India Steel Market is Expected to Register a High CAGR During the Upcoming Years 2024-2028F.
Rising demand for automobiles & infrastructural
growth and government initiatives like “Smart City Mission” are factors driving
the market growth of the India Steel Market in the forecast period 2024-2028.
According to
TechSci Research report, “India Steel Market
- By Region, Competition, Forecast & Opportunities, 2028F”, The India Steel Market is
expected to rise in the upcoming years, owing to its lightweight, easy
installation & speed in construction, and rising investment in urban
infrastructure by the government in the budget 2023, which is approximately USD
2841 million. Steel is an alloy made of
iron and other elements that is strong, hard, and grey or bluish-grey in
colour. It frequently comes in flat and long steel varieties. In a blast
furnace, raw materials such as coal, iron ore, and lime are melted, then
impurities are removed to create it. Utensils, electrical cable trays, machine
crews, and hinges are frequently made of steel. It promotes malleability,
tensile strength, toughness, design flexibility, and anti-corrosion qualities
in addition to extending shelf life. Steel can be easily created and moulded in
numerous shapes, as opposed to iron, to provide improved shape with a broad
variety of dimensions and exceptional purity. Therefore, steel has a wide range
of uses in many other industries, including the automotive, manufacturing, and
construction sectors.
Government programmes like
"Housing for All," "Smart Cities mission," and
"Pardhan Mantri Awas Yojana - a national housing scheme" are also
thriving in the residential and commercial building sectors, which is
anticipated to play a crucial role in propelling the steel market over the
course of the forecast period.
The development of regional
airports, the improvement of regional connectivity, and the reduction of flying
costs have all received priority from the Indian government. In the Union
Budget, which was released in February 2020, 100 more airports were recommended
to be constructed by 2024 as part of the Center's Udan initiative.
Industrial growth is also
being aided by India's growing infrastructure and building industries as well
as the nation's expanding real estate investments. The emergence of the housing
and real estate industries is projected to correspond with the market's growth,
and the sites are likely to offer a lot of opportunities for market expansion.
According to India Investment Grid(IIG), 40% of projects in the sector are
for residential real estate, 36% are for public spaces, 21% are for commercial
real estate, and 3% are for industrial parks/zones. As a result, it is
anticipated that the need for steel is expected to increase in the
upcoming years.
Based on alloy types, the
market is bifurcated into flat and long. In the upcoming years, the flat category
is anticipated to have the highest market share in India and is expected to
maintain a high CAGR over the projection period of 2024–2028. Some examples of
flat product are slabs, coated alloys, hot- and cold-rolled coils, tinplates,
and heavy plates. Flat is anticipated to have a moderate but constant CAGR in
the projection period of 2024–2028 due to its application in the production of
pipes, various types of heavy machinery, tubes, appliances of all sorts, and
packaging. It is also commonly used in the construction industry.
Based on application, the
market is segmented into building & construction, automotive, consumer goods,
heavy industry and others. The building & construction segment is expected
to dominate in the upcoming years and maintain a high CAGR during 2024-2028. Over the projection period, increasing
investment in construction activities is anticipated to increase alloy demand. Various
initiatives in the infrastructure sector by the government of India, for
instance, smart city mission, housing for all, Jal Jeevan Mission, UDAN,
Pradhan Mantri Awas Yojana, among others, are helping to fuel the market growth
of the steel industry in the India market.
Recent Developments:
- The automobile
sector received cumulative equity Foreign Direct Investment (FDI) inflow of
about USD 33.53 billion between April 2000-June 2022.
- By 2023, the
Indian government anticipates that domestic and international investments in
the vehicle industry would total between USD 8 and USD 10 billion.
- The Government of
India and the automobile industry together launched the Automotive Mission Plan
2016–26 to lay the foundation for the sector's growth.
- The Indian
automobile sector seeks to five-fold its car exports between 2016 and 2026. The
total number of automobiles exported from India in 2022 was 5,617,244. In the
upcoming years, this is anticipated to increase in the market for the steel
industry in India.
- The government
approved the building of a USD 122.27 million shared railroad bridge across the
Brahmaputra River close to the current Saraighat Bridge in Guwahati in
September 2022.
- In Indore, Madhya
Pradesh, Mr Nitin Gadkari, Minister of Road Transport and Highways, laid the
cornerstone for six NH projects for a total of USD 287.89 million in August
2022.
- Between April
2000 and June 2022, there was a total of USD 26.22 billion and USD 28.64
billion in foreign direct investment (FDI) in the construction (infrastructure)
and construction development (townships, housing, built-up infrastructure, and
construction development projects) sectors, respectively.
Browse over xx market data Figures
spread through xx Pages and an in-depth TOC on the "India Steel Market"
Key market
players in the India Steel Market include:
- JSW Steel Limited
- Tata Steel Limited
- Steel Authority of India Limited
- Essar Steel India Limited
- Jindal Steel & Power Limited
- ArcelorMittal India Private Limited
- Jindal Stainless Steel Limited
- Outokumpu India Private Limited
- POSCO India Private Limited
- Rashtriya Ispat Nigam Limited
- Godavari Power & Ispat Limited
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“ The
steel market is anticipated to grow over the upcoming years and maintain a
high CAGR between 2024 and 2028. The government of India has launched a number
of infrastructure-related programmes, such as the Housing for All programme,
the Smart City Mission, the Jal Jeevan Mission, UDAN, and the Pradhan Mantri
Awas Yojana, among others, that are assisting in the expansion of the steel
market in India. The Swach Bharat Mission also plans to construct 11.7 crore
home restrooms. Currently, there are approximately 90 smart cities projects are
under construction and will require 60 million new houses by the end of 2023
across the country. The government aims to establish the Urban Infrastructure
Development Fund (UIDF) in accordance with the Budget 2023 in order to build
urban infrastructure in Tier 2 and Tier 3 cities. This fund is expected to
receive an annual budget allocation of USD 1216.05 million. Additionally, they
want to promote private investment in infrastructure development. Therefore,
the market growth of steel in India is expected to rise in the upcoming years” said Mr Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“India Steel Market, By Type (Flat, Long), By Application
(Building & Construction, Automotive, Consumer Goods, Heavy Industry,
Others), By Product Type (Bar, Wire Rod, Hot Rolled Sheets, Cold Rolled Sheets,
Others), By Region, Competition, Forecast &
Opportunities, 2028F”, has
evaluated the future growth potential of India Steel Market and provides
statistics and information on market structure, size, share, and future growth.
The report is intended to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities present in the India Steel Market.
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