India Electrical Steel market is expected to register a high CAGR during 2028F

Rising consumption of electrical steel in transformers & motors and growing focus of the union government on energy-efficiency products are likely to drive the India electrical steel market during the forecast period.

According to TechSci Research report, “India Electrical Steel Market By Region, Competition, Forecast, and Opportunities, 2029F,” the India electrical steel market is expected to grow in the coming years due to rising energy across the country. The increasing use of electric cars is another aspect that is anticipated to present profitable opportunities for the major players in the market for electrical steel.

Electrical steel is a ferromagnetic substance with up to 6.5% silicon content. It has the capacity to lessen heat dispersion, a factor that leads to energy loss. The highest enhanced electrical and magnetic characteristics are seen in electrical steel that contains 6.5% silicon. The addition of silicon to steel improves permeability, reduces hysteresis loss, and boosts resistivity. The silicon content of the most popular commercial electrical steel is about 3.25%. 

Electrical steel, commonly referred to as lamination steel, silicon steel, silicon electrical steel, relay steel, and transformer steel, is a specialty steel used in the cores of electromagnetic devices, including motors, generators, and transformers, because it minimizes power loss. It is an iron alloy with silicon as the primary adding ingredient in place of carbon. The precise formulation is designed to provide magnetic qualities, such as a tiny hysteresis region producing low power loss per cycle, low core loss, and high permeability. Cold-rolled strips that are less than 2 mm thick are typically used to produce electrical steel. These strips are shaped by cutting them into laminations, which are then stacked to create the stator and rotor of electric motors as well as the laminated cores of transformers. Punch and die cutting, laser cutting, or wire electrical discharge machining are all options for shaping laminates to their final shape.

An increase in the demand for energy from the nation boosts the energy generation and transmission industry’s growth. Additionally, the rise in industrial output, growth in the service sector, and rise in income drive the demand for energy. This is resulting in an increase in the demand for electrical steel. Electrical steel is used in numerous electric power generation and transmission equipment such as generators, transformers, and others.

Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Electrical Steel Market."

The India electrical steel market is segmented into component, type, application, and vertical. Based on component, the market is segmented into hardware, software and service. Based on type, the market is further segmented into grain-oriented electrical steel and non-grain-oriented electrical steel. Based on application, the market is further segmented into transformers, motors & generators, and inductors. Based on vertical, the market is divided into automotive, construction, manufacturing, energy & power, and others. The market analysis also studies the regional segmentation to devise regional market segmentation, divided among North India, South India, West India, and East India.

Based on application, the market is divided into transformers, motors & generators, and inductors. The motor segment is anticipated to have the largest growth rate during the coming years. The motor segment has shown strong expansion in recent years due to the rising demand for EV motors among consumers and the government favorable schemes & subsidies given by state and union governments. As the use of electric cars spreads throughout the country, the need for electric motors is expected to rise. Growing awareness of the advantages of using electrical steel is generating rising demand, which is opening opportunities for manufacturing electrical steel materials across the country. 

Based on type, the market is segmented into grain-oriented electrical steel and non-grain-oriented electrical steel. The grain-oriented electrical steel segment is anticipated to grow the fastest during the forecast period. Transformers and charging stations for EVs are the two main applications of grain-oriented electrical steel. It uses less material for the core winding because of its high electromagnetic induction and stacking factor. Its electromagnetic properties reduce core losses and offer cost-effective, efficient solutions for transformers. 

Key market players in the India electrical steel market include:

• Aperam Alloys India Private Limited (AAIPL)
• ArcelorMittal India Private Ltd
• TATA Steel Limited
• POSCO Electrical Steel India Private Limited
• Steel Authority of India Limited
• Nippon Steel Engineering India Pvt. Ltd
• Voestalpine High Performance Metals India Pvt. Ltd
• Thyssenkrupp Electrical Steel India Private Limited
• JSM Steel India Private Limited

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“The India electrical steel market is expected to boost in the coming years owing to the rising demand for electric motors across residential, commercial & industrial sectors, increasing demand from energy generation & transmission industries, rising usage of electrical vehicles across the country. India has one of the highest rates of transformer failure across the globe. The failure rate, which hovers around 25% on average, is much higher than 5% average across the world. As a result, the Indian government launched “The Production-Linked Incentive” (PLI) scheme for producing high-grade specialty steel in July 2021. The PLI has budgetary approval of about USD 848.93 million, and the program is expected to be implemented over five years. The project includes domestic grain-oriented electrical steel manufacturing as well. Therefore, the India electrical steel market is expected to boost in the coming years as well,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

India Electrical Steel Market By Type (Handheld, Portable And Benchtop), By Product Type (PH Meter, Total Organic Carbon, Turbidity Meter, Dissolved Oxygen And Conductivity), By Application (Municipal, Industry, Laboratory, Government, Environment, Others), By Region, Competition, Forecast, and Opportunities, 2029F has evaluated the future growth potential of the India electrical steel market and provides statistics & information on market size, structure, and future market growth. The report's goal is to give current market knowledge and assist decision-makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends and key drivers, challenges, and opportunities in the India electrical steel market.

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