India Electrical Steel Market Set to Double by 2031: Forecasted to Reach US$3.8 Bn with 10.5% CAGR | Persistence Market Research

India's electrical steel market is experiencing a surge in demand, driven by the expanding energy sector, growing industrialization, and rapid urban development. According to the latest report by Persistence Market Research, the market is poised to grow at a CAGR of 10.5% from US$1.9 Bn in 2024 to US$3.8 Bn by the end of 2031. This growth underscores the rising requirement for efficient electrical infrastructure and transformer-grade materials in the country.

Among the segments, grain-oriented electrical steel holds the largest market share due to its superior magnetic properties and use in high-efficiency transformers. Regionally, Southern India leads the market, fueled by aggressive investments in renewable energy projects and high-voltage transmission infrastructure. This region benefits from proactive government policies and a robust industrial base, making it the market leader.

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✅Key Highlights from the Report:

➤ India's electrical steel market is projected to double in size between 2024 and 2031.
➤ The market is set to grow at a robust CAGR of 10.5% during the forecast period.
➤ Grain-oriented steel is the dominant product segment, preferred in transformers and electrical machinery.
➤ Southern India leads regionally due to large-scale power infrastructure development.
➤ Renewable energy expansion is one of the primary drivers of electrical steel demand.
➤ Key players are investing in R&D and capacity expansion to meet evolving market needs.

📊Market Segmentation:

The India electrical steel market is segmented primarily by product type, including grain-oriented electrical steel and non-grain-oriented electrical steel. Grain-oriented variants are extensively used in transformers, while non-grain-oriented types find application in motors, generators, and other rotating machinery. The growing demand for high-performance electrical appliances and efficient power distribution networks is pushing product innovations across both categories.

In terms of end-user industries, the market caters to energy & power, automotive, appliances, and industrial machinery sectors. The energy and power segment dominates, supported by the push for electrification and transmission upgrades across the country. The automotive sector is rapidly growing, driven by the shift toward electric mobility, further bolstering demand for specialized electrical steel in motor applications.

📊Regional Insights:

Southern India has emerged as the leading region in the country's electrical steel market. The presence of major manufacturing hubs, consistent government investments in renewable energy, and a growing electric utility infrastructure contribute to this dominance.

Meanwhile, Western and Northern India are fast-growing regions due to increasing infrastructure investments, rising power demand, and expanding industrial activity. These regions are likely to witness significant CAGR growth during the forecast period.

Market Drivers

The market is primarily driven by the booming renewable energy sector, which demands efficient transformer and motor materials to reduce energy losses. Government initiatives such as 'Power for All', smart grid implementation, and rural electrification programs are contributing to this surge. Additionally, the growth in electric vehicle (EV) production in India is increasing the need for high-efficiency electrical steels.

Market Restraints

Despite strong growth prospects, the market faces some notable challenges. High import dependency for raw materials and fluctuating prices of steel impact cost-efficiency and profitability. Moreover, lack of domestic technological advancements in certain production processes creates a gap in meeting high-performance standards required for modern applications.

Market Opportunities

The market presents substantial opportunities through local production capacity expansion and technology collaborations. Emerging trends like the smart appliance sector, electrification of transport, and Make in India initiatives present lucrative avenues for growth. With appropriate investments in R&D and infrastructure, domestic companies can reduce import reliance and cater to both local and export markets.

👉Frequently Asked Questions (FAQs):

➤ How Big is the India Electrical Steel Market in 2024?
➤ What is the Projected Growth Rate of the India Electrical Steel Market?
➤ Who are the Key Players in the India Electrical Steel Market?
➤ What is the Market Forecast for India Electrical Steel through 2031?
➤ Which Region is Estimated to Dominate the Industry during the Forecast Period?

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📌 Key Players

The India electrical steel market is characterized by both global and domestic manufacturers focusing on innovation, efficiency, and capacity building.

✦ Tata Steel Limited
✦ Jindal Steel & Power Ltd.
✦ POSCO
✦ Nippon Steel Corporation
✦ ArcelorMittal
✦ Voestalpine AG
✦ ThyssenKrupp Electrical Steel
✦ Baosteel Group
✦ AK Steel (a subsidiary of Cleveland-Cliffs Inc.)
✦ JSW Steel Ltd.

■ In 2024, Tata Steel announced plans to expand its cold-rolled electrical steel capacity to meet growing domestic EV and transformer demand.
■ POSCO India launched a new R&D collaboration initiative aimed at producing ultra-thin grain-oriented steel for high-performance transformers.

With a growing emphasis on energy efficiency and electric mobility, India's electrical steel market is entering a transformative phase. The insights presented in this report serve as a vital tool for stakeholders looking to align with this momentum and make strategic decisions in a rapidly evolving industrial landscape.

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This release was published on openPR.