain Oriented Electrical Steel Market 2024 Key Insights:
• 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%.
• Electric Vehicle Surge Propels Growth In Non-Grain-Oriented Electrical Steel Market
• Innovative Advancements Propel Non-Grain-Oriented Electrical Steel Market Growth""
• Asia Pacific was the largest region in the non-grain oriented electrical steel market in 2023
We Offer Customized Report, Click @
https://www.thebusinessresearchcompany.com/Customise?id=11945&type=smp
Contact us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 8897263534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Latest Trending Press Releases: https://www.thebusinessresearchcompany.com/press-release.aspx
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Non-Grain Oriented Electrical Steel Market Analysis 2024-2033 here
News-ID: 3758910 • Views: …
More Releases from The Business research company
Leading Companies Fueling Growth and Innovation in the Sun Care Products Market
The sun care products market is on track for substantial expansion as consumer awareness about skin protection intensifies worldwide. With evolving preferences and technological advancements shaping product offerings, this sector is set to witness robust growth in the coming years. Let's explore the market's size projections, key players, emerging trends, and major segments driving its development through 2030.
Projected Size and Growth Trajectory of the Sun Care Products Market
The…
Future Perspectives: Key Trends Shaping the Styrene Butadiene Rubber (SBR) Based …
The styrene butadiene rubber (SBR) based adhesive market is on track for notable growth as we approach 2030. Driven by a variety of factors including expanding infrastructure projects and rising demand across multiple industries, this sector is poised for steady expansion. Let's explore the market's size projections, key players, emerging trends, and the main segments shaping its future.
Projected Growth and Market Size of Styrene Butadiene Rubber Based Adhesives
The…
Emerging Sub-Segments Transforming the Stearic Acid Market Landscape
The stearic acid market is poised for significant expansion in the coming years, driven by evolving demand across various industries. This report explores the projected market size, leading companies, key trends, and segment analysis shaping the future of this vital chemical.
Stearic Acid Market Size and Growth Outlook
The stearic acid market is set to grow robustly, reaching a valuation of $54.63 billion by 2030. This represents a compound annual…
Market Trend Insights: The Impact of Recent Innovations on the Specialty Pestici …
The specialty pesticides sector is on the verge of significant expansion as global agricultural practices continue to evolve. Driven by increasing demand for crop protection and sustainable farming techniques, this market is set to experience robust growth in the coming years. Let's explore the market's anticipated value, leading companies, emerging trends, and detailed segmentation to gain a comprehensive understanding of this dynamic industry.
Projected Market Size and Growth Expectations for Specialty…
More Releases for Steel
Steel Beams Market is Booming Worldwide with Steel Dynamics, JSW Steel, JFE Stee …
HTF MI just released the Global Steel Beams Market Study, a comprehensive analysis of the market that spans more than 143+ pages and describes the product and industry scope as well as the market prognosis and status for 2025-2032. The marketization process is being accelerated by the market study's segmentation by important regions. The market is currently expanding its reach.
Major Giants in Steel Beams Market are:
ArcelorMittal (Luxembourg), Nippon Steel (Japan),…
Special Ball Bearing Steel Market : Eminent Players - Nippon Steel, Suzhou Steel …
Market Description -
Los Angeles, (United States) - The information made available in the Special Ball Bearing Steel report will definitely facilitate to increase the knowledge and decision-making skills of the business, thus providing an immense opportunity for growth. This will at last increase the return rate and drive the competitive edge within. Being a custom market report, it provides services tailored to the exact challenge. Whether it is survey work,…
Miscellaneous Steel Detailing | Steel Detailer | Steel Detailing Services
We provide the highest quality of finished projects in the industry. Boasting unmatched turnaround times, and superb accuracy. WorldSteel Detailings has onboard team of experienced steel detailers and engineers with a wide range of experience from industrial and commercial projects to high rise buildings. By using innovative technologies and latest softwares, our structural steel detailing team provides accurate services as per your requirements based on country standards.Our steel detailing professionals…
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in…
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in…
What's driving the Structural Steel Market trends? ArcelorMittal, Tata Steel, Ni …
A detailed study on ‘Structural Steel market’ formulated by Market Study Report, LLC, puts together a concise analysis of the growth factors impacting the current business scenario across assorted regions. Significant information pertaining to the industry’s size, share, application, and statistics are also summed in the report in order to present an ensemble prediction. In addition, this report undertakes an accurate competitive analysis illustrating the status of market majors in…
