India Electrical Steel Market by Product Type, Application, and End-Use: Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2024-2031

Description

Persistence Market Research has recently released a comprehensive report on the India Electrical Steel Market. The report offers a thorough assessment of crucial market dynamics, including drivers, trends, opportunities, and challenges, providing detailed insights into the market structure.

Key Insights:

India Electrical Steel Market Size (2024E): US$1.9 Bn
Projected Market Value (2031F): US$3.8 Bn
India Market Growth Rate (CAGR 2024 to 2031):10.5%

India Electrical Steel Market - Report Scope:

Electrical steel is a critical material used in the manufacturing of transformers, motors, and generators, which are essential components for power distribution and industrial applications. The market for electrical steel in India caters to a wide range of industries, including automotive, energy, and manufacturing sectors, with demand driven by the increasing adoption of electric vehicles (EVs), renewable energy projects, and infrastructure development. Electrical steel is available in various forms, such as grain-oriented (GO) and non-grain-oriented (NGO) steel, each serving specific applications based on efficiency and performance requirements.

Market Growth Drivers:

The India electrical steel market is propelled by several key factors, including the rapid industrialization and urbanization in the country, leading to increased demand for energy-efficient solutions in power transmission and distribution. The government's focus on expanding the renewable energy sector, particularly in wind and solar power projects, is further boosting the demand for electrical steel, as these projects require high-performance transformers and generators. Additionally, the growing electric vehicle market in India is driving the need for efficient motors and components, which in turn fuels the demand for electrical steel. Technological advancements in electrical steel production, such as the development of high-silicon steel with improved magnetic properties, are enhancing product performance and supporting market growth.

Market Restraints:

Despite promising growth prospects, the India electrical steel market faces challenges related to fluctuations in raw material prices, particularly for silicon and other alloying elements used in electrical steel production. The dependence on imported raw materials and the volatility of global commodity markets can impact production costs and profit margins for manufacturers. Additionally, the high energy consumption and environmental impact associated with electrical steel production pose challenges for sustainable manufacturing practices. Regulatory compliance and adherence to energy efficiency standards further add to the operational costs for market players, creating barriers to entry for new manufacturers and limiting the scalability of production capacities.

Market Opportunities:

The India electrical steel market presents significant growth opportunities driven by the expanding infrastructure development and the government's initiatives to promote energy efficiency and sustainability. The increasing adoption of electric vehicles and renewable energy projects is creating new avenues for market players to explore advanced electrical steel products with enhanced performance characteristics. Strategic partnerships with global manufacturers, investment in research and development, and the introduction of cost-effective production technologies are essential to capitalize on emerging opportunities and maintain a competitive edge in the evolving electrical steel market. Moreover, the integration of smart grid technologies and digital monitoring systems in power distribution is expected to further stimulate demand for electrical steel in the coming years.

Key Questions Answered in the Report:

What are the primary factors driving the growth of the India electrical steel market?
Which types of electrical steel are witnessing increased adoption across different industries?
How are technological advancements reshaping the competitive landscape of the electrical steel market in India?
Who are the key players contributing to the electrical steel market in India, and what strategies are they employing to maintain market relevance?
What are the emerging trends and future prospects in the India electrical steel market?

Competitive Intelligence and Business Strategy:

Leading players in the India electrical steel market, including Tata Steel, JSW Steel, and Bhushan Steel, focus on innovation, product differentiation, and strategic partnerships to gain a competitive edge. These companies invest in R&D to develop advanced electrical steel products, including high-silicon grain-oriented steel and non-grain-oriented steel with superior magnetic properties, catering to diverse industry requirements. Collaborations with automotive manufacturers, power utilities, and renewable energy companies facilitate market access and promote technology adoption. Moreover, emphasis on energy-efficient manufacturing practices and compliance with environmental regulations fosters market growth and enhances the sustainability of the electrical steel industry in India.

