The Non-Grain Oriented Electrical Steel Market Size was estimated at 9.76 (USD Billion) in 2022. The Non-Grain Oriented Electrical Steel Industry is expected to grow from 10.07(USD Billion) in 2023 to 13.3 (USD Billion) by 2032. The Non-Grain Oriented Electrical Steel Market CAGR (growth rate) is expected to be around 3.14% during the forecast period (2024 - 2032).
Key Non-Grain Oriented Electrical Steel Market Trends Highlighted
Significant growth is being experienced in the non-grain-oriented electrical steel (NGOES) market, resulting from the rising demand for energy-efficient transformers and electrical devices. Energy conservation regulations, increasing adoption of smart grids, and renewable sources of energy are some of the key drivers of this market. There are many opportunities to develop high-performance NGOESs that have enhanced magnetic properties as well as reduced energy losses.
Recently, there has been a preference for grain-oriented electrical steel in high-power applications where low core losses are important. On the other hand, the market is also observing progress in manufacturing technologies such as laser cutting and rapid prototyping, which enable faster and more cost-effective production of NGOES. Additionally, with new applications in electric vehicles and power electronics it has further expanded the market for NGOES.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Non-Grain Oriented Electrical Steel Market Drivers
Rising Demand for Energy-Efficient Appliances
The surging demand for energy-efficient appliances, particularly in emerging economies, is a primary driver of the Non-Grain Oriented Electrical Steel Market Industry. As consumers become increasingly aware of the environmental and economic benefits of energy conservation, they are opting for appliances that consume less electricity. Non-Grain Oriented Electrical Steel plays a crucial role in the manufacturing of energy-efficient transformers, motors, and generators, making it an essential component in meeting the demand for sustainable appliances.
Growing Adoption of Renewable Energy Sources
The transition towards renewable energy sources, such as solar and wind power, is another significant driver of the Non-Grain Oriented Electrical Steel Market Industry. Non-Grain Oriented Electrical Steel is used in the construction of transformers and other electrical components that are essential for integrating renewable energy into the grid. The increasing adoption of renewable energy sources is driving the demand for Non-Grain Oriented Electrical Steel, as it enables the efficient transmission and distribution of electricity generated from renewable sources.
Technological Advancements and Innovation
Ongoing technological advancements and innovation in the Non-Grain Oriented Electrical Steel Market Industry are also contributing to its growth. Manufacturers are continuously investing in research and development to improve the efficiency and performance of Non-Grain Oriented Electrical Steel. These advancements have led to the development of new grades of Non-Grain Oriented Electrical Steel with improved magnetic properties, lower core losses, and higher efficiency.Such innovations are making Non-Grain Oriented Electrical Steel an increasingly attractive option for manufacturers of energy-efficient electrical equipment.
Non-Grain Oriented Electrical Steel Market Segment Insights
Non-Grain Oriented Electrical Steel Market Grade Insights
The Non-Grain Oriented Electrical Steel Market is segmented into M3, M4, M5, M6, M7, and M8 grades. Among these, M3 and M4 grades are projected to capture a significant market share in the coming years owing to their superior magnetic properties and cost-effectiveness. The M5 and M6 grades are also expected to witness steady growth, driven by their wide applications in electrical transformers and motors. The growth of the market is attributed to the increasing demand for energy-efficient electrical equipment, growth in the power generation and distribution sector, and rising urbanization.In terms of revenue, the M3 grade is expected to hold the largest share of the Non-Grain Oriented Electrical Steel Market in 2023, followed by the M4, M5, M6, M7, and M8 grades. The M3 grade is widely used in the production of transformers and motors, and its demand is expected to remain strong in the coming years. The M4 grade is also expected to witness significant growth, driven by its use in high-efficiency electrical motors. The Asia Pacific region is expected to dominate the Non-Grain Oriented Electrical Steel Market in terms of revenue, accounting for over 50% of the market share in 2023.The growth in this region is attributed to the increasing demand for energy-efficient electrical equipment, growth in the power generation and distribution sector, and rising urbanization. China is the largest market for Non-Grain oriented electrical steel in the Asia Pacific region, and its demand is expected to remain strong in the coming years. The Non-Grain Oriented Electrical Steel Market is a highly competitive market, with a number of and regional players. Some of the key players in the market include ArcelorMittal, Nippon Steel Sumitomo Metal Corporation, POSCO, and thyssenkrupp.These companies are investing in research and development to develop new and improved Non-grain-oriented electrical steel grades and are expanding their production capacities to meet the growing demand.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Non-Grain Oriented Electrical Steel Market Core Loss Insights
The Core Loss segment is a crucial aspect of the Non-Grain Oriented Electrical Steel Market, offering insights into the market dynamics and industry trends. This segment encompasses three sub-segments: Below 1.3 W/kg, 1.3 - 1.55 W/kg, and Above 1.55 W/kg. In 2023, the Below 1.3 W/kg sub-segment held a dominant position in the Non-Grain Oriented Electrical Steel Market, accounting for approximately 45% of the market revenue. This sub-segment is expected to maintain its dominance throughout the forecast period, driven by the increasing adoption of energy-efficient electrical devices and appliances.The 1.3 - 1.55 W/kg sub-segment is projected to witness steady growth during the forecast period, with a CAGR of 3.2%. This growth is attributed to the rising demand for high-performance electrical equipment and the growing adoption of electric vehicles. The Above 1.55 W/kg sub-segment is expected to experience a moderate growth rate, owing to its niche applications in specific industries. However, advancements in material science and the development of new alloys may lead to increased adoption of this sub-segment in the future. Overall, the Core Loss segment is a key indicator of the Non-Grain Oriented Electrical Steel Market's performance and growth potential.By understanding the dynamics of this segment, market players can gain valuable insights into the industry trends and make informed decisions to capture market opportunities.
