Non-Grain Oriented Electrical Steel Market Size to Reach USD 27.09 Bn by 2031 | Major Manufacturers Analysis

"Powering Tomorrow: Exploring the Non-Grain Oriented Electrical Steel Market - Innovations, Applications, and Sustainability Driving Industry Evolution."

TEXES, AUSTIN, UNITED STATES, May 16, 2024 /EINPresswire.com/ -- A comprehensive report by SNS Insider indicates a significant surge in the global Non-Grain Oriented Electrical Steel Market.  The market, valued at USD 18.36 billion in 2023, is projected to reach USD 27.09 billion by 2031, demonstrating a healthy CAGR of 5.02% during the forecast period (2024-2031). The non-grain oriented electrical steel market is experiencing significant growth, driven by the expanding demand for energy-efficient electrical transformers and motors across various industries. Non-grain oriented electrical steel, also known as NGO electrical steel or silicon steel, is a specialized type of steel alloy formulated for its excellent magnetic properties and low core losses. These properties make it an ideal material for the cores of electrical transformers, generators, and motors, where it helps minimize energy losses and improve overall efficiency. With the increasing emphasis on energy conservation and sustainability, the demand for non-grain oriented electrical steel is on the rise, particularly in sectors such as power generation, automotive, and consumer electronics.

Rising Energy Needs and Electrification Propel Market Growth

Non-grain oriented electrical steel's unique magnetic properties and efficiency make it indispensable in power generation, transmission, and the burgeoning electric vehicle (EV) sector. This rising demand, coupled with expanding infrastructure and urbanization, drives the market's impressive growth trajectory.

NGOES is a versatile material with applications in power generation motors, rotors, electrical appliances, and the rapidly expanding automotive industry. Due to its superior punch ability and lubrication properties, NGOES is favored in large rotating equipment like AC alternators and power generators. The booming EV market further contributes to demand, as NGOES is essential in the production of high-performance electric motors.

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Some of the Key Players Included are:
• Tata Steel
• Nucor Corporation
• Nippon Steel Corporation
• ThyssenKrupp Steel Europe
• Arcelor Mittal
• NLMK
• POSCO
• Shougang Group
• Benxi Steel Group Co Ltd
• Baosteel Group Co

Market Analysis:
While the NGOES market presents significant growth potential, fluctuating raw material prices (coal, scrap, and iron ore) pose a potential challenge. Market volatility is influenced by supply and demand dynamics, production costs, crude oil prices, and storage capacity.  However, the rapid rise in hybrid electric vehicle (HEV) consumption offers significant market opportunities, especially in developing countries with emerging EV sectors.

Several key players in the steel industry are making strategic investments to capitalize on the growing demand for non-grain oriented electrical steel. Here are some notable examples:

• In March 2022, ArcelorMittal S.A.invested USD 317.90 million in a new electrical steel production plant in northern France, aiming to boost capacity and maximize revenue.

• In November 2021, POSCOannounced increased production of non-grain oriented electrical steel sheets to meet rising demand, investing USD 848.6 million to produce 300,000 tons of steel plate annually.

• In July 2021, NLMK Groupcontinued construction of an electrical steel plant in Maharashtra, India, with a planned production capacity of 64,000 tons annually, reflecting the market's global expansion.

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Segment Analysis
• By Thickness: The 0.5mm segmentdominated the Non-Grain Oriented Electrical Steel (NGOES) Market due to its optimal balance of magnetic properties and minimal impact on device weight and space requirements.
• By Type: The semi-processedsegment leads, as its customizable properties allow manufacturers to optimize the performance of electrical devices based on end-use applications.
• By Application: Power generationheld the largest market share in 2023, with NGOES being essential in transformers due to increasing energy consumption globally.
 
by Thickness
• 35 mm
• 5 mm
• 65 mm
• Other  
 
by Type
• Semi Processed  
• Fully Processed
 
by Application
• Power Generation
• Household appliance
• AC Motor
• Other

Impact of the Russia-Ukraine War
The ongoing Russia-Ukraine war has a multifaceted impact on the NGOES market. Supply chain disruptions, fluctuating energy prices, and sanctions on Russia (a significant steel exporter) have all contributed to market volatility.  These factors may cause temporary delays in infrastructure development projects, potentially hindering short-term market growth.

Asia Pacific held the largest revenue share in 2023 for the Non-Grain Oriented Electrical Steel (NGOES) Market
This dominance is owing to the presence of several rapidly developing economies, notably China and India. These countries possess significant potential for economic growth, which translates into escalating demand for infrastructure development, including power generation, transmission, and distribution sectors. Non-grain oriented electrical steel is a vital material in the electrical equipment used within these infrastructure projects.  

North America, as a highly industrialized region with substantial energy requirements, also represents a significant market. The region's focus on maintaining and upgrading its power infrastructure, coupled with the surge in electric vehicle adoption, is expected to fuel demand for non-grain oriented electrical steel.

Key Takeaways for the Non-Grain Oriented Electrical Steel Market Study

• Demand for non-grain oriented electrical steel is closely tied to investment in power infrastructure, both in developing and industrialized regions.
• The rising adoption of electric vehicles globally is a significant driver of growth within the market.
• Asia Pacific region is the largest market for non-grain oriented electrical steel, driven by infrastructure growth in rapidly developing economies.
• This report likely highlights the importance of non-grain oriented electrical steel in improving the efficiency of electrical equipment and reducing energy losses in power applications.
 
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SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
 
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