Key Companies Profiled:

Voestalpine
ArcelorMittal
Thyssenkrupp
Novolipetsk Steel
Aperam
POSCO
Nippon Steel Corporation
JFE Holdings
Cleveland-Cliffs Inc.
Slovenian Steel Group
China Steel Corporation
Steel Authority of India Limited
JSW MI Steel Service Center Pvt. Ltd.:
JMT Steel

India Electrical Steel Market Segmentation

By Product Type

CRNO
CRGO

By End Product

Transformers (Large, Medium, small)
Alternators/Generators
Motors (Large/Medium/Small)
EV Motors

By End Use

Energy and Power Generation
Automotive
Industrial Automation
Electronics

By Region:

North India
South India
East India
West India

Product Code: PMRREP34343

1. Executive Summary

1.1. India Electrical Steel Market Snapshot, 2024-2031
1.2. Market Opportunity Assessment, 2024-2031, (US$ Bn)
1.3. Key Market Trends
1.4. Future Market Projections
1.5. Premium Market Insights
1.6. Industry Developments and Key Market Events
1.7. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definition
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Opportunity
- 2.2.4. Challenges
- 2.2.5. Key Trends
2.3. Type Lifecycle Analysis
2.4. India Electrical Steel Market: Value Chain
- 2.4.1. List of Raw Material Supplier
- 2.4.2. List of Manufacturers
- 2.4.3. List of Distributors
- 2.4.4. List of Probable End-users
- 2.4.5. Profitability Analysis
2.5. Macro-Economic Factors
- 2.5.1. India Sectorial Outlook
- 2.5.2. India GDP Growth Outlook
- 2.5.3. India Two-wheeler Industry Overview
- 2.5.4. Parent Market Overview
2.6. Forecast Factors - Relevance and Impact
2.7. Covid-19 Impact Assessment
2.8. PESTLE Analysis
2.9. Porter Five Force's Analysis
2.10. Geopolitical Tensions: Market Impact
2.11. Regulatory and Technology Landscape

3. Production Output and Trade Statistics, 2019-2023

3.1. Production by Region
3.2. Import-Export Analysis
3.3. Net Trade Flow

4. Price Trend Analysis, 2019-2031

4.1. Key Highlights
4.2. Key Factors Impacting Type Prices
4.3. Prices By Product Type/End Products
4.4. Regional Prices and Type Preferences

5. India Electrical Steel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

5.1. Key Highlights
- 5.1.1. Market Volume (Tons) Projections
- 5.1.2. Market Size and Y-o-Y Growth
- 5.1.3. Absolute $ Opportunity
5.2. Market Size (US$ Bn) Analysis and Forecast
- 5.2.1. Historical Market Size Analysis, 2019-2023
- 5.2.2. Current Market Size Forecast, 2024-2031
5.3. India Electrical Steel Market Outlook: Product Type
- 5.3.1. Introduction / Key Findings
- 5.3.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis By Product Type, 2019-2023
- 5.3.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast By Product Type, 2024-2031
  - 5.3.3.1. CRNO
  - 5.3.3.2. CRGO
5.4. Market Attractiveness Analysis: Product Type
5.5. India Electrical Steel Market Outlook: End Products
- 5.5.1. Introduction / Key Findings
- 5.5.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis By End Products, 2019-2023
- 5.5.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast By End Products, 2024-2031
  - 5.5.3.1. Transformers (Large, Medium, small)
  - 5.5.3.2. Alternators/Generators
  - 5.5.3.3. Motors (Large/Medium/Small)
  - 5.5.3.4. Electric Vehicles
  - 5.5.3.5. Others
5.6. Market Attractiveness Analysis: End Products
5.7. India Electrical Steel Market Outlook: End Use Industry
- 5.7.1. Introduction / Key Findings
- 5.7.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis By End Use Industry, 2019-2023
- 5.7.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast By End Use Industry, 2024-2031
  - 5.7.3.1. Energy and Power Generation
  - 5.7.3.2. Automotive
  - 5.7.3.3. Manufacturing
  - 5.7.3.4. Electronics
  - 5.7.3.5. Aerospace
5.8. Market Attractiveness Analysis: End Use Industry

6. India Electrical Steel Market Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) and Volume (Tons) Analysis By Region, 2019-2023
6.3. Current Market Size (US$ Bn) and Volume (Tons) Forecast By Region, 2024-2031
- 6.3.1. North India
- 6.3.2. South India
- 6.3.3. East India
- 6.3.4. West India
6.4. Market Attractiveness Analysis: Region

