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