Market Overview
Electrical Steel is specialty steel that exhibits magnetic properties. There are two major types of Electrical Steel- Grain-oriented electrical steel and Non-Grain Oriented Electrical Steel. Non-Grain-oriented (NGO) electrical steel features similar magnetic properties in all directions.
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Market Dynamics
Increasing consumption of Hybrid Electric Vehicles (HEVs) in the world is one of the primary drivers of the global NGO electrical steel market. NGO electric steel is primarily used in high-speed electric motors and high-frequency transformers. It is also used in traction motors of HEVs.
HEVs are a rising trend in the Automotive Industry. Global HEVs production reached 1.2 million units in 2015 and is expected to reach 5.4 million units by 2025.
The rise in HEV sales is mainly due to increasing environmental regulations across the world. Thus, the demand for HEVs will drive the market for NGO electrical steel.
Market Segmentation
By Type
· Fully Processed
· Semi-Processed
By Application
· Motors
· Transformers
· Power Transformers
· Distribution Transformers
· Others
· Inductors
· Others
By End-user
· Automotive Industry
· Aviation
· Power
· Domestic Appliances
· Others
Key Players Covered in the Global Market Report:
The Global Non-Grain Oriented Electrical Steel market report profiles the following companies-ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal Corporation(NSSMC), JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
ArcelorMittal, Baosteel, and NSSMC are critical players in the market and hold the maximum share in the market. ArcelorMittal operates in more than 60 countries, having the largest market in Europe.
It was the largest producer of electrical steel in the world in 2017. Baosteel Group, a group, based in China exports its products to more than 40 countries and is one of the largest producers of electrical steel. NSSMC provides iron for areas such as construction,
automobiles, civil engineering, energy, resources and operates in 15 countries currently.
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The Full Report has the below insights.
The report offers a comprehensive evaluation of the market in terms of Market Value (US$) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
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