Press release
India Steel Market to Reach 209.9 million Tons by 2029, Driven by Infrastructure Projects and Green Steel Initiatives
Mordor Intelligence has published a new report on the India Steel Market, offering a comprehensive analysis of trends, growth drivers, and future projections.The India Steel Market, valued at 135.81 million tons in 2024, is projected to grow significantly to 209.9 million tons by 2029, at a CAGR of 9.18%, according to Mordor Intelligence. This growth is attributed to strong policy support from the Indian government, investments in infrastructure and construction, and rising urbanization. The steel market in India is undergoing a transformation, focusing on sustainable practices such as using hydrogen in steel production, which is expected to create lucrative growth opportunities.
Report Overview - https://www.mordorintelligence.com/industry-reports/india-steel-market
Key Trends
1. Robust Recovery and Infrastructure Investments
The Indian steel market demonstrated resilience following the COVID-19 pandemic, with strong recovery across end-user industries such as construction and automotive. The government's focus on large-scale infrastructure projects under initiatives like "Make in India" and the National Infrastructure Pipeline (NIP) has fueled the demand for steel. These projects include the development of roads, bridges, railways, and housing, driving significant growth.
2. BF-BOF Technology Dominance
The Blast Furnace-Basic Oxygen Furnace (BF-BOF) route remains the dominant steelmaking technology in India, accounting for over 90% of the country's steel production. This two-stage process is a preferred choice for crude steel production due to its efficiency and scalability:
BOF technology contributed 46% of India's crude steel production by the end of 2022.
Companies like Tata Steel BSL Ltd. are expanding BOF capacities, with planned additions of over 9 MMT by 2024.
3. Transition to Green Steel
Sustainability is becoming a critical focus, with the Indian steel industry exploring the use of green hydrogen as an alternative to coal in the BF-BOF process. This shift is part of broader efforts to reduce carbon emissions and align with global sustainability goals. Green steel initiatives are expected to redefine production practