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.
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.