PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1574951
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1574951
Electrical Steel Non-grain oriented (NOES) Market size was valued at USD 18,019.23 Million in 2023, expanding at a CAGR of 6.20% from 2024 to 2032.
Non-grain-oriented electrical steel (NOES) is a type of steel used mainly in electrical applications, like motors and transformers. Unlike grain-oriented steel, which has a specific alignment to enhance magnetic properties in one direction, NOES has a more random structure. This allows it to perform well in different directions, making it versatile for various devices. NOES is known for its magnetic properties and low energy loss, which helps improve the efficiency of electrical equipment.
Electrical Steel Non-grain oriented (NOES) Market- Market Dynamics
Increasing renewable energy installations boost demand for transformers and generators.
The growing use of renewable energy sources like wind and solar is creating a strong demand for transformers and generators, especially in the non-grain-oriented electrical steel (NOES) market. According to the U.S. Department of Energy, renewable energy made up about 21% of total electricity generation in the U.S. in 2022.
This shift to renewable energy needs advanced electrical components to manage power distribution effectively and improve grid reliability. As we focus more on sustainable energy, electrical steel plays a crucial role in building the infrastructure needed for a greener future.
Electrical Steel Non-grain oriented (NOES) Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 6.20% over the forecast period (2024-2032)
Based on Type segmentation, Fully Processed was predicted to show maximum market share in the year 2023
Based on Application segmentation, Power Generation was the leading type in 2023
Based on Thickness segmentation, 0.5 mm was the leading type in 2023
based on Region, Asia Pacific was the leading revenue generator in 2023
The Global Electrical Steel Non-grain oriented (NOES) Market is segmented based on Type, Application, Thickness, and Region.
The market is divided into two categories based on Type: Semi-processed and Fully Processed. In the electrical steel non-grain-oriented (NOES) market, the Fully Processed segment is the most important and widely used. This is mainly because it has better magnetic properties and works well in devices like transformers, electric motors, and generators. Fully processed NOES is more efficient and loses less energy, which makes it the top choice for manufacturers who want high-quality electrical equipment. The growing need for energy-saving technologies and the rise of renewable energy sources also make this segment stand out even more in the market.
The market is divided into three categories based on Application: Household appliances, AC motors, Power Generation, and Others. The Power Generation segment is the most important in the Electrical Steel Non-Grain Oriented (NOES) market. This sector requires high efficiency and performance from transformers and generators, driving up the demand for quality NOES materials. NOES is important for keeping magnetic properties stable at different temperatures and frequencies, making it vital for renewable energy sources like wind and solar power, as well as traditional power generation. As the world shifts toward sustainable energy, the demand for NOES in power generation is set to increase, strengthening its leading position in the market.
Electrical Steel Non-grain oriented (NOES) Market- Geographical Insights
The Asia Pacific region is experiencing steady growth in the non-grain-oriented electrical steel (NOES) market. This type of steel is important for electrical applications, especially in motors and transformers. Countries like China, Japan, and South Korea are major players, with increasing demand for energy-efficient technologies.
As industries focus on renewable energy and electric vehicles, the need for NOES is rising. Local manufacturers are investing in advanced production techniques to meet this demand. Overall, the market is expected to expand, driven by technological advancements and growing industrial activities.
The non-grain-oriented electrical steel (NOES) market is highly competitive, featuring several key players. Companies like Cleveland-Cliffs and Nippon Steel lead the market with their advanced manufacturing skills and strong presence. JFE Steel and Thyssenkrupp also make significant contributions by using their technology to innovate and meet growing demand.
Baowu Steel and POSCO stand out for their production capacities and commitment to quality. U.S. Steel and ArcelorMittal offer a wide range of products and build strategic partnerships. Hitachi Metals and Mitsubishi Steel focus on high-performance steel solutions for specialized needs. As the demand for energy-efficient products rises, these companies are investing in research and development to improve their offerings and stay competitive.
In March 2023, ArcelorMittal S.A. invested USD 317.90 million to set up an electrical steel production facility at the Mardyck site in northern France. This investment aims to boost production capacity and enhance revenue potential.