At the 68th Annual General Meeting (AGM) of the Madras Management Association held in Chennai, T. V. Narendran, the Managing Director and CEO of Tata Steel, addressed the audience. During his speech, he highlighted Tata Steel's strategic diversification into knowledge-intensive materials beyond steel production.
Used in aerospace, automotive, and construction Industries, Knowledge-intensive materials refer to substances or composites that are developed through advanced research, scientific understanding, and specialized expertise. These materials often exhibit unique properties or functionalities beyond what traditional materials offer.
While Fibre-Reinforced Polymers (FRP) Composites are combinations of fibres (such as glass, carbon, or aramid) embedded in a polymer matrix (like epoxy or polyester). Tata Steel's FRP business fetched a revenue of ₹375 crore in FY24, according to its latest annual report.
Graphene is a single layer of carbon atoms arranged in a hexagonal lattice. It is known for its exceptional strength, electrical conductivity, and flexibility. It finds its applications in electronics, energy storage, and materials Science. Tata Steel, a flagship company of the Tata Group, has been actively involved in graphene research and development. In 2016, Tata Steel launched its Graphene Initiative and established the Graphene Centre in Jamshedpur, India. This move had signaled Tata Steel's transition from a traditional steel company to a materials production company, emphasizing advanced materials like graphene. In 2017, Tata Steel released a graphene-based product range called "Tiscon Superlinks+". These were graphene-coated stirrups used in construction applications.
Tata Steel continues its research and commercialization efforts related to graphene. The company explores opportunities in graphene supply, processing, and applications.
Beside these, Tata Steel is also getting into Medical Ceramics, which according to Narendran, is imported from outside.
Medical ceramics play a crucial role in healthcare due to their unique properties. The global medical ceramics market reached $11.3 billion in 2023. By 2032, it's expected to reach $17.3 billion, exhibiting a CAGR of 4.7% during 2024-2032.
By leveraging its expertise in material science, Tata Steel aims to create parallel revenue streams while continuing to build steel plants. This forward-thinking approach reflects their commitment to innovation and sustainable growth.
The Tata Steel CEO Narendran also mentioned Tata Steel’s previous attempt in the titanium business and the company's efforts to build a project in Tamil Nadu. The company had plans to set up a project near Thoothukudi due to the availability of rutile sand in the state and had even begun acquiring land. However, the project did not materialize due to several reasons. To recall, in 2003, Tata Steel initiated a feasibility study for an integrated titanium dioxide plant in Tamil Nadu through an agreement with Outokumpu-Lurgi, Pincock Allen Holt, and Larsen & Toubro.
Tata Steel's strategic diversification reflects its commitment to innovation and sustainable growth beyond traditional steel manufacturing.
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