India Electrical Steel Market Size & Outlook, 2023-2030
India electrical steel market, 2018-2030 (US$M)
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India electrical steel market highlights
- The India electrical steel market generated a revenue of USD 1,289.9 million in 2023 and is expected to reach USD 2,058.8 million by 2030.
- The India market is expected to grow at a CAGR of 6.9% from 2024 to 2030.
- In terms of segment, non-grain oriented was the largest revenue generating product in 2023.
- Grain Oriented is the most lucrative product segment registering the fastest growth during the forecast period.
Electrical steel market data book summary
| Market revenue in 2023 | USD 1,289.9 million |
| Market revenue in 2030 | USD 2,058.8 million |
| Growth rate | 6.9% (CAGR from 2023 to 2030) |
| Largest segment | Non-grain oriented |
| Fastest growing segment | Grain Oriented |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Grain Oriented, Non-Grain Oriented |
| Key market players worldwide | ArcelorMittal SA Depository Receipt, Cleveland-Cliffs Inc, JFE Holdings Inc, Nippon Steel Corp, POSCO Holdings Inc ADR, Tata Steel Ltd GDR - 144A, Thyssenkrupp AG |
Other key industry trends
- In terms of revenue, India accounted for 4.5% of the global electrical steel market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China electrical steel market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 2,058.8 million by 2030.
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Electrical Steel Market Scope
Electrical Steel Market Companies
| Name | Profile | # Employees | HQ | Website |
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India electrical steel market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to electrical steel market will help companies and investors design strategic landscapes.
Non-grain oriented was the largest segment with a revenue share of 69.54% in 2023. Horizon Databook has segmented the India electrical steel market based on grain oriented, non-grain oriented covering the revenue growth of each sub-segment from 2018 to 2030.
India has a strong potential to grow across several industries. India is heavily investing in expanding its grid owing to increasing population, urbanization rate, and growing power demand. Thus, increasing investment in grid expansion projects augments the usage of transformers which helps drive the demand for electrical steel.
For instance, in May 2021, the Power Grid Corporation of India had given a contract of USD billion to Salasar Techno Engineering Limited to build a 201 km transmission line network and four new power substations in Arunachal Pradesh.
The demand for home appliances in India is increasing at a steady pace which is primarily driven by large and small appliances.
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Our clientele includes a mix of electrical steel market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of country-level data and insights on the India electrical steel market , including forecasts for subscribers. This country databook contains high-level insights into India electrical steel market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India electrical steel market size, by product, 2018-2030 (US$M)
India Electrical Steel Market Outlook Share, 2023 & 2030 (US$M)
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