Lucintel Forecasts the Global Non Grain-Oriented Electrical Steel Market to Reach$23.4 billion by 2030
Lucintel Forecasts the Global Non Grain-Oriented Electrical Steel Market to Reach$23.4 billion by 2030
Blog Article
According to a market report by Lucintel, the future of the global non grain-oriented electrical steel market looks promising with opportunities in the automotive, aviation, power and domestic appliance markets. The global non grain-oriented electrical steel market is expected to reach an estimated $23.4 billion by 2030 from $17.7 billion in 2023,at a CAGR of 4.8% from 2024 to 2030. The major drivers for this market are growing need for high-frequency transformers, traction motors, and high-speed electric motors due to the hybrid electric vehicle, rising interest in energy-saving electrical equipment, and expansion of renewable energy sources.
A more than 150-page report to understand trends, opportunity and forecast in non grain-oriented electrical steel market to 2030 by product type (semi processed and fully processed product), application (inductors, transformers, motors, and others), end use (automotive, aviation, power, and domestic appliances), and region (North America, Europe, Asia Pacific, and the Rest of the World).
Lucintel forecasts that semi processed is expected to witness the highest growth over the forecast period because it provides consumers with an alternative to fully treated electrical steel in terms of improved magnetization qualities and a decarburization annealing procedure for the development of final magnetic properties.
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APAC is expected to witness highest growth over the forecast period due to growing urbanization and the rapidly expanding car industry, particularly for HEVs.
Pohang Iron and Steel Company, Jiangsu Shagang Group, ArcelorMittal, Nippon Steel & Sumitomo Metal, The United States Steel are the major suppliers in the non grain-oriented electrical steel market.
This unique research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or write us at helpdesk@lucintel.comTo get access of more than 1000 reports at fraction of cost visit Lucintel'sAnalytics Dashboard.
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At Lucintel, we offer solutions for you growth through game changer ideas and robust market &unmet needs analysis. We are based in Dallas, TX and have been a trusted advisor for 1,000+ clients for over 20 years. We are quoted in several publications like the Wall Street Journal, ZACKS, and the Financial Times.
Contact:
Roy Almaguer
Lucintel
Dallas, Texas, USA
Email: roy.almaguer@lucintel.com
Tel. +1-972-636-5056
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