In terms of value, the CRNO steel lamination market in India is anticipated to expand at a CAGR of ~14% from 2019 to 2027 and surpass the value of ~US$ 1 Bn by 2027. Whereas, In terms of demand, the south zone led the CRNO steel lamination market in India in 2018. This trend is anticipated to continue during the forecast period.
The expansion of the electric vehicles (EV) market is estimated to drive the demand for EV component materials such as electrical steel. Thus, demand for high-quality electrical steels, such as CRNO steel lamination, is projected to be high among automakers who are competing to consolidate their position in the EV market.
The Government of India has set ambitious target for electric mobility and it aims to move to 100% electric cars by 2030, indicating a push for the production of EVs and HEVs in the country.
The Government has commenced various
initiatives to boost the manufacture and usage of electric vehicles, signaling a turning point in its clean energy policy. Such indicators are likely to propel the CRNO steel lamination market in India during the forecast period.
Electrical steel such as CRNO improves efficiency and reduces losses in several applications; however, its magnetic properties are insufficient to meet the complex requirements of precision and efficiency.
Nickel-iron alloys are highly innovative and intelligent solutions vis-à-vis electrical steel, and are ideal substitutes for CRNO steel lamination.
Automotive manufacturers have been designing vehicles with reduced weight, wherein steel has been a cost-effective, lightweight material of choice over the years. India is expected to become a leader in shared mobility by 2030, providing opportunities for electric and autonomous vehicles.
The Government of India plans to offer incentives for manufacturing electric vehicles and batteries in order to boost economic growth and encourage local manufacturing under its ‘Make in India’ initiative.
The Rise in demand for shared mobility is expected to boost the demand for CRNO steel lamination in India in the near future and the rise in preference of Cold Rolled Grain-oriented (CRGO) over Cold Rolled Non-oriented (CRNO), owing to significantly lower core loss value of CRGO is likely to hamper the overall demand for CRNO steel lamination to some extent by 2027.
Major players operating in the CRNO steel lamination market in India include Tata Steel Limited, MAGNETIC METAL INDUSTRIES, ThyssenKrupp Electrical Steel India Pvt Ltd., Nomax Electrical Steel Pvt. Ltd., and SAIL.