7. North India Electrical Steel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

7.1. Key Highlights
7.2. Pricing Analysis
7.3. Market Analysis by Product Type, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 7.3.1. CRNO
- 7.3.2. CRGO
7.4. Market Analysis by End Products, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 7.4.1. Transformers (Large, Medium, small)
- 7.4.2. Alternators/Generators
- 7.4.3. Motors (Large/Medium/Small)
- 7.4.4. Electric Vehicles
- 7.4.5. Others
7.5. Market Analysis by End Use Industry, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 7.5.1. Energy and Power Generation
- 7.5.2. Automotive
- 7.5.3. Manufacturing
- 7.5.4. Electronics
- 7.5.5. Aerospace
7.6. Market Attractiveness Analysis

8. South India Electrical Steel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Market Analysis by Product Type, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 8.3.1. CRNO
- 8.3.2. CRGO
8.4. Market Analysis by End Products, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 8.4.1. Transformers (Large, Medium, small)
- 8.4.2. Alternators/Generators
- 8.4.3. Motors (Large/Medium/Small)
- 8.4.4. Electric Vehicles
- 8.4.5. Others
8.5. Market Analysis by End Use Industry, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 8.5.1. Energy and Power Generation
- 8.5.2. Automotive
- 8.5.3. Manufacturing
- 8.5.4. Electronics
- 8.5.5. Aerospace
8.6. Market Attractiveness Analysis

9. East India Electrical Steel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

9.1. Key Highlights
9.2. Pricing Analysis
9.3. Market Analysis by Product Type, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 9.3.1. CRNO
- 9.3.2. CRGO
9.4. Market Analysis by End Products, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 9.4.1. Transformers (Large, Medium, small)
- 9.4.2. Alternators/Generators
- 9.4.3. Motors (Large/Medium/Small)
- 9.4.4. Electric Vehicles
- 9.4.5. Others
9.5. Market Analysis by End Use Industry, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 9.5.1. Energy and Power Generation
- 9.5.2. Automotive
- 9.5.3. Manufacturing
- 9.5.4. Electronics
- 9.5.5. Aerospace
9.6. Market Attractiveness Analysis

10. West India Electrical Steel Market Outlook: Historical (2019-2023) and Forecast (2024-2031)

10.1. Key Highlights
10.2. Pricing Analysis
10.3. Market Analysis by Product Type, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 10.3.1. CRNO
- 10.3.2. CRGO
10.4. Market Analysis by End Products, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 10.4.1. Transformers (Large, Medium, small)
- 10.4.2. Alternators/Generators
- 10.4.3. Motors (Large/Medium/Small)
- 10.4.4. Electric Vehicles
- 10.4.5. Others
10.5. Market Analysis by End Use Industry, Value (US$ Bn) and Volume (Tons) from 2019-2023 and Forecast 2024-2031
- 10.5.1. Energy and Power Generation
- 10.5.2. Automotive
- 10.5.3. Manufacturing
- 10.5.4. Electronics
- 10.5.5. Aerospace
10.6. Market Attractiveness Analysis

11. Competition Landscape

11.1. Market Share Analysis, 2023
11.2. Market Structure
- 11.2.1. Market Bifurcation by Tier of Company
- 11.2.2. Competition Intensity Mapping By Market
- 11.2.3. Competition Dashboard
11.3. Company Profiles (Details - Overview, Financials, Strategy, Recent Developments)
- 11.3.1. Aperam Alloys India Private Limited (AAIPL)
  - 11.3.1.1. Overview
  - 11.3.1.2. Segments and Types
  - 11.3.1.3. Key Financials
  - 11.3.1.4. Market Developments
  - 11.3.1.5. Market Strategy
- 11.3.2. ArcelorMittal India Private Ltd
- 11.3.3. TATA Steel Limited
- 11.3.4. POSCO Electrical Steel India Private Limited
- 11.3.5. Steel Authority of India Limited
- 11.3.6. Nippon Steel Engineering India Pvt. Ltd
- 11.3.7. Voestalpine High Performance Metals India Pvt. Ltd.
- 11.3.8. Thyssenkrupp Electrical Steel India Private Limited
- 11.3.9. JSM Steel India Private Limited
- 11.3.10. MI Electrical Steel Processing India Pvt. Ltd.
- 11.3.11. Nomax Electrical Steel Pvt. ltd.
- 11.3.12. Essar Steel
- 11.3.13. Rashtriya Ispat Nigam Limited
- 11.3.14. Other Players

12. Appendix

12.1. Research Methodology
12.2. Research Assumptions
12.3. Acronyms and Abbreviations