What is Global NGO Electrical Steel Market?
The Global NGO Electrical Steel Market is a vast and dynamic sector that encompasses a wide range of products and services. This market is primarily concerned with the production and distribution of non-grain-oriented (NGO) electrical steel, a type of steel that is used in various industries due to its unique properties. NGO electrical steel is characterized by its high permeability and low core loss, making it an ideal material for use in applications that require efficient and reliable electrical performance. The global NGO electrical steel market is a significant contributor to the global economy, with a market value of US$ 18840 million in 2022. This market is expected to continue its growth trajectory, with projections indicating that it will reach a value of US$ 20730 million by 2029. This represents a compound annual growth rate (CAGR) of 3.3% during the forecast period of 2023-2029.
Semi-processed, Fully Processed in the Global NGO Electrical Steel Market:
The Global NGO Electrical Steel Market is segmented into two main categories: semi-processed and fully processed. Semi-processed NGO electrical steel is partially processed and requires further processing before it can be used in applications. On the other hand, fully processed NGO electrical steel is ready for use and does not require any additional processing. The choice between semi-processed and fully processed NGO electrical steel depends on the specific requirements of the application. For instance, semi-processed NGO electrical steel may be preferred for applications that require a high degree of customization, while fully processed NGO electrical steel may be more suitable for applications that require standard specifications. The market for both types of NGO electrical steel is substantial, with both segments contributing significantly to the overall market value.
Motor, Home Appliances, Power Generator, Automotive, Others in the Global NGO Electrical Steel Market:
The Global NGO Electrical Steel Market finds its application in various areas such as motors, home appliances, power generators, automotive, and others. In motors, NGO electrical steel is used in the construction of the motor's core, which is responsible for converting electrical energy into mechanical energy. In home appliances, NGO electrical steel is used in the manufacturing of various components, such as the motor in a washing machine or the transformer in a microwave oven. In power generators, NGO electrical steel is used in the construction of the generator's core, which is responsible for converting mechanical energy into electrical energy. In the automotive industry, NGO electrical steel is used in the manufacturing of various components, such as the motor in an electric vehicle or the transformer in a hybrid vehicle. Other applications of NGO electrical steel include transformers, inductors, and other electrical devices.
Global NGO Electrical Steel Market Outlook:
The global NGO Electrical Steel market outlook highlights the market's growth and the key players in the market. The market was valued at US$ 18840 million in 2022 and is expected to reach US$ 20730 million by 2029, growing at a CAGR of 3.3% during the forecast period 2023-2029. The top five players in the market hold a share of nearly 50%. China is the leading producer in the global non grain-oriented electrical steel market, contributing over 40% in terms of production. In terms of consumption, Asia-Pacific is the largest market, accounting for about 77% of the global market, followed by Europe and Americas, with shares of 14% and 7%, respectively.
| Report Metric | Details |
| Report Name | NGO Electrical Steel Market |
| Accounted market size in 2023 | US$ 17030 million |
| Forecasted market size in 2029 | US$ 20730 million |
| CAGR | 3.3 |
| Base Year | 2023 |
| Forecasted years | 2023 - 2029 |
| Segment by Type |
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| Segment by Application |
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| Production by Region |
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| Sales by Region |
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| By Company | Baowu, Shougang, TISCO, Nippon Steel, Ansteel, Posco, JFE Steel, ThyssenKrupp, Voestalpine, ArcelorMittal, NLMK, CSC, AK Steel (Cleveland-Cliffs), BX Steel |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
