Non-Grain Oriented Electrical Steel Market to Reach USD 25.83 Billion by 2030 | with a CAGR of 5.1%
Key Companies covered in non-grain oriented electrical steel market are Nucor Corporation (U.S.), NLMK (Russia), ArcelorMittal S.A. (Luxembourg), Shougang Group (China) , thyssenkrupp Steel (Germany), Baosteel Group Corporation (China), POSCO (South Korea), NIPPON STEEL CORPORATION (Japan) and more players profiled.
Pune, India, April 05, 2023 (GLOBE NEWSWIRE) — The non-grain oriented electrical steel market size was valued at USD 17.50 billion in 2022. The market is projected to grow from USD 18.28 billion in 2023 to USD 25.83 billion by 2030, exhibiting a CAGR of 5.1% during the forecast period. Non-grain-oriented electric steel is a specialty steel, which is made to provide certain magnetic properties such as high permeability and low hysteresis loss to electrical applications. Growing demand for electricity and rising infrastructure development is projected to aid market development. Fortune Business Insights™ shares this information in its report titled “Non-Grain Oriented Electrical Steel Market, 2023-2030.”
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List of Key Players Profiled in the Report
- Benxi Steel Group Co., Ltd (China)
- CSC Steel Sdn. Bhd. (Malaysia)
- Tata Steel (India)
- Nucor Corporation (U.S.)
- NLMK (Russia)
- ArcelorMittal S.A. (Luxembourg)
- Shougang Group (China)
- thyssenkrupp Steel (Germany)
- Baosteel Group Corporation (China)
- POSCO (South Korea)
- NIPPON STEEL CORPORATION (Japan)
- Voestalpine Group (Austria)
- Yieh Corporation (Taiwan)
- Aperam S.A. (Luxembourg)
- Arnold Magnetic Technologies (U.S.)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 5.1% |
| 2030 Value Projection | USD 25.83 Billion |
| Report coverage | Revenue forecast, company profiles, competitive landscape, growth factors and latest trends |
| Non-Grain Oriented Electrical Steel Market Size in 2022 | USD 17.50 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 150 |
| Segments Covered | By Thickness, By Type, By Application and Regional |
| Non-Grain Oriented Electrical Steel Market Growth Drivers | 0.5 mm to Lead as it Provides Optimum Performance |
| Increasing Demand from Various End-use Industries to Propel the Product Demand |
COVID-19 Impact:
Disruptions in the Steel Industry Declined the Market Progress
Interruptions in the steel industry due to government restrictions during the COVID-19 pandemic influenced the market growth. Governments issued new policies for the manufacturing units by impacting COVID-19. This resulted in the stoppage of mining activities, which led to further steel production disruption, impacting the end-use industries. Furthermore, electrical steel producers decreased their production capacity or temporarily shut down the manufacturing units to prevent the spread of the virus.
Segments
0.5 mm to Lead as it Provides Optimum Performance
On the basis of thickness, the market is divided into 0.35 mm, 0.5 mm, 0.65 mm, and others. The 0.5 mm segment is anticipated to dominate as it provides optimum performance in terms of magnetic properties and the weight of the electrical devices constructed using this sheet size. The thicker non-grain oriented electrical sheets have sheets that range from 0.5 mm and above and are mostly consumed in heavy-duty electrical equipment such as large power generators and transformers.
Semi-Processed to Lead as the Product Offers High Customization
On the basis of type, the market is bifurcated into semi-processed and fully-processed. Semi-processed segment accounted for the largest part as it offers the high custom ability, which makes it a popular choice among electrical device manufacturers that use it to build stators and rotors of electric motors.
Power Generation to Lead as it is an Important Material for Transformers and Generators
On the basis of application, the market is segmented into household appliances, AC motors, power generation, and others. Power generation segment accounted for the largest part and is set to have the highest CAGR as non-grain oriented electrical steel is an important material in the production of energy-efficient transformers and high-performance generators.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Drivers and Restraints
Increasing Demand from Various End-use Industries to Propel the Product Demand
Increasing demand from various end-user industries is anticipated to drive the non-grain oriented electrical steel market growth. Non-grain oriented steel is an essential magnetic and structural material as it offers stronger magnetic flux, high efficiency, and excellent punching workability. It offers various advantages over grain-oriented steel and helps in enhancing the punch ability, acts as the lubricating agent during the stamping, and making it appropriate for large rotating equipment. The rapid increase in the consumption of HEVs is set to create opportunities for market growth.
However, fluctuation in steel prices is expected to hamper the market growth.
Regional Insights
Asia Pacific to Lead Due to Rising Demand from the Electrical Power Industry
Asia Pacific is expected to have a high non-grain oriented electrical steel market share due to rising demand from the electrical power industry. The region has developing economies, such as China and India, which are the main contributors for the growth of the region. Economic expansion and infrastructure expansion in these countries played an important role in growth of the market in the region.
North America to have substantial growth as the region has a mature power generation and transmission infrastructure that requires constant maintenance and upgrade.
Europe is set to have significant growth as major industrial countries in the region pivot toward renewable energy and demand for non-grain oriented electrical steel.
Competitive Landscape
Increase in Production Capacity by Key Players to Propel Market Development
Key players operating in the market are ArcelorMittal, Nucor Corporation, Nippon Steel Corporation, and ThyssenKrupp Steel Europe. Nucor Corporation has a strong presence in the North America region due to its strong and diversified steel and steel products. In October 2021, Voestalpine Group announced plans to invest money in the building of a new integrated pickline at Linz location. The investment is set to maximize the revenue and to increase the production quality of ultra-high strength steels for household goods, the construction industry, automotive, and e-mobility.
Key Industry Development
- March 2022- ArcelorMittal S.A. announced an investment of USD 317.90 million for establishing a new production plant for electrical steel at the Mardyck site located in northern France. The purpose of the investment is to increase production capacity to maximize revenue.
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/non-grain-oriented-electrical-steel-market-107330
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Capacity Expansions, Acquisitions, Partnerships, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Non-Grain Oriented Electrical Steel Market
- Supply Chain Analysis & Challenges due to Covid-19
- Steps Taken by Government / Companies to Overcome This Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Non-Grain Oriented Electrical Steel Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Summary
- By Thickness (Value and Volume)
- 0.35 mm
- 0.5 mm
- 0.65 mm
- Others
- By Type (Value and Volume)
- Semi-processed
- Fully Processed
- By Application (Value and Volume)
- Household Appliances
- AC Motor
- Power Generation
- Others
- By Region (Value and Volume)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- North America Non-Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Country (Value and Volume)
- U.S
- Canada
- Europe Non-Grain Oriented Electrical Steel Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Summary
- By Country (Value and Volume)
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific Non-Grain Oriented Electrical Steel Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Summary
- By Country (Value and Volume)
- China
- Japan
- South Korea
- Australia
- Thailand
- Rest of Asia Pacific
- Latin America Non-Grain Oriented Electrical Steel Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Country (Value and Volume)
- Brazil
- Argentina
- Chile
- Rest of Latin America
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