India CRNO Steel Lamination Market
India CRNO Steel Lamination Market (Coating Type: Thick Coating and Thin/Normal Coating; Application: Power & Distribution Transformer, Motor, Inductor, and Others; and End-use Industry: Energy & Power, Automobile, Manufacturing, Home Appliance, and Others) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027
Press Release :
Companies Redefine Manufacturing and Production Techniques to Improve India CRNO Steel Lamination Market? Share
The Indian sub-continent continues to provide plentiful opportunities for the manufacturing sector. The storyline remains the same for the steel industry, as a host of steel-intensive sectors that are direct and indirect consumers of steel gain momentum such as automotive, aerospace, construction, marine, etc. Companies operating in the steel sector are continually introspecting their operational models, manufacturing processes, and business strategies to improve their position in the India CRNO steel lamination market landscape. The steel consumption in India is projected to scale new heights in the upcoming years, thereby witnessing an increase in demand for electrical steel. The demand for silicon steel such as cold-rolled non-grained oriented (CRNO) steel laminates is witnessing rapid growth from several end-use industries, including home appliance, manufacturing, automotive, and energy & power.
Some of the major applications wherein CRNO steel laminates is expected to gain notable traction during the forecast period include motor, inductor, and power & distribution transformer. The growing demand for CRNO steel laminates from the automotive and component manufacturers coupled with fluctuating prices of raw materials are some of the key factors that are expected to fuel the growth of the India CRNO steel lamination market, which is projected to reach a market value of ~US$ 1 Bn by the end of 2027.
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Indian Steel Sector – Staring at a Positive Future
The long-term growth potential of the CRNO steel lamination market has a positive outlook due to a range of factors. Soaring investments, favorable government policies, rapid industrialization, and burgeoning demand from steel-intensive sectors are expected to contribute toward the growth of the India CRNO steel lamination market in the next few years. Moreover, companies operating in the current market for CRNO steel lamination are increasingly focusing on modernizing and expanding their manufacturing facilities to improve their presence in the market. Companies in the India CRNO steel lamination market are expected to hinge their hopes on inorganic growth strategies to improve their market position.
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Mergers and acquisitions are likely to increase in the coming years, as market participants continue to find new ways to strengthen their foothold in the market. Moreover, as the Indian Government continues to formulate regulations that favor the growth of domestic industries, the Indian steel sector is staring at a positive future. Various long-term and short-term policy measures such as the National Steel Policy 2017 implemented by the Government of India to support the steel industry are projected to boost the prospects of the India CRNO steel lamination market. Short-term policies that are intended to offer opportunities for local steel companies will also continue to provide a significant push to the CRNO steel lamination market.
Companies Leverage Opportunities in Automobile Sector
Despite the considerable adoption of CRNO steel laminates from the energy & power and the manufacturing sector, participants in the current India CRNO steel lamination market are expected to tap into the growth opportunities within the automotive sector. The shift toward sustainability and safe mobility coupled with favorable policies that encourage the development of electric vehicles will open up new growth avenues for market players. Despite the growing interest in plastics and aluminum, the demand for steel is expected to remain unaffected due to progress and large-scale development of high-strength steel. As the automotive industry continues to emphasize energy efficiency, recyclability, weight reduction, and cost-efficiency, the demand for CRNO steel laminates is likely to move in an upward trajectory during the forecast period.
Apart from surge in demand from the automotive sector, the energy & power sector will continue to be lead, in terms of market share and value. The significant growth in the demand for electricity is reflected in the significant rise in the number of infrastructure development projects, which, in turn, presents participants in the India CRNO steel lamination market with lucrative growth opportunities. Electrical steel is increasingly being used in the power sector in motors, transformers, generators, and other types of industrial machines– a trend that is expected to continue during the forecast period.
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The India CRNO steel lamination market is expected to grow at an impressive CAGR of 14% during the forecast period. The market growth will primarily depend on favorable government policies, development of electric vehicles, growing demand from the power sector, and significant rise in infrastructure development projects across the Indian subcontinent. Market participants are expected to modernize and expand their manufacturing capabilities to fulfill the swelling requirement. Companies in the current market landscape are likely to rely on inorganic strategies to improve their position and share in the India CRNO steel lamination market.
Significant Growth of Electric Vehicles Industry in India to Boost India CRNO Steel Lamination Market
- In terms of value, the India CRNO steel lamination market is expected to surpass ~US$ 1 Bn by 2027
- Rise in manufacturing activities and increase in government efforts to protect the environment and lower the level of carbon emissions by introduction of electric vehicles are factors anticipated to augment the CRNO steel lamination market in India during the forecast period
- Consumption of EVs lagged behind that of conventional ICE vehicles in 2019; however, EVs are projected to make up a quarter of all new car sales by 2027
India CRNO Steel Lamination Market: Key Drivers and Restraints
- India replaced Japan as the world's second-largest steel-producing country in 2018, following China. Favorable demand-supply dynamics of the steel industry in the country is estimated to be a key factor driving the CRNO steel lamination market in the country in the next few years. Initiatives such as ‘Make in India’ and growth of the chemical industry can play a major role in making India a key consumer of CRNO steel lamination in the next decade.
