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Global Non-oriented Electrical Steel Market Size By Product Type, By Application, By Thickness, By Geographic Scope And Forecast


Published on: 2024-08-04 | No of Pages : 320 | Industry : latest updates trending Report

Publisher : MIR | Format : PDF&Excel

Global Non-oriented Electrical Steel Market Size By Product Type, By Application, By Thickness, By Geographic Scope And Forecast

Non-oriented Electrical Steel Market Size And Forecast

Non-oriented Electrical Steel Market size was valued at USD 18.03 Billion in 2023 and is projected to reach USD 26.15 Billion by 2030, growing at a CAGR of 6.2% during the forecast period 2024-2030.

Non-oriented electrical steel refers to a type of specialty steel primarily used in the manufacturing of electrical motors and transformers. Unlike oriented electrical steel, which is designed for specific applications where magnetic properties are directionally aligned, non-oriented electrical steel offers isotropic magnetic properties, making it suitable for a wide range of electrical devices. This market encompasses the production, distribution, and utilization of non-oriented electrical steel across various industries, including automotive, energy, electronics, and appliances.

Global Non-oriented Electrical Steel Market Drivers

The market drivers for the Non-oriented Electrical Steel Market can be influenced by various factors. These may include

  •  Growing Need for Energy-Efficient Transformers Energy-efficient transformers are in high demand as environmental sustainability and energy conservation become more and more of a concern. They are made using non-oriented electrical steel.
  •  Growing Demand for Electrical equipment As consumers’ disposable income and urbanization increase, so does their need for non-oriented electrical steel-using electrical equipment like air conditioners, washers, and refrigerators.
  •  Growth of the Automotive Industry The production of hybrid and electric vehicles (EVs), which are gaining popularity due to government incentives and rising environmental awareness, also uses non-oriented electrical steel.
  •  Infrastructure Development The need for non-oriented electrical steel is being driven by the development of infrastructure, which includes the building of industrial buildings, distribution networks, and power plants.
  •  Technological Developments By enhancing the effectiveness and performance of electrical steel products, developments in manufacturing technologies, such as laser cutting and sophisticated annealing procedures, are propelling the expansion of the non-oriented electrical steel market.
  •  Government Initiatives and Regulations The demand for non-oriented electrical steel is also being driven by government initiatives that require energy-efficient materials be used in transformers and electrical appliances.

Global Non-oriented Electrical Steel Market Restraints

Several factors can act as restraints or challenges for the Non-oriented Electrical Steel Market. These may include

  •  High Cost Annealing and coating are two intricate yet costly procedures involved in the production of non-oriented electrical steel. Because it is frequently passed on to customers, this material is less affordable than alternative options.
  •  Environmental Concerns The energy-intensive manufacturing procedures and the use of chemicals in coatings can have a major impact on the environment during the production of non-oriented electrical steel. This may result in difficulties with regulations and more scrutiny from customers that care about the environment.
  •  Alternative Materials There are materials on the market that can be used in place of the original, such as amorphous and nanocrystalline alloys, which have comparable or superior performance qualities. Non-oriented electrical steel may face competition from these materials.
  •  Price fluctuations for raw materials The manufacture of non-oriented electrical steel depends on coal and iron ore, the prices of which are subject to fluctuations. The profitability of makers of electrical steel that are not focused can be impacted by fluctuations in the price of raw materials.
  •  Technological Developments The market for non-oriented electrical steel may face difficulties due to technological developments in the field of electrical steels, such as the creation of new materials or manufacturing techniques.
  •  Competition from Imports Imported goods, which may be priced more competitively because of variations in production costs or government subsidies in exporting nations, might pose a serious threat to non-oriented electrical steel markets in some areas.
  •  Industry Fragmentation There are multiple companies participating in the non-oriented electrical steel industry, which is fragmented. Manufacturers may experience lower profitability and price wars as a result of this fragmentation.

Global Non-oriented Electrical Steel Market Segmentation Analysis

The Global Non-oriented Electrical Steel Market is Segmented on the basis of Product Type, Application, Thickness and Geography.

Non-oriented Electrical Steel Market, By Product Type

  •  Fully Processed
  •  Semi-Processed

Non-oriented Electrical Steel Market, By Application

  •  Large Power Transformers
  •  Distribution Transformers
  •  Small Transformers
  •  Motors
  •  Others (inductors, generators, etc.)

Non-oriented Electrical Steel Market, By Thickness

  •  Below 0.5 mm
  •  0.5 mm – 1.0 mm
  •  Above 1.0 mm

Non-oriented Electrical Steel Market, By Geography

  •  North America
  •  Europe
  •  Asia Pacific
  •  Middle East & Africa
  •  Latin America

Key Players

The major players in the Non-oriented Electrical Steel Market are

  •  Baowu
  •  ArcelorMittal
  •  TISCO
  •  JFE Steel
  •  Shougang Group
  •  NSSMC
  •  NLMK
  •  Ansteel
  •  AK Steel
  •  Thyssen Krupp
  •  Voestalpine
  •  Masteel
  •  Posco
  •  TATA Steel
  •  BX Steel
  •  Nucor
  •  CSC
  •  Baosteel

Report Scope

REPORT ATTRIBUTESDETAILS
STUDY PERIOD

2020-2030

BASE YEAR

2023

FORECAST PERIOD

2024-2030

HISTORICAL PERIOD

2020-2022

UNIT

Value (USD Billion)

KEY COMPANIES PROFILED

Baowu, ArcelorMittal, TISCO, JFE Steel, Shougang Group, NSSMC, NLMK, Ansteel, AK Steel, Thyssen Krupp, Voestalpine, Masteel, Posco, TATA Steel, BX Steel, Nucor, CSC, Baosteel

SEGMENTS COVERED

By Product Type, By Application, By Thickness By Geography.

CUSTOMIZATION SCOPE

Free report customization (equivalent up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Analyst’s Take

The non-oriented electrical steel market is witnessing steady growth driven by the increasing demand for energy-efficient electrical equipment, particularly in emerging economies. Factors such as urbanization, industrialization, and the growing adoption of electric vehicles are further propelling market expansion. However, challenges such as fluctuating raw material prices and stringent environmental regulations may hinder market growth to some extent. Nevertheless, advancements in manufacturing technologies, coupled with ongoing research and development initiatives to enhance the performance of non-oriented electrical steel, are anticipated to create lucrative opportunities for market players in the coming years. Overall, the non-oriented electrical steel market is poised for sustained growth, supported by rising investments in infrastructure development and the transition towards sustainable energy solutions globally.

Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post sales analyst support

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Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )