Steel Industry in India 2023: Market Outlook, Growth, Largest Producers, Forecast 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 metal alloy comprised of iron, manganese, chromium, nickel, and a small carbon content. It boasts high tensile strength and remarkable resistance to external forces such as wear, tear, and corrosion. Its excellent heat and electricity conduction properties render it suitable for various electrical applications. With a non-porous surface, steel promotes hygiene by inhibiting the growth of bacteria and microbes. Steel's versatility shines through its capacity to be molded into diverse shapes and finishes, enhancing the visual appeal of structures like bridges, buildings, and artistic installations. Notably, it offers exceptional durability and cost-effectiveness compared to alternative construction materials. Consequently, steel is extensively utilized in the construction of bridges, skyscrapers, and residential buildings, thanks to its strength and flexibility. Furthermore, steel plays a pivotal role in the manufacturing of numerous vehicle components, including engines, body panels, and frames. Its resistance to corrosion and extreme temperatures makes it indispensable in ship and submarine construction. Additionally, its recyclable nature aligns with environmental sustainability, contributing to the increasing demand for steel in India.

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What are the growth prospects and trends in the industry?

The rapid urbanization witnessed in India is giving rise to increased construction activities in both residential and commercial sectors. This surge in construction serves as a primary catalyst for the heightened demand for steel. Moreover, the growing trend of interior renovations and infrastructure upgrades further contributes to the increased consumption of steel. Additionally, there is a growing emphasis on sustainable and eco-friendly building practices, which promotes the use of steel due to its recyclable properties and energy-efficient manufacturing methods. The expansion of energy projects, including power plants and renewable energy structures, is also fueling the demand for steel in this sector.

Furthermore, the rising income levels of individuals enable them to invest more in premium consumer appliances made from steel, thereby creating a positive market outlook. The expansion of healthcare facilities, such as hospitals and clinics, is another positive influence on the steel market in the country, as healthcare infrastructure requires steel for construction and medical equipment. In addition to this, the increased adherence to international construction standards and regulations in India is encouraging the use of high-quality steel in construction projects. The widespread adoption of modern and efficient technologies in steel production enhances both productivity and quality, attracting a broader customer base. Furthermore, the expansion of the defense sector in the country is driving the demand for steel, given its diverse applications in the industry, including shipbuilding and armory. Lastly, the surge in government-led affordable housing projects that demand significant quantities of steel is stimulating market growth in India.

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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.