The Global Non Grain Oriented Electrical Steel Market is expected to grow at a high CAGR during the forecasting period (2021-2028).
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(Spin Digit Editorial):- Alden, New York Nov 9, 2021 (Issuewire.com) – Market Overview
Electrical Steel is specialty steel that exhibits magnetic properties. There are two major types of Electrical Steel- Grain-oriented electrical steel and Non-Grain Oriented Electrical Steel.
Non-Grain oriented (NGO) electrical steel features similar magnetic properties in all directions
Increasing consumption of Hybrid Electric Vehicles (HEVs) in the world is one of the primary drivers of the global NGO electrical steel market. NGO electric steel is primarily used in high-speed electric motors and high-frequency transformers. It is also used in traction motor of HEVs.
HEVs are a rising trend in the Automotive Industry. Global HEVs production has reached 1.2 million units in 2015 and is expected to reach 5.4 million units by 2025.
The rise in HEV sales is mainly due to increasing environmental regulations across the world. Thus, the demand for HEVs will drive the market for NGO electrical steel.
- Fully processed
- Automotive Industry
- Domestic Appliances
Geographically, the Global Non-Grain Oriented Electrical Steel Market is segmented int
North America, South America, Asia-Pacific, Europe, and the Rest of the world. Asia-Pacific region dominates the market for Non-Grain Oriented Electrical Steel.
The market is expanding at a significant pace in this region because of the increase in demand for NGO steel in various end-user industries in countries such as China, India, and Japan. China is the leading and fastest-growing market for NGO steel because of rapid urbanization and the fast-growing market for automotive especially HEVs.
The Global Non-Grain Oriented Electrical Steel market report profiles the following companies-ArcelorMittal S.A., Baosteel Group Corporation, Pohang Iron and Steel Company (POSCO), Nippon Steel & Sumimoto Metal Corporation(NSSMC), JFE Holdings Inc., Jiangsu Shagang Group, Tata Steel, The United States Steel Corporation (US Steel), Angang Steel Co. Ltd. and Gerdau.
ArcelorMittal, Baosteel, and NSSMC are critical players in the market and hold the maximum share in the market. ArcelorMittal operates in more than 60 countries, having the largest market in Europe.
It was the largest producer of electrical steel in the world in 2017. Baosteel Group, a group, based in China exports its products to more than 40 countries and is one of the largest producers of electrical steel. NSSMC provides iron for areas such as construction, automobiles, civil engineering, energy, resources and operates in 15 countries currently.
Source :DataM Intelligence
This article was originally published by IssueWire. Read the original article here.