The research study conducted by Report Ocean on the “ Non-Grain Oriented Electrical Steel Market ” spans over 100+ pages and delves into various facets of this market. It analyses the business strategies adopted by emerging industry players, examines the geographical scope, dissects market segments, evaluates the product landscape, and investigates price and cost structures. This research report facilitates market segmentation based on the latest Market trends, geographical market, and technological advancements. Each section of the report is meticulously prepared to scrutinize key aspects of the market. Moreover, it includes a detailed analysis of current applications, comparing them while focusing on opportunities, threats, and conducting a competitive analysis of major companies.
Global Non-Grain Oriented Electrical Steel Market is valued at approximately USD 17.50 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 5.1% over the forecast period 2023-2030. Non-grain-oriented electrical steel (NGOES) is a type of electrical steel that is made of a thin sheet of steel that has been processed to achieve a specific magnetic property. It is specific steel created to give electrical applications certain magnetic qualities, such as high permeability and minimal hysteresis loss. This steel is the best option in situations when the magnetic field is not oriented in a certain direction. The surging demand for electricity, rapid infrastructure development, rising urbanization, and increasing demand for electrical equipment are leading to the high adoption of non-grain oriented electrical steel globally.
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Additionally, the rapid increase in the adoption of Hybrid Electric Vehicles (HEVs) is further leading to the growth of the non-grain oriented electrical steel market. The increasing trend toward electric vehicles (EVs) and hybrid electric vehicles (HEVs) requires significant advancements in electric motor technology. According to Statista, the total production of hybrid electric vehicles worldwide is recorded as 2.9 million vehicles in 2020. Also, the number is projected to grow and reached 5.4 million vehicles by the year 2025. NGOES are used in electric motor cores for EVs and HEVs due to their superior magnetic properties and efficiency. Therefore, the growth of the electric automotive industry contributes to the demand for non-grain oriented electrical steel. Moreover, the increasing focus on energy efficiency, as well as rising government initiatives for promoting energy efficiency present various lucrative opportunities over the forecast years. However, the competition from alternative materials and the fluctuation in prices of Steel are challenging the market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Non-Grain Oriented Electrical Steel Market study include: Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the growing demand for energy, rising technological advancements in the production of non-grain oriented electrical steel, along with the increasing trend toward electric vehicles (EVs) and hybrid electric vehicles (HEVs). Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. Rising infrastructure development in emerging economies, significant untapped growth potential, and rapid expansion of renewable energy sources are significantly propelling the market demand across the region.
Major market players included in this report are:
Benxi Steel Group Co., Ltd (China)
CSC Steel Sdn. Bhd. (Malaysia)
Tata Steel (India)
Nucor Corporation (U.S.)
ArcelorMittal S.A. (Luxembourg)
Shougang Group (China)
Arnold Magnetic Technologies (U.S.)
Baosteel Group Corporation (China)
POSCO (South Korea)
NIPPON STEEL CORPORATION (Japan)
Recent Developments in the Market:
In November 2021, POSCO announced that the company is increasing their manufacturing capacity of non-grain oriented electrical steel sheets in order to meet customer demand. The business chose to invest USD 848.6 million to produce 300,000 tons of steel plates annually.
In August 2020, NLMK announced that the company provide Rusleprom, one of the largest makers of electrical equipment, with low magnetic losses in electrical steel. Compared to conventional steel, this improved steel delivers 30% lower magnetic losses.
In July 2021, The NLMK Group stated that the company continues to build an electrical steel facility in Maharashtra, India, in line with its business strategy. The factory would be able to produce 64,000 tons of electrical steel each year.
Global Non-Grain Oriented Electrical Steel Market Report Scope:
Historical Data: 2020 – 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Thickness, Application, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players.
The detailed segments and sub-segment of the market are explained below:
By Type:
Semi-processed
Fully Processed
By Thickness:
0.35 mm
0.5 mm
0.65 mm
Others
By Application:
Household Appliances
AC Motor
Power Generation
Others
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Key Questions Answered in the Market Report:
• How did the COVID-19 pandemic have an impact on the adoption of via a range of pharmaceutical and existence sciences companies?
• What is the outlook for the affect market all through the forecast length 2023-2032?
• What are the key developments influencing the have an impact on market? How will they have an impact on the market in short-, mid-, and long-term duration?
• What is the give up person appreciation toward?
• What are the key elements impacting the have an effect on market? What will be there have an impact on in short-, mid-, and long-term duration?
• What are the key possibilities areas in the influence market? What is their workable in short-, mid-, and long-term duration?
• What are the key techniques adopted via groups in the have an effect on market?
• What are the key utility areas of the influence market? Which utility is predicted to keep the very best increase attainable all through the forecast duration 2023-2033?
• What is the favoured deployment mannequin for the impact? What is the boom conceivable of quite a number deployment fashions existing in the market?
• Who are the key cease customers of pharmaceutical quality? What is their respective share in the affect market?
• Which regional market is predicted to maintain the easiest boom possible in the have an impact on market at some stage in the forecast length 2023-2032?
• Which are the key gamers in the have an impact on market?
Growth Hampering Factors in the Market:
- Environmental regulations: Stricter environmental regulations on the production and use of fossil fuels can limit the availability and use of traditional market.
- Safety concerns: Safety concerns regarding the storage and transportation of can limit their use.
- Supply chain disruptions: Disruptions in the global supply chain due to natural disasters, pandemics, or other factors can impact the availability and cost of market.
- Security concerns: Security concerns regarding the transportation and storage of market can limit their use and availability.
- Technological obsolescence: Advances in technology can make existing systems obsolete, leading to reduced demand.
- Competition from alternative fuels: The development of alternative fuels such as biofuels and hydrogen-based fuels can compete with traditional market.
- Volatility in oil prices: Fluctuations in oil prices can affect the cost of market, making it difficult for industry players to predict and plan for costs.
- Economic downturns: Economic downturns can result in reduced demand for air travel and air cargo transportation, leading to a reduction in demand for market.
- Geopolitical tensions: Political instability and tensions between nations can impact the global supply chain for market, leading to supply disruptions and price fluctuations.
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