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(Hosting-NewsWire.com, October 18, 2019 ) Market Overview:
Electrical Steel is a specialty steel which 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.
Market Dynamics:
Increasing consumption Hybrid Electric Vehicles (HEVs) in the world is one of the primary drivers of 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 is 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.
Market Segmentation:
The Non-Grain Oriented Electrical Steel Market segments the market by type, by application, and by end-user. Based on the model, the classification includes Fully Processed, Semi-Processed and Others.
Semi-processed NGO is primarily used and has a dominant market share. In semi-processed NGO magnetic properties are not fully developed. The magnetic properties are fully developed only after the Decarburization and Annealing of laminations. Moreover, Semi-processed NGO is ideally suited for motors 20 HP or below.
Motors has the largest market in the application segment. A motor is an electrical machine that converts electrical energy into mechanical energy.
Geographical Analysis:
By geography, the Market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and the Middle East and Africa (MEA).
North America, South America, Asia-Pacific, Europe and 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 fast-growing market for automotive especially HEVs.
Competitive Analysis:
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.
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View full report: https://www.datamintelligence.com/research-report/non-grain-oriented-electrical-steel-market
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Sai Kiran
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Email: pr@datamintelligence.com
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DataM Intelligence
Sai Kiran
+1 877 441 4866
pr@datamintelligence.com
Source: EmailWire.Com
Source: EmailWire.com
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