Steel Industry in India Outlook: Market Size, Revenue, Growth, Forecast 2023-2028

How big is The Steel Industry in India?

The India steel market size is expected to exhibit a growth rate (CAGR) of 4.50% during 2023-2028.

What is Steel?

Steel is a versatile and widely used alloy primarily composed of iron and a small percentage of carbon and is renowned for its exceptional strength, durability, and malleability. It has a remarkable strength-to-weight ratio that empowers architects and engineers to design structures that can withstand heavy loads while minimizing material usage. Steel is adaptable and can be molded into various shapes and forms, making it an ideal choice for intricate designs and complex structures. It can be repeatedly recycled without losing its inherent properties, thereby minimizing environmental impact and conserving resources. Additionally, it offers durability and resistance to corrosion that ensures longevity and reduces the need for frequent repairs or replacements. It enables precision in manufacturing processes, resulting in high-quality products with consistent dimensions. It ensures the safety and longevity of buildings, bridges, and infrastructure due to its load-bearing capacity and resistance to structural fatigue. It is used for constructing frames, chassis, and other critical components of vehicles. As it forms the backbone of manufacturing processes, providing the raw material for machinery, tools, and equipment used in industries, such as aerospace, electronics, and consumer goods, the demand for steel is rising in India.

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What are the growth prospects and trends in the industry?

At present, the growing focus on infrastructure development, including construction of highways, bridges, and urban infrastructure, represents one of the key factors offering a favorable market outlook in India. Besides this, various initiatives undertaken by the Government of India, such as Make in India and smart cities are contributing to the growth of the market. In addition, there is a rise in the demand for automobiles as Indian middle class is growing and their purchasing power is increasing. This, along with the thriving automotive industry in India, is offering lucrative growth opportunities to industry investors. Moreover, rapid urbanization is driving the need for residential and commercial spaces in the country. In line with this, the increasing urban population is propelling the demand for steel products as steel is a vital component in construction due to its durability and versatility. Apart from this, the Atmanirbhar Bharat (Self-Reliant India) initiative is driving domestic manufacturing and industrialization. This, coupled with the increasing utilization of steel for machinery, equipment, and manufacturing facilities, is strengthening the growth of the market. Additionally, numerous policies implemented by the Government of India supporting the steel industry, such as the National Steel Policy, are leading to increased investments and capacity expansions. These policies aim to enhance production efficiency and competitiveness in the global market.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:
• Flat Steel
• Long Steel

Product Insights:
• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire and Rod
• Iron Steel Wire
• Ropes
• Braids

Application Insights:
• Building and Construction
• Electrical Appliances
• Metal Products
• Automotive
• Transportation
• Mechanical Equipment
• Domestic Appliances

Regional Insights:
• South India
• North India
• West and Central India
• East India

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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This release was published on openPR.