MARKET INSIGHTS

The global NGO silicon steel market size was valued at USD 15.41 billion in 2024. The market is projected to grow from USD 15.92 billion in 2025 to USD 19.39 billion by 2031, exhibiting a CAGR of 3.4% during the forecast period.

NGO (Non-Grain Oriented) silicon steel, also known as electrical steel, is a specialized alloy with high magnetic permeability and low core loss. This material is primarily used in electrical applications where directional magnetic properties are not required, such as motors, transformers, and generators. The product is classified into semi-processed and fully processed variants, each catering to specific industry needs.

Market growth is driven by increasing electricity demand, rapid urbanization, and the shift toward renewable energy infrastructure. The EV revolution further accelerates demand as NGO silicon steel is crucial for motor cores in electric vehicles. However, supply chain disruptions and raw material price volatility pose challenges to market expansion. Key players like Nippon Steel, POSCO, and Baowu are investing in production capacity to meet growing demand, particularly in Asia-Pacific where over 60% of global consumption occurs.