Non-Grain-Oriented Electrical Steel Market Trend, Share, Growth, Size Analysis and Forecast 2030

Non Grain-Oriented Electrical Steel Industry Prospective:

The global non-grain-oriented electrical steel market size was evaluated at $18.01 billion in 2022 and is slated to hit $24.60 billion by the end of 2030 with a CAGR of nearly 5.2% between 2023 and 2030.

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Non Grain-Oriented Electrical Steel Market: Overview

Non-grain oriented electrical steel is referred to as lamination steel, core iron, silicon steel, and electrical steel. Reportedly, it is specialty steel designed for providing particular magnetic features that include high permeability and low hysteresis loss in electric applications. Escalating demand for power supply owing to the surging population along with the rapid expansion of infrastructure has increased the popularity and use of non-grain-oriented electrical steel globally. In addition to this, surging urbanization has led to acceptance of the product, thereby propping up the scope of the product sale.        

Key Insights

• As per the analysis shared by our research analyst, the global non-grain-oriented electrical steel market is projected to expand annually at the annual growth rate of around 5.2% over the forecast timespan (2023-2030)
• In terms of revenue, the global non-grain-oriented electrical steel market size was evaluated at nearly $18.01 billion in 2022 and is expected to reach $24.60 billion by 2030.
• The global non-grain-oriented electrical steel market is anticipated to grow rapidly over the forecast timeline owing to the thriving steel industry and demand for hybrid electric vehicles.
• In terms of thickness, the 0.50mm segment is slated to register the highest CAGR over the analysis period.
• Based on type, the semi-processed segment is slated to register rapid growth in the upcoming years.
• Based on application, the power generation segment is projected to record a massive surge in the coming years.
• Region-wise, the North American non-grain-oriented electrical steel industry is expected to register the fastest CAGR during the assessment timeline.

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Non Grain-Oriented Electrical Steel Market: Growth Factors

Flourishing Steel Sector will prop the scope of the global market over the forecast timeline

Thriving steel industry and demand for hybrid electric vehicles have surged the expansion of the global non-grain-oriented electrical steel market. Moreover, the use of product in the manufacture of electric vehicle motors will embellish the global market trends. Furthermore, the product finds a plethora of applications in engines, high-speed motors, and traction motors. With non-grain-oriented electrical steel possessing outstanding punching workability, robust magnetic flux, and high proficiency, the market for non-grain-oriented electrical steel is predicted to gain traction in the upcoming years. Humungous necessity for power-generating motors as well as rotors has translated into a massive preference for non-grain-oriented electrical steel in recent years. Thriving automotive sector will embellish the expansion of the market globally. New product launches will expand the scope of the growth of the market across the globe. For instance, in October 2023, United States Steel Corporation, a key manufacturing firm, introduced a new non-grain-oriented electrical steel line referred to as InduX™.

Non Grain-Oriented Electrical Steel Market: Restraints

Fluctuation in raw material costs can hinder the global industry expansion in the years ahead

Oscillation in the prices of raw materials such as coal, iron steel, and scrap will hinder the expansion of the global non-grain-oriented electrical steel industry. Furthermore, fluctuations in the crude oil costs and production costs as well as restricted storage capacity can impact the product costs.

Non Grain-Oriented Electrical Steel Market: Opportunities

Beneficial product features can create new growth avenues for the global market in coming years

Favorable product features such as acting as a lubricating agent during stamping along with its improved punching ability will open new growth avenues for the global non-grain-oriented electrical steel market. The product plays a key role in producing motors as it can improve the performance of electric vehicles, thereby creating new facets of growth for the global market.

Non Grain-Oriented Electrical Steel Market: Challenges

Irregular supply of product due to supply chain disruptions can prove to be a big challenge for industry growth in the coming years

Changes in the demand and supply of product and strict laws pertaining to the use of coal in the production of non-grain-oriented electrical steel will prove to be a huge challenge for the global non-grain-oriented electrical steel industry expansion.

Non Grain-oriented Electrical Steel Market: Segmentation

The global non-grain-oriented electrical steel market is sectored into thickness, type, application, and region.                  

In thickness terms, the global non-grain-oriented electrical steel market is segregated into 0.35 mm, 0.50 mm, and 0.65 mm segments. Furthermore, the 0.50 mm segment, which acquired nearly half of the global market revenue in 2022, is set to register the highest growth rate in the coming years. The growth of the segment during the projected timeframe can be due to the ability of product with 0.50 mm thickness in improving product performance in terms of magnetic features and electric equipment weight.

Based on the type, the global non-grain-oriented electrical steel industry is sectored into semi-processed and fully processed segments. Moreover, the semi-processed segment, which accumulated a major global industry share in 2022, is anticipated to lead the global industry over the assessment period. The segmental surge over the forecast timeline can be a result of demand for semi-processed product to achieve the required microstructure for the product.

Based on the application, the non-grain-oriented electrical steel market across the globe is divided into household appliances, power generation, and AC motors segments. Furthermore, the power generation segment, which acquired a huge share of the global market in 2022, is slated to register the fastest growth in the upcoming years. The segmental surge over the assessment timeline can be due to a rise in the use of product in punched sheets and laminated sheets. Apart from this, large-scale use of non-grain-oriented steel in distribution transformers, power transformers, and small transformers will steer the expansion of the global market.

Non-Grain-Oriented Electrical Steel Market: Report Scope

Non Grain-oriented Electrical Steel Market: Regional Insights

Asia-Pacific is predicted to maintain its dominant position in the global non-grain-oriented electrical steel market over the analysis timeline

Asia-Pacific, which accounted for about 59% of the global non-grain-oriented electrical steel market revenue in 2022, will be a dominating region over the prognosis timeline. In addition to this, the regional market expansion over the next eight years can be credited to untapped growth potential witnessed in countries such as India and China. Rise in demand for incessant power supply due to the surging population based in the region will contribute majorly towards the growth of the market in the APAC region.

North American non-grain-oriented electrical steel industry is set to register the fastest CAGR in the upcoming years owing to a surge in the demand for electricity in the industrialized countries of the region. In addition to this, the rapid growth of the power generation & transmission sector in countries such as Canada and the U.S. will steer the regional industry trends.

Non Grain-oriented Electrical Steel Market: Competitive Space

The global non-grain-oriented electrical steel market profiles key players such as:

• Jiangsu Shagang Group
• Arcelor Mittal S.A.
• Benxi Steel Group Company Limited
• Baosteel Group Corporation
• CSC Steel Sdn. Bhd.
• Pohang Iron and Steel Company (POSCO)
• Nucor Corporation
• Nippon Steel Corporation
• NLMK
• JFE Holdings Inc.
• Tata Steel
• The United States Steel Corporation
• Thyssenkrupp Steel
• Angang Steel Co. Ltd.
• Gerdau
• Yieh Corporation
• Arnold Magnetic Technologies
• Aperam S.A.

The global non-grain-oriented electrical steel market is segmented as follows:

By Thickness

• 0.35mm
• 0.50mm
• 0.65mm

By Application

• Household Appliances
• Power Generation
•  AC Motors

By Type

• Semi-Processed
•  Fully Processed

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa