What Are The 5 Top Insights From The Non-Grain Oriented Electrical Steel Market Forecast 2023
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As per The Business Research Company’s Non-Grain Oriented Electrical Steel Global Market Report 2023, the non-grain oriented electrical steel market is expected to show significant growth in the forecast period.
The global non-grain oriented electrical steel market is poised for significant expansion, anticipating a rise from $13.58 billion in 2022 to $14.32 billion in 2023, with a Compound Annual Growth Rate (CAGR) of 5.4%. Looking further ahead, the market is projected to reach $16.96 billion in 2027, fueled by a CAGR of 4.3%. Central to this growth is the increasing adoption of electric vehicles (EV).
- Market Growth Overview
- Expected growth from $13.58 billion in 2022 to $14.32 billion in 2023 (CAGR: 5.4%)
- Anticipated market size of $16.96 billion in 2027 (CAGR: 4.3%)
- Driving Force: Electric Vehicles on the Rise
The rising tide of electric vehicles (EVs) is a pivotal driver propelling the non-grain-oriented electrical steel market forward. EVs, powered by electric motors drawing energy from batteries, have witnessed substantial adoption. Non-oriented electrical steel plays a crucial role in enhancing the performance of electric motors used in these vehicles. As a result, the growing preference for EVs is significantly boosting the demand for non-grain-oriented electrical steel.
- Rising Adoption of Electric Vehicles
- EV sales doubled in 2021, reaching 6.6 million globally
- Global electric car sales reached 6,600,000 units in 2021
- Industry Leaders: Guiding the Charge
In this dynamic market, major players are shaping the landscape. Companies such as ThyssenKrupp AG, ArcelorMittal SA, and Nippon Steel Corporation are leading the charge, showcasing the global and competitive nature of the non-grain oriented electrical steel market.
- Major Players in the Market
- ThyssenKrupp AG, ArcelorMittal SA, Nippon Steel Corporation, and others
- Reflects the market’s global and competitive landscape
- Trend Spotlight: Product Innovation
A prominent trend gaining momentum in the non-grain-oriented electrical steel market is product innovation. Key industry players are focusing on developing innovative products to fortify their market position. Cleveland-Cliffs Inc., for example, introduced MOTOR-MAX in December 2022, a high-frequency non-oriented electrical steel designed to enhance the performance of engines, especially in high-speed applications like electric vehicle propulsion motors and aviation generators.
- Product Innovation Trend
- Focus on developing innovative products
- Example: Cleveland-Cliffs Inc.’s MOTOR-MAX
- Market Segmentation: Understanding the Dynamics
To comprehend the nuances of the non-grain-oriented electrical steel market, a closer look at its segmentation is essential. The market is segmented based on product type, thickness, application, and end-users, providing a comprehensive view of its diverse dynamics.
- Market Segmentation
- By Product: Fully Processed, Semi-processed
- By Thickness: 0.35 mm, 0.5 mm, 0.65 mm, Other Thickness
- By Application: Inductors, Transformers, Motors, Other Applications
- By End User: Automotive Industry, Aviation, Power, Domestic Appliances, Other End Users
- Regional Leadership: Asia-Pacific at the Helm
In 2022, Asia-Pacific emerged as the largest region in the non-grain oriented electrical steel market. Furthermore, the region is expected to maintain its leadership position and be the fastest-growing region in the forecast period.
- Regional Dominance
- Asia-Pacific leading in market share (2022)
- Expected to be the fastest-growing region in the forecast period
View More On The Non-Grain Oriented Electrical Steel Market Report 2023 – https://www.thebusinessresearchcompany.com/report/non-grain-oriented-electrical-steel-global-market-report
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The Non-Grain Oriented Electrical Steel Global Market Report 2023 provides an in-depth analysis on the non-grain oriented electrical steel market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the non-grain oriented electrical steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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