Non-Grain Oriented Electrical Steel Market Application Insights
The market for electrical steel that is not grain-oriented has many uses, such as generators, transformers, and motors. Among the reasons why these transformers have a significant share in the market is because they are widely used in power distribution and transmission systems. Power transformers generated approximately 60% of the Non-Grain Oriented Electrical Steel Market revenue in 2023. This is due to increasing demand for electricity and efficient power distribution networks. Also, higher use of renewable energy sources, e.g., solar and wind energy, has led to the growth of the transformer industry.
In 2023, motors stood at approximately one-quarter of the Non-Grain Oriented Electrical Steel Market revenues. These find application across numerous industrial processes, including but not limited to pumps, fans, compressors, and conveyors, among others. The motor industry is expanding due to increased industrialization as well as automation across different sectors. Besides this, another 15 % of non-grain-oriented electrical steel market revenue comes from generators in 2023. They generate electricity when there is no other way, or there is a deficiency.
Back-up systems are also driving generator segment growth together with their distributed generation counterparts as well.
Non-Grain Oriented Electrical Steel Market End User Industry Insights
The Non-Grain Oriented Electrical Steel Market is segmented by End User Industry into Power Generation, Transportation, and Industrial. In 2023, the Power Generation segment held the largest revenue share of 45.5%, followed by Transportation with 28.4% and Industrial with 26.1%. The Power Generation segment is expected to maintain its dominance throughout the forecast period, owing to the increasing demand for electricity and the need for efficient power generation systems. The Transportation segment is projected to witness significant growth due to the rising adoption of electric vehicles and the development of more fuel-efficient vehicles.The Industrial segment is expected to grow steadily, driven by the increasing demand for electrical equipment and appliances in various industries.
Non-Grain Oriented Electrical Steel Market Regional Insights
The Non-Grain Oriented Electrical Steel Market is segmented into North America, Europe, APAC, South America, and MEA. Europe is expected to be the second largest market, followed by APAC. The growth in the North American market is attributed to the increasing demand for energy-efficient appliances and the growing construction industry. The European market is expected to be driven by the increasing demand for electric vehicles and the growing renewable energy sector. The APAC market is expected to be driven by the increasing demand for consumer electronics and the growing infrastructure development.The South American and MEA markets are expected to grow at a slower pace due to the economic challenges and political instability in these regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Non-Grain-Oriented Electrical Steel Market Key Players And Competitive Insights
Major players in the Non-Grain Oriented Electrical Steel Market industry are focusing on expanding their production capacities to meet the growing demand for Non-Grain Oriented Electrical Steel. Leading Non-Grain Oriented Electrical Steel Market players are also investing in research and development to improve the efficiency and performance of their products. The Non-Grain Oriented Electrical Steel Market is expected to witness significant growth in the coming years, driven by the increasing demand from the automotive and power generation industries. The competitive landscape of the Non-Grain Oriented Electrical Steel Market is characterized by the presence of a few large players and several small and medium-sized companies. The Non-Grain Oriented Electrical Steel Market is expected to witness a number of mergers and acquisitions in the coming years as companies seek to consolidate their market share and expand their geographic reach.A major competitor in the non-grain-oriented electrical steel market industry is Nippon Steel Corporation. The company is headquartered in Japan and has a presence. Nippon Steel Corporation is a leading producer of non-grain-oriented electrical steel and has a wide range of products that meet the needs of its customers. The company is focused on providing high-quality products and services to its customers and has a strong commitment to research and development.Another major competitor in the non-grain-oriented electrical steel market is POSCO. The company is headquartered in South Korea and has a presence. POSCO is a leading producer of non-grain-oriented electrical steel and has a wide range of products that meet the needs of its customers. The company is focused on providing high-quality products and services to its customers and has a strong commitment to research and development.