- Led by the rise in industrialization, India plans to expand the fields of electric vehicles and other sustainable energy systems to meet the goal of lowering carbon emissions. This is expected to drive the consumption of motors, generators, and transformers during the forecast period. In turn, this is anticipated to propel the CRNO steel lamination market in India.
- Increase in adoption of nickel-iron alloys in electro-technical applications is expected to hamper the CRNO steel lamination market during the forecast period. Nickel-iron alloys play an important role in the production of relays, sensors, and motor laminations. Furthermore, these materials offer better magnetic permeability and magnetic induction vis-à-vis electrical steel.
India CRNO Steel Lamination Market: Key Segments
- Based on application, the CRNO steel lamination market in India has been segmented into power & distribution transformer, motor, inductor, and others
- The motor segment accounted for major share of the CRNO steel lamination market in India in 2018. CRNO steel laminations are used primarily in motor employed in manufacturing, automotive, and construction industries. The motor segment is estimated to continue its dominance in the CRNO steel lamination market in India throughout the forecast period.
- Based on end-use industry, the CRNO steel lamination market in India has been broadly segregated into energy & power, automobile, manufacturing, home appliance, and others
- Increase in consumption of Hybrid Electric Vehicles (HEVs) in India is anticipated to be a major factor driving the demand for CRNO steel lamination in the automotive sector. CRNO steel lamination are primarily utilized in high-speed electric Motor and high-frequency Transformers. CRNO steel lamination are also employed in traction Motor of HEVs. Rise in demand for HEVs in India can primarily be ascribed to the increase in environmental regulations. This is projected to drive the CRNO steel lamination market in India in the near future.
West Zone and South Zone to be Highly Lucrative Areas of India CRNO Steel Lamination Market
- In terms of value and volume, the south zone dominated the CRNO steel lamination market in India in 2018. The south zone is an ideal destination for the CRNO steel lamination market in India in terms of physical infrastructure such as roads and ports, skilled human workforce, and an established industrial base. According to the Confederation of Indian Industry (CII), the combined GDP of South India was valued at US$ 300 Bn as of 2015, which is about the same as that of Malaysia. It is poised to more than double by the end of 2020.
- The west zone segment constituted the second-largest share of the CRNO steel lamination market in India in 2018. The zone consists of Maharashtra, Gujarat, and Goa. The industrial sector in Maharashtra holds prominent position in the national economy. Automotive, machinery, electronic apparatus & appliances, and transport equipment contribute substantially to the state’s industrial production.
India CRNO Steel Lamination Market: Competition Landscape
- Major players operating in the CRNO steel lamination market in India include
- Tata Steel Limited
- Nomax Electrical Steel Pvt. Ltd.
- ThyssenKrupp Electrical Steel India Pvt. Ltd.
- MAGNETIC METAL INDUSTRIES
- The CRNO steel lamination market in the country is consolidated, with large numbers of small domestic as well as international players operating in the market
India CRNO Steel Lamination Market – Scope of the Report
A new study on the CRNO steel lamination market in India published by Transparency Market Research (TMR) presents a wealth of information on key market dynamics, including drivers, market trends, and challenges, as well as structure of the CRNO steel lamination market in the country. TMR’s study offers valuable information on the CRNO steel lamination market in India to illustrate how growth would discern during the forecast period of 2019–2027.
Key indicators of market growth, which include value chain analysis as well as supply chain analysis and compounded annual growth rate (CAGR), are elucidated in TMR’s study in a comprehensive manner. This data can help readers interpret quantitative growth aspects of the CRNO steel lamination market in India during the forecast period.
An extensive analysis of leading market players’ business strategies is also featured in TMR’s study on the CRNO steel lamination market in India. This can help readers understand principal factors to foresee growth of the CRNO steel lamination market in India. In this study, readers can also find specific data on avenues for qualitative and quantitative growth of the CRNO steel lamination market in India, which would guide market players in making apt decisions in the near future.
Key Questions Answered in TMR’s Study on India CRNO Steel Lamination Market
- What is the scope for growth of CRNO steel laminate companies in the automotive sector in India?
- What would be the Y-o-Y growth rate of the CRNO steel lamination market in India between 2019 and 2027?
- What is the influence of changing trends in technologies on the CRNO steel lamination market in India?
- Which factors would impede the growth of the CRNO steel lamination market in India during the forecast period?
- Which are the leading companies in the CRNO steel lamination market in India?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the CRNO steel lamination market in India and arrive at conclusions on growth prospects for the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the conclusions drawn.
Secondary resources referred to by analysts during production of the report on the CRNO steel lamination market in India include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and market white papers. Analysts also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the CRNO steel lamination market in India as a primary resource.
These primary and secondary resources provided exclusive information during interviews, which served as a validation from leading players operating in the CRNO steel lamination market in India. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the CRNO steel lamination market in India with accuracy. The study also uses a top-down approach to assess numbers for each segment and a bottom-up approach to counter-validate them. This has helped make TMR’s estimates on future prospects of the CRNO steel lamination market in India more reliable and accurate.
India CRNO Steel Lamination Market – Segmentation
TMR’s study on the CRNO steel lamination market in India segments the market based on coating type, application, end-use industry, and zone. Changing market trends and other crucial market dynamics associated with these segments of the India CRNO Steel lamination market are discussed in detail.