NGO Electrical Steel Market Size, Share, Growth, And Industry Growth By Type (Semi-processed and Fully Processed), By Application (Home Appliances, Power Generator, Automotive, and Others), Regional Forecast To 2031

Updated On: 20 November 2023

NGO Electrical Steel Market REPORT OVERVIEW

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The global NGO electrical steel market size was USD 13240 million in 2021 and is projected to touch USD 20703.02 million by 2031, exhibiting a CAGR of 4.6% during the forecast period.

NGO electrical steel also known as non-grain-oriented electric steel possesses magnetic properties and has its uses in electric motors and transformers for power generation. It is widely used in home appliances and the automotive sector.

The upscale modernization and increasing globalization have led to high income and improved standard of living. As the industries are adopting future innovations the idea of sustainability is being put forward and being integrated into all the industrial sectors. The NGO electrical steel diverse application and advantages over other alternatives will be driving the market growth in the forthcoming years.

COVID-19 Impact: Frequent Lockdowns to Hamper the Market Demand

COVID-19 has affected the NGO electrical steel market negatively. There are many factors for the slow down of the market primarily due to the spike in COVID-19 cases and the frequent lockdowns and the poor economy. The pandemic year saw limited growth in the construction sector as high-tech infrastructure was put on a halt and the focus shifted toward healthcare and the development of vaccines. The low production and disruption in the supply chain affected the momentum.  However, as the world is gearing up and normalising the new norms the market is set to bounce back due to the increasing demands.

LATEST TRENDS

"Continuous Research and Developments to Increase Market Competition"

The key players in the NGO electrical steel industry are emphasizing extensive research and developments to bring out the latest innovations and improve the efficiency of the product. The business models and market trends are ever-changing so the introduction of upgraded products is required to meet the demands across all the industries and promote the high-function manufacturing unit. The government regularities in the favor of sustainable developments are triggering the growth of the NGO electrical steel market. 

NGO Electrical Steel Market SEGMENTATION

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• By Type

Based on type, the market is divided into semi-processed and fully processed. The semi-processed segment is expected to lead the market in the projected period.

•  By Application

Based on the application, the market is divided into home appliances, power generators, automotive and others. Home appliances segment is anticipated to lead the market in the upcoming years.

DRIVING FACTORS

"Increase in the Demand for Hybrid Electric Vehicles to Accelerate the Product Sale"

The contemporary world has witnessed the unparallel growth of the automotive sector in recent years. The dynamics of the market have changed and are constantly evolving after the integration of advanced technology into everyday life. The high quality of life, high income and purchasing power accompanied by consumer demand stimulate the growth of the automotive sector. In light of the recent developments, the hybrid electric car is emerging in popularity owing to many factors such as upscale globalization, greater economy and eco-friendly adaptation of living.

The progression in technology and industries has resulted in the emission of harmful gases and environmental degradation. The government and people are consciously striving to inculcate a sustainable form of living in every sector.  Hybrid electric cars have low emissions of CO2 in comparison to electric cars. It also regulates fuel consumption not only it is economical but also beneficial in times of increasing fuel prices. The hybrid electric car is often regarded as the future of the automotive. NGO electrical steel market demand is expected to rise with the increased application and demand from the automotive industry. It is used to escalate the performance of the electric motor. All these factors will drive the NGO electrical steel market growth in the forecasted year.

"Growth of Infrastructure and Globalization to Boost Market Demand "

Globalization has brought all the nations of the world politically, socially and economically close and it has been shaping the lives of the people for the past decades. The transformation is still in progress however, the initial success was accomplished on the mere fact that the era witnessed a technological evolution which improved every sector of the business and people's life. The demand for high-quality life compelled the government and private organizations to improve the existing infrastructure with the incorporation of high tech. Shifting focus towards expanding the infrastructure and the growth of developed nations will drive the NGO electrical steel market share in the upcoming years.

RESTRAINING FACTORS

"Low Production and Supply Shortage Hampers Market Growth"

An NGO electrical steel is in high demand due to its wide-scale use in the automobile, house appliances and power generators however, the past few years saw the production was affected and the supply chain was interpreted as an aftereffect of the pandemic. The low production with the increasing demand created a vacuum in the market which paves the possibilities for other alternative products to fill the shortage. The product shortage in the market is a major restraining factor in the growth of the NGO electrical steel market.

NGO Electrical Steel Market REGIONAL INSIGHTS

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"North America to Dominate the Market due to an Increase in Consumer Demand. "

North America's increasing population is placing pressure on the electric grid and the outdated infrastructure which is in dire need of replacement and up-gradation. Large-scale capital investments are being made to increase production to meet the rising demand. Moreover, the growth of hybrid electric vehicles is triggering the demand which can be suppressed solely with electric steel. The concern of improving the infrastructure, consumer demand, sustainable living and government investments are driving the growth of NGO electrical steel market size in the market.

KEY INDUSTRY PLAYER

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Baowu (U.S.)
• Shougang Group (China)
• TISCO (India)
• Nippon Steel (Japan)
• Ansteel (China)
• Posco (South Korea)
• JFE Steel (Japan)
• Thyssen Krupp (Germany)
• Voestalpine (Austria)
• ArcelorMittal (U.S.)
• NLMK (Russia)
• CSC (U.S.)
• AK Steel (U.S.)
• BX Steel ( China)

REPORT COVERAGE

This report covers the analysis of NGO electrical steel providing a comprehensive market insight focusing on the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.