Press release
India CRNO Steel Lamination Market To Reach Valuation Of US$ 1 Bn By 2027
In terms of value, the CRNO steel lamination market in India is anticipated to expand at a CAGR of ~14% from 2019 to 2027 and surpass the value of ~US$ 1 Bn by 2027. In terms of demand, the south zone led the CRNO steel lamination market in India in 2018. This trend is anticipated to continue during the forecast period. The expansion of the electric vehicles (EV) market is estimated to drive the demand for EV component materials such as electrical steel.
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Thus, demand for high-quality electrical steels, such as CRNO steel lamination, is projected to be high among automakers who are competing to consolidate their position in the EV market. The Government of India has set ambitious target for electric mobility. It aims to move to 100% electric cars by 2030, indicating a push for the production of EVs and HEVs in the country. The Government has commenced various initiatives to boost the manufacture and usage of electric vehicles, signaling a turning point in its clean energy policy. Such indicators are likely to propel the CRNO steel lamination market in India during the forecast period.
Electrical steel such as CRNO improves efficiency and reduces losses in several applications; however, its magnetic properties are insufficient to meet the complex requirements of precision and efficiency. Nickel-iron alloys are highly innovative and intelligent solutions vis-à-vis electrical steel, and are ideal substitutes for CRNO steel lamination.
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India CRNO Steel Lamination Market: Key Drivers and Opportunities
Automotive manufacturers have been designing vehicles with reduced weight, wherein steel has been a cost-effective, lightweight material of choice over the years. India is expected to become a leader in shared mobility by 2030, providing opportunities for electric and autonomous vehicles. The Government of India plans to offer incentives for manufacturing electric vehicles and batteries in order to boost economic growth and encourage local manufacturing under its 'Make in India' initiative. Rise in demand for shared mobility is expected to bolster the demand for CRNO steel lamination in India in the near future. Rise in preference of Cold Rolled Grain-oriented (CRGO) over Cold Rolled Non-oriented (CRNO), owing to significantly lower core loss value of CRGO is likely to hamper the overall demand for CRNO steel lamination to some extent by 2027.
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India CRNO Steel Lamination Market: Key Segments
Based on end-use industry, the CRNO steel lamination market in India has been broadly segregated into energy & power, automobile, manufacturing, household appliances, and others. The manufacturing segment is anticipated to dominate the CRNO steel lamination market in India during the forecast period, owing to high demand for CRNO steel-based motor in the manufacturing industry in the country. There is an increase in the number of automakers establishing R&D plants in India. Furthermore, low interest rates, eco-friendly car schemes, and rise in foreign investments are encouraging consumers in the country to opt for electric vehicles or hybrid vehicles. This is estimated to propel the demand for CRNO steel lamination in the automotive industry in India in the near future.
South Zone and West Zone to be Highly Lucrative
Development of smart cities and increase in urbanization are projected to boost the demand for steel in India over the next decade. This is anticipated to augment the demand for CRNO steel lamination in India during the forecast period. Moreover, significant growth of the automotive industry in states such as Maharashtra, Tamil Nadu, Madhya Pradesh, Karnataka, and Haryana is likely to offer immense opportunities to the CRNO steel lamination market in India during the forecast period.
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Competition Landscape in India CRNO Steel Lamination Market
Major players operating in the CRNO steel lamination market in India include Tata Steel Limited, MAGNETIC METAL INDUSTRIES, ThyssenKrupp Electrical Steel India Pvt Ltd., Nomax Electrical Steel Pvt. Ltd., and SAIL. The popularity of electric cars is rising in India with energy stored in rechargeable batteries as well as plug-in electric variety of charging stations. This is expected to boost the demand for CRNO steel lamination in the country. In July 2017, Hyundai launched Kona, its electric car, in India, while Nissan is estimated to launch its Leaf model in the near future. India-based carmakers Mahindra & Mahindra, and Tata Motor also sell electric cars.
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