Indian Steel Market Top Key Players - Tata Steel, Jindal Steel Works Steel (JSW), Steel Authority of India Limited (SAIL), Rastriya Ispat Nigam Limited (RINL) (which is going to be captured by POSCO), Essar Steel, MESCO Steel

We consider the Indian Steel Market to be one of the few bright spots in the world steel industry. South Korea's steel industry has been revived by monetary reform and goods and services tax reform, and is growing rapidly. India was the world's second largest producer of steel with a production of 111.2 million tonnes in 2019. Growth in India's steel sector was driven by a domestic supply of raw materials. As a result, the steel sector has made a significant contribution to the growth of Indian manufacturing.

Indian steel market is projected to witness high growth rates over the next decade in a version of the government focused on accelerating infrastructure projects, along with easy access to raw materials. Upgrades and modernization of existing plants through the development of new strategies and new production values are also positively affecting the growth of the market.

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DURING PANDEMIC

• During the pandemic, steel demand in India was virtually halted in April 2020, accounting for 80% of demand from end-user industries such as automotive, real estate and infrastructure.

• According to the World Steel Report, India estimates its crude steel production at 8.7 million tonnes in March 2020, which is declining by 13.9% compared to March 2019, mainly due to continued difficulties caused by the global pandemic. Domestic steel production fell a record 69.5% year-over-year in April 2020.

INDIA STEEL MARKET SEGMENTATION

By Type
• Carbon steel
• Stainless steel
• Alloy Steel
• Tool Steel
• Mild Steel
• Structural Steel
• Others

By Production Method
• Blast Furnace-Basic Oxygen Furnace (BF-BOF)
• Electric Arc Furnace
• Others

By End Application
• Construction
• Automotive Manufacturing
• Other Manufacturing
• Power and Utilities
• Oil and Gas industry
• Domestic Appliances

INDIA STEEL MARKET DYNAMICS

• In addition to the construction sector, developments in the steel industry are expected to be introduced through the sector along the Indian Industrial and Freight Corridor and through the “Make in India” initiative aimed at turning it into a global design and manufacturing hub. It is expected to establish an industry and become a global hub for the production of export-oriented compact cars

• Structural steel is one of the main raw materials used in the construction of pre-engineered buildings Governments are undergoing major reforms to strengthen infrastructure and increase productivity It will be interesting to see how effectively the reform agenda and infrastructure plan are being implemented to pave the way for optimal growth and expansion of the Indian steel industry.

COMPETITIVE LANDSCAPE

• Demand in India, coupled with the fact that the world's manufacturing companies are focusing on diversifying production by setting up low-cost factories outside China, is projected to more than sixfold by 2025, and 1 trillion dollars. This increase in manufacturing in India has increased the number of manufacturing industries. Thus, this is driving the demand in the country's structural steel manufacturing market.

• For example, the number of mobile manufacturing plants installed in India has increased more than 60 times since 2014. This shows the growing demand for structural steel manufacturing with the increasing number of manufacturing units in India.

MAJOR CONTRIBUTING COMPANIES

The top steel companies in India constitute one of the largest industrial revenue earnings in country, as the steel industry in India is undergoing new stages of development, aided by economic resurgence and growing demand in the downstream sector in India.

• Tata Steel
• Jindal Steel Works Steel (JSW)
• Steel Authority of India Limited (SAIL)
• Rastriya Ispat Nigam Limited (RINL) (which is going to be captured by POSCO)
• Essar Steel
• MESCO Steel

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This release was published on openPR.