Non-Grain Oriented Electrical Steel Market Set to Reach $18.92 Billion by 2029 with 5% Yearly Growth

What market dynamics are playing a key role in accelerating the growth of the non-grain oriented electrical steel market?
The escalating uptake of electric vehicles (EV) is anticipated to fuel the non-grain-oriented electrical steel market's expansion in the future. An electric vehicle is a type of automobile powered by an electric motor, which draws electricity from a battery and can be charged from an external source. The non-grain-oriented electrical steel improves the efficiency of the electric motor used as the base material in electric vehicles; therefore, the increasing use of electric vehicles drives up the demand for non-grain-oriented electrical steel. For example, as stated in a January 2024 report by Kelley Blue Book, a US subsidiary of Cox Automotive, a record 1.2 million automobile purchasers in the United States opted for electric vehicles in 2023. This represented 7.6% of the entire U.S. vehicle market, a rise from 5.9% in 2022. Hence, the expanding use of electric vehicles is propelling the growth of the non-grain-oriented electrical steel market.

Get Your Non-Grain Oriented Electrical Steel Market Report Here:
https://www.thebusinessresearchcompany.com/report/non-grain-oriented-electrical-steel-global-market-report

How will the growth rate of the non-grain oriented electrical steel market shape industry trends by 2034?
The market for non-grain oriented electrical steel has seen a consistent growth in the past few years. The market value, which stood at $14.83 billion in 2024, is predicted to escalate to $15.47 billion in 2025, expanding at a Compound Annual Growth Rate (CAGR) of 4.3%. The expansion during the historical period can be credited to factors like the impact of the industrial revolution, industrial electrification, research and development efforts, growth in urbanization and infrastructure, as well as the rise of energy-efficient appliances.

The market for non-grain oriented electrical steel is predicted to witness robust expansion in the upcoming years, escalating to a value of $18.92 billion by 2029, growing at a compound annual growth rate (CAGR) of 5.2%. The growth expected within the forecast period can be credited to factors such as improvements in supply chain, adoption of industry 4.0 and automation, advancements in smart grid, the advent of electric vehicles, along with a focus on recycling and sustainability. Key trends anticipated during the forecast period comprise data-driven approaches to maintenance, localized production, ensuring material traceability and transparency, high-temperature resilience, and the integration of Internet of Things (IoT) in electrical steel.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=11945&type=smp

What trends are poised to drive the future success of the non-grain oriented electrical steel market?
A significant trend picking up speed in the non-grain-oriented electrical steel market is product innovation. To solidify their hold on the market, the prominent firms operating in this sector are honing in on inventing new products. In December 2022, Cleveland-Cliffs Inc., an American company involved in mining and producing electrical steel, iron ore, and a range of ferroalloys, rolled out a product named MOTOR-MAX. This product, a high-frequency non-oriented electrical steel (HF NOES), is purposed to maximize the overall performance and efficiency of engines. It is especially designed for high-speed engines, electric vehicle (EV) propulsion motors, aviation generators, among other rotating machinery.

Which primary segments of the non-grain oriented electrical steel market are driving growth and industry transformations?
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

Subsegments:
1) By Fully Processed: Cold Rolled Electrical Steel, Hot Rolled Electrical Steel
2) By Semi-Processed: Cold Rolled Non-Grain Oriented Steel, Hot Rolled Non-Grain Oriented Steel

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=11945

Which geographical regions are pioneering growth in the non-grain oriented electrical steel market?
Asia Pacific was the largest region in the non-grain oriented electrical steel market in 2024. The regions covered in the non-grain oriented electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the influential players reshaping the non-grain oriented electrical steel market landscape?
Major companies operating in the non-grain oriented electrical steel market include 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., Baosteel Group Corporation, JFE Holdings Inc., Tata Steel Limited, United States Steel Corporation, Voestalpine AG, NoVo Lipetsk Steel, 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.

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=11945&type=smp

What Is Covered In The Non-Grain Oriented Electrical Steel Global Market Report?

• Market Size Forecast: Examine the non-grain oriented electrical steel market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the non-grain oriented electrical steel market for a structured understanding.
• Key Players Overview: Analyze major players in the non-grain oriented electrical steel market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the non-grain oriented electrical steel market.
• Segment Contributions: Evaluate how different segments drive overall growth in the non-grain oriented electrical steel market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the non-grain oriented electrical steel market.
• Industry Challenges: Identify potential risks and obstacles affecting the non-grain oriented electrical steel market.
• Competitive Landscape: Review strategic developments in the non-grain oriented electrical steel market, including expansions, agreements, and new product launches.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.