India Electric Steel Market
MARKET OVERVIEW:
The market growth is driven by India's rapid industrialization and urbanization, coupled with increasing investments in power infrastructure development. The government's ambitious renewable energy targets, particularly in solar and wind power, are creating substantial demand for efficient electrical steel in transformer cores. Furthermore, automotive electrification trends are boosting consumption of electric steel in EV motor manufacturing. Key players like Tata Steel, JSW Steel, and SAIL are expanding their electrical steel production capacities to meet this growing domestic demand.
MARKET INSIGHT & GROWTH DRIVERS:
2024 CAGR 2032
India electric steel market size was valued at USD 1.2 billion in 2024 and is projected to reach USD 2.1 billion by 2032, growing at a CAGR of 7.5% during the forecast period.
1.2 Billion USD 2.1 Billion 7.5% Click Here
MARKET SEGMENTATION:
• Grain-Oriented
• Non-Grain-Oriented
APPLICATION • Transformers • Inductors
End User • Energy • Automotive
MARKET DYNAMICS
Government Push for Renewable Energy to Accelerate Electric Steel Demand
India's ambitious renewable energy targets are creating substantial demand for electric steel, a critical component in power transformers and electric motors.
With plans to achieve 500 GW of renewable energy capacity by 2030, the country requires massive grid infrastructure upgrades. Electric steel, with its superior magnetic properties, enables efficient energy transmission with reduced core losses. Recent policy initiatives like the Production Linked Incentive (PLI) scheme for advanced materials are further stimulating domestic manufacturing capabilities.
MARKET OPPORTUNITIES
The Indian electric steel market offers significant prospects through technology transfers and joint ventures with global leaders. Several international steel producers are actively evaluating partnerships with domestic companies to establish local manufacturing bases. The government's push for "Make in India" in the power equipment sector presents attractive incentives including land subsidies and tax holidays for new electrical steel plants with minimum investment thresholds.
COMPANY MISSION
The rapid electrification of India's automotive sector is creating new opportunities for non-oriented electric steel manufacturers. With electric vehicle production expected to reach 10 million units annually by 2030, the demand for high-performance electric steel in motors and charging infrastructure is growing exponentially. Automakers are increasingly specifying advanced grades of electric steel to improve motor efficiency and extend vehicle range, with many domestic manufacturers now investing in specialized production lines to meet these requirements.
COMPETITIVE LANDSCAPE
• JSW Steel Ltd.
• Tata Steel Limited
• Steel Authority of India Limited
• Rashtriya Ispat Nigam Limited
• Others
These companies represent some of the major key players driving innovation and growth in the market, contributing significantly to global supply and competitive dynamics.
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