India Electrical Steel Market to Expand at a CAGR of 8.40% Over 2024-2032

IMARC Group, a leading market research company, has recently releases report titled “India Electrical Steel Market Report by Type (Grain Oriented Electrical Steel, Non-Grain Oriented Electrical Steel), Application (Transformers, Motors, Generators, and Others), End Use Industry (Energy and Power, Automobiles, Household Appliances, Building and Construction, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the India electrical steel market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the India Electrical Steel Market?

The India electrical steel market size is projected to exhibit a growth rate (CAGR) of 8.40% during 2024-2032.

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India Electrical Steel Market Growth:

The substantial expansion of the power and energy sector is one of the factors contributing to the growth of the India electrical steel market. Additionally, the market is propelling owing to the escalating need for energy-efficient transformers and motors, essential for reducing power losses and enhancing overall grid efficiency. The rise in urbanization and industrialization in India has led to a substantial increase in the use of electricity, necessitating the upgrade and expansion of electrical infrastructure.

This demand is further fueled by initiatives taken by government authorities promoting renewable energy sources, such as solar and wind power, which need efficient electrical steel for their transformers and generators. Moreover, the shift of the automotive industry towards electric vehicles (EVs) is bolstering the market, as electrical steel is a crucial component in EV motors and batteries.

India Electrical Steel Market Trends:

Another key driver is the advancements in technology in electrical steel production, which enhance the performance of materials and reduce manufacturing costs. In addition to this, innovations such as high-permeability grades and improved coating technologies are increasing the efficiency and lifespan of electrical steel applications, making them more attractive to end-users, which is acting as another growth-inducing factor.

Furthermore, the policies made by government authorities to boost domestic manufacturing under the 'Make in India' initiative are also playing a pivotal role, encouraging investments in local production facilities. In line with this, growing awareness about energy conservation and stringent regulations on energy efficiency are pushing industries to adopt high-grade electrical steel, which is anticipated to drive the India electrical steel market over the forecasted period.

India Electrical Steel Market Segmentation:

Type Insights:

• Grain Oriented Electrical Steel

• Non-Grain Oriented Electrical Steel

Application Insights:

• Transformers

• Motors

• Generators

• Others

End Use Industry Insights:

• Energy and Power

• Automobiles

• Household Appliances

• Building and Construction

• Others

Regional Insights:

• North India

• West and Central India

• South India

• East and Northeast India

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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