According to the new market research report “NGO Silicon Steel - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”, published by QYResearch, the global NGO Silicon Steel market size is projected to reach USD 17.41 billion by 2030, at a CAGR of 2.3% during the forecast period.
- Global NGO Silicon Steel MarketSize(US$ Million), 2019-2030
Source: QYResearch, "NGO Silicon Steel - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
Electrical steels are distinguished by their excellent electro-magnetic properties. There are two major types of electrical steels: grain-oriented (GO) and non-oriented (NO).
NGO Silicon Steel features homogeneous magnetic properties in all directions. They are widely used as iron core materials in rotating machines ranging from large power generators to tiny precision electric motors. They are also used in the iron core of small power transformers.
- Global NGO Silicon Steel Top14 Players Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)
Source: QYResearch, "NGO Silicon Steel - Global Market Share and Ranking, Overall Sales and Demand Forecast 2024-2030”
According to QYResearch Top Players Research Center, the global key manufacturers of NGO Silicon Steel include Baowu, Nippon Steel, Shougang Group, Ansteel, TISCO, JFE Steel, Xin Steel, ThyssenKrupp, CSC, Voestalpine, etc. In 2023, the global top five players had a share approximately 52.0% in terms of revenue.
Market Drivers:
Growing Energy Demand: The increasing global demand for electricity, driven by population growth, industrialization, and urbanization, is a major driver for the NGO Silicon Steel market. As more countries invest in renewable energy sources, such as wind and solar power, the demand for NGO Silicon Steel-based electrical equipment like generators and inverters is expected to rise.
Industrial Development: The expansion of industries, particularly in emerging economies, is boosting the demand for electrical equipment. NGO Silicon Steel finds applications in various industries, including automotive, appliances, construction, and electronics. The growth of these industries, especially in developing regions, presents a significant market opportunity for NGO Silicon Steel.
Electric Vehicle (EV) Market Growth: The rapid adoption of electric vehicles is a significant driver for the NGO Silicon Steel market. NGO Silicon Steel is used in electric motors and traction motors in EVs. With the global push for decarbonization and the increasing demand for electric vehicles, the NGO Silicon Steel market is expected to experience substantial growth.
Restraint:
Raw Material Price Volatility: The cost and availability of raw materials, particularly iron ore and other alloys used in NGO Silicon Steel production, can be volatile. Fluctuations in raw material prices can affect the overall cost of production and profitability for NGO Silicon Steel manufacturers.
Economic Downturns: Economic downturns and fluctuations can impact the NGO Silicon Steel market. During periods of economic slowdown, the demand for electrical equipment and infrastructure projects may decline, affecting the demand for NGO Silicon Steel.
Opportunity:
Technological Advancements: Continuous research and development efforts were focused on improving the magnetic properties and efficiency of NGO Silicon Steel. Manufacturers were investing in advanced production technologies and processes to enhance the performance of NGO Silicon Steel-based electrical equipment.
Emerging Economies: Developing countries, especially in Asia-Pacific, were witnessing rapid industrialization, urbanization, and infrastructure development. This led to an increased demand for electrical equipment, including NGO Silicon Steel-based products, to support the growing energy needs of these economies.
About The Authors
| Jiquan Zhai - Lead Author |
| Email: zhaijiquan@qyresearch.com |
| Tel: 17319264309 |
About QYResearch
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