Key Companies in the Non-Grain Oriented Electrical Steel Market Include
Non-Grain Oriented Electrical Steel Market Industry Developments
The Non-Grain Oriented Electrical Steel market size is projected to reach USD 10.07 billion by 2023, exhibiting a CAGR of 3.14% during the forecast period. The market growth is attributed to the increasing demand for energy-efficient electrical equipment, growing infrastructure development, and rising urbanization. Asia-Pacific is the largest market for non-grain-oriented electrical steel, accounting for over 50% of the demand due to the presence of major electrical equipment manufacturers and rapid industrialization in the region. The market is expected to witness significant growth in the coming years, driven by the increasing adoption of renewable energy sources and government initiatives to promote energy efficiency. Key industry participants include Nippon Steel Corporation, ArcelorMittal, Baosteel Group, and ThyssenKrupp AG. Recent developments in the market include the launch of new products with improved magnetic properties and the development of innovative manufacturing processes to reduce costs.
Non-Grain-Oriented Electrical Steel Market Segmentation Insights
Non-Grain Oriented Electrical Steel Market Grade Outlook
Non-Grain Oriented Electrical Steel Market Core Loss Outlook
Non-Grain Oriented Electrical Steel Market Application Outlook
Non-Grain Oriented Electrical Steel Market End User Industry Outlook
Non-Grain Oriented Electrical Steel Market Regional Outlook
| Report Attribute/Metric | Details |
| Market Size 2022 | 9.76(USD Billion) |
| Market Size 2023 | 10.07(USD Billion) |
| Market Size 2032 | 13.3(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.14% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Shougang Corporation, Voestalpine AG, Nippon Steel Corporation, JFE Steel Corporation, Baosteel Group, POSCO, thyssenkrupp AG, Hyundai Steel, Maanshan Iron and Steel, Handan Iron and Steel, Benxi Iron and Steel Group, Tata Steel, ArcelorMittal, Shandong Iron and Steel Group. |
| Segments Covered | Grade, Core Loss, Application, End User Industry, Regional. |
| Key Market Opportunities | Growth in Renewable Energy Sector Increasing Demand from Electric Vehicle Industry Government Incentives for Energy Efficiency Rapid Industrialization in Emerging Economies Technological Advancements in Non-Grain-Oriented Electrical Steel |
| Key Market Dynamics | 1 Growing Demand for EnergyEfficient Electrical Equipment2 Increasing Adoption of NonGrain-Oriented Steel in Transformers3 Focus on Reducing Carbon Footprint and Environmental Regulations4 Technological Advancements in Steel Manufacturing Processes5 Entry of New Players and Increased Competition |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Non-Grain Oriented Electrical Steel Market is expected to reach a valuation of 10.07 billion USD in 2023.
The Non-Grain Oriented Electrical Steel Market is expected to reach a valuation of 13.3 billion USD in 2032.
The CAGR of the Non-Grain Oriented Electrical Steel Market from 2023 to 2032 is estimated to be 3.14%.
Asia Pacific is expected to dominate the Non-Grain Oriented Electrical Steel Market due to the increasing demand for electrical equipment in the region.
Non-grain-oriented Electrical Steel is primarily used in the manufacturing of transformers, motors, and generators.
Some of the key competitors in the Non-Grain Oriented Electrical Steel Market include Nippon Steel, ArcelorMittal, and POSCO.
The Non-Grain Oriented Electrical Steel Market is driven by factors such as the increasing demand for energy-efficient electrical equipment, the growth of the construction industry, and the rising disposable income in developing countries.
The Non-Grain Oriented Electrical Steel Market faces challenges such as the volatility of raw material prices, intense competition, and stringent environmental regulations.
Opportunities for the Non-Grain Oriented Electrical Steel Market include the development of new applications, the expansion into new markets, and the adoption of sustainable manufacturing practices.
The outlook for the Non-Grain Oriented Electrical Steel Market is positive due to the growing demand for energy-efficient electrical equipment, the rising disposable income in developing countries, and the increasing adoption of sustainable manufacturing practices.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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