Non-Grain Oriented Electrical Steel Global Market Report 2024

The non-grain oriented electrical steel market size has grown strongly in recent years. It will grow from $14.32 billion in 2023 to $15.05 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The expansion during the historical period can be ascribed to the transformative effects of the industrial revolution, the electrification of industries, advancements in research and development, accelerated urbanization and infrastructure development, and the rise of energy-efficient appliances.

The non-grain oriented electrical steel market size is expected to see steady growth in the next few years. It will grow to $17.81 billion in 2028 at a compound annual growth rate (CAGR) of 4.3%. The anticipated growth in the forecast period is linked to factors such as supply chain optimization, the integration of Industry 4.0 and automation, the advancement of smart grid technologies, the revolution in electric vehicles, and a heightened focus on recycling and sustainability. Key trends expected in the forecast period encompass data-driven maintenance strategies, the adoption of localized manufacturing practices, increased emphasis on material traceability and transparency, resilience to high temperatures, and the integration of Internet of Things (IoT) in electrical steel.

The anticipated surge in the adoption of electric vehicles (EV) is poised to drive the growth of the non-grain-oriented electrical steel market in the foreseeable future. Electric vehicles are automobiles powered by electric motors drawing energy from batteries rechargeable from external sources. The utilization of non-oriented electrical steel enhances the performance of electric motors, which serve as core components in EVs. Consequently, the increasing adoption of electric vehicles is leading to a heightened demand for non-grain-oriented electrical steel. Notably, the Global EV Outlook 2022 report highlights a doubling of EV sales in 2021, reaching a record 6.6 million units. Furthermore, global electric car sales in 2021 reached 6,600,000 units, up from 2,980,000 units in the previous year. This robust growth in electric vehicle adoption is a driving force behind the expansion of the non-grain-oriented electrical steel market.

The ongoing trend of urbanization is a significant catalyst for the non-grain-oriented electrical steel market's growth. Urbanization refers to the increasing concentration of the population in urban areas, accompanied by the expansion and development of cities and towns. Non-grain-oriented electrical steel (NGOES) plays a crucial role in electrical equipment used in various industrial processes, with demand escalating alongside the expansion of industrial activities. According to April 2023 data from the World Bank, a US-based international financial institution, 56% of the world's population, equivalent to 4.4 billion people, resided in urban areas in 2023. This figure is projected to more than double by 2050. Hence, the upward trajectory of urbanization significantly contributes to the growth of the non-grain-oriented electrical steel market.

A prominent trend gaining traction in the non-grain-oriented electrical steel market is product innovation, with major companies strategically focusing on the development of cutting-edge products to fortify their market positions. An illustrative example is Cleveland-Cliffs Inc., a US-based mining and manufacturing company specializing in electrical steel, iron ore, and other ferroalloys. In December 2022, the company introduced MOTOR-MAX, a high-frequency non-oriented electrical steel (HF NOES). Designed for high-speed engines, electric vehicle (EV) propulsion motors, aviation generators, and other rotating machinery, MOTOR-MAX is engineered to enhance overall engine performance and efficiency.

Key players in the non-grain-oriented electrical steel market are placing a strong emphasis on the production of lightweight variants of non-grain-oriented electrical steel. Lightweight non-grain-oriented electrical steel contributes to improved motor and electric vehicle efficiency. For instance, in March 2023, United States Steel Corporation, a leading integrated steel producer in the US, unveiled InduX, a new electrical steel product. InduX is characterized by its ultra-thin, lightweight, and exceptionally wide composition, possessing all the necessary magnetic qualities for electric vehicles (EVs), generators, and transformers. Enhanced magnetic properties translate into heightened motor efficiency and increased mileage for electric cars (EVs).

In December 2021, Worthington Industries Inc., a US-based company specializing in the manufacture of non-grain-oriented electrical steel and other electrical steels, acquired Tempel Steel Company for an approximate sum of $255 million. This acquisition positioned Worthington Industries Inc. as a global leader in the rapidly expanding electrical steel sector, encompassing transformers, machine engines, and electric vehicle motors. The acquisition also broadened Worthington Industries Inc.'s sustainable mobility capabilities, extending beyond weight reduction and hydrogen applications to better serve the global market for hybrids, electric vehicles, and the essential power infrastructure required to support them. Tempel Steel Company, the acquired entity, is a US-based manufacturer specializing in electrical steel laminates and non-grain-oriented silicon steel.

Major companies operating in the non-grain oriented electrical steel market report are ThyssenKrupp AG, ArcelorMittal SA, Pohang Iron and Steel Company (POSCO), Nippon Steel Corporation, Ansteel Group Corporation Limited, Shagang Group Co. Ltd., Shougang Group Co. Ltd., Nucor, Baosteel Group Corporation, JFE Holdings Inc., Tata Steel Limited, Cleveland-Cliffs Inc., United States Steel Corporation, Voestalpine AG, NoVo Lipetsk Steel, Gerdau S/A, Benxi Steel Group Co. Ltd., Aperam S.A., China BaoWu Steel Group Corporation Limited, Taiyuan Iron and Steel Co. Ltd., Malaysia Steel Works (KL) Bhd., CSC Steel Sdn. Bhd., Arnold Magnetic Technologies Corporation, Yieh Corp., Lamination Specialties Corp., AK Steel International B.V, Johnson Bros. Roll Forming Co., Continental Steel & Tube Co., TC Metal Co., AAA Metals Co. Inc.

Asia Pacific was the largest region in the non-grain oriented electrical steel market in 2023. 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. The countries covered in the non-grain oriented electrical steel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Non-grain-oriented electrical steel comes in two main product types, fully processed and semi-processed. Semi-processed electrical steels are brought to their final thickness and shape (sheets or coils) by the manufacturer, but they undergo partial annealing and are not fully annealed to achieve their ultimate magnetic properties. Various thicknesses, such as 0.35 mm, 0.5 mm, 0.65 mm, among others, are available. These steels find applications in diverse fields, including inductors, transformers, motors, and more, serving various end users such as the automotive industry, aviation, power sector, domestic appliances, and others.

The non-grain-oriented electrical steel market research report is one of a series of new reports that provides non-grain-oriented electrical steel market statistics, including non-grain-oriented electrical steel industry global market size, regional shares, competitors with a non-grain-oriented electrical steel market share, detailed non-grain oriented electrical steel market segments, market trends, and opportunities, and any further data you may need to thrive in the non-grain oriented electrical steel industry. This non-grain-oriented electrical steel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The non-grain-oriented electrical steel market consists of sales of high-strength non-grain-oriented electrical steel and cold-rolled non-grain-oriented electrical steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.