Non-grain-oriented electrical steel market to hit $29.1 B by 2033
The global non-grain-oriented electrical steel market is projected to grow from $17.7 B in 2023 to $29.1 B by 2033, achieving a CAGR of 5.1 % from 2024 to 2033.
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According to a report by Marekt Us, the global non-grain-oriented electrical steel market is anticipated to rise from $17.7 B in 2023 to $29.1 B by 2033, growing at a CAGR of 5.1 % from 2024 to 2033.
Non-grain-oriented electrical steel (NGOES), a specialised steel with uniform grain structure and isotropic magnetic properties. It is essential in transformer cores, especially for high-speed applications. Its isotropic magnetic properties minimise energy losses, improving efficiency in power distribution systems, which is critical as global electricity demand rises with urbanisation and industrial growth.
In 2023, China exported 1.23 million tonnes of electrical steel, down 4 % from 2022 but notably higher than 860,959 tonnes in 2021. India remained the top buyer, importing 189,184 tonnes (15 %). Exports rose 30 % in Q1 2024 to 356,726 tonnes, with India taking 17%. China’s total electrical steel output hit 15.28 million tonnes in 2023, up 15 %, with 12.04 million tonnes being non-grain-oriented. Production capacity is projected to reach 18–20 million tonnes.
India, the second-largest steel producer globally, plays a key role in the NGOES market. Its $100 B steel industry employs over 2 million people and has cut energy intensity by 20 % in the last decade. Demand for NGOES is expected to rise with infrastructure expansion, including 100 planned airports.
In 2023, Asia-Pacific led the NGOES market with a 36.2 % share ($6.4 B), driven by China and India’s booming EV, electronics, and energy sectors. Europe followed with 28 %, led by Germany and France’s push for energy-efficient technologies, while North America held nearly 20 % due to US and Canadian investments in smart grids and EVs. The Middle East & Africa and Latin America made up the remaining 16 %, with countries like Saudi Arabia, South Africa, and Brazil expanding power infrastructure and industrial capacity, positioning themselves for future growth amid rapid urbanisation and energy reforms.
Key market players include Longbank Steel, Tata Steel, Nucor Corporation, ArcelorMittal S.A. and Shougang Group, among others.
Source: Market Us
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