Comprehensive Analysis of the Non-Grain Oriented Electrical Steel Market 2025-2034: Growth Rates, Trends, and Future Opportunities
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What is the Projected Compound Annual Growth Rate (CAGR) of the Non-Grain Oriented Electrical Steel Market from 2025 to 2034, and What Factors Influence It?
The non-grain oriented electrical steel market has experienced steady growth in recent years. It is projected to expand from $14.83 billion in 2024 to $15.47 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.3%. The market’s historical growth has been driven by the impact of industrial revolution, electrification across industries, advancements in research and development, urbanization and infrastructure expansion, and the increasing demand for energy-efficient appliances.
The non-grain oriented electrical steel market is projected to experience significant growth in the coming years, reaching $18.92 billion by 2029 at a CAGR of 5.2%. This expansion is driven by supply chain improvements, advancements in Industry 4.0 and automation, development of smart grids, the surge in electric vehicle adoption, and sustainability efforts. Key emerging trends include data-driven maintenance, localized production, enhanced material traceability, heat-resistant innovations, and IoT-enabled electrical steel applications.
What Industry-Specific Factors Are Fueling the Growth of the non-grain oriented electrical steel Market?
The growing adoption of electric vehicles (EVs) is expected to fuel the growth of the non-grain-oriented electrical steel market. Electric vehicles operate on electric motors powered by batteries that can be recharged externally. Non-oriented electrical steel improves the performance of the electric motors in EVs, making it a vital component for these vehicles. For example, in January 2024, Kelley Blue Book, a US-based automotive company, reported that 1.2 million car buyers in the US chose electric vehicles in 2023, representing 7.6% of the total vehicle market, up from 5.9% in 2022. Consequently, the rising adoption of electric vehicles is boosting the demand for non-grain-oriented electrical steel.
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Who Are the Leading Players Fueling Growth in the Non-Grain Oriented Electrical Steel Market?
Major companies operating in the non-grain oriented electrical steel market include:
• ThyssenKrupp AG_x000D_
• ArcelorMittal SA_x000D_
• Pohang Iron and Steel Company (POSCO)_x000D_
• Nippon Steel Corporation_x000D_
• Ansteel Group Corporation Limited_x000D_
What Are the Emerging Trends Shaping the Future of the Non-Grain Oriented Electrical Steel Market?
Product innovation is a prominent trend gaining momentum in the non-grain-oriented electrical steel market. Leading companies in this market are focusing on developing cutting-edge products to enhance their market position. For example, in December 2022, Cleveland-Cliffs Inc., a US-based mining and manufacturing company specializing in electrical steel, iron ore, and other ferroalloys, introduced MOTOR-MAX. This high-frequency non-oriented electrical steel (HF NOES) is designed to improve the performance and efficiency of high-speed engines, electric vehicle (EV) propulsion motors, aviation generators, and other rotating machinery.
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Which Primary Segments of the Non-Grain Oriented Electrical Steel Market Are Driving Growth and Industry Transformations?
The non-grain oriented electrical steel market covered in this report is segmented –
1) By Product: Fully Processed, Semi-processed
2) By Thickness: 0.35 mm, 0.5 mm, 0.65 mm, Other Thickness
3) By Application: Inductors, Transformers, Motors, Other Applications
4) By End User: Automotive Industry, Aviation, Power, Domestic Appliances, Other End Users
Subsegments:
1) By Fully Processed: Cold Rolled Electrical Steel, Hot Rolled Electrical Steel
2) By Semi-Processed: Cold Rolled Non-Grain Oriented Steel, Hot Rolled Non-Grain Oriented Steel
Which Regions Are Driving Growth in the Non-Grain Oriented Electrical Steel Market?
Asia Pacific was the largest region in the non-grain oriented electrical steel market in 2024. The regions covered in the non-grain oriented electrical steel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Defines the Scope of the Non-Grain Oriented Electrical Steel Market?
Non-grain-oriented electrical steel, also known as electrical steel, laminate steel, core iron, and silicon steel, is a type of specialty steel designed to generate certain magnetic qualities such as minimal hysteresis or high permeability loss. Non-grain-oriented electrical steel has magnetic characteristics that are uniform in all directions. They are key materials in rotating devices ranging from tiny precision electric motors to massive power generators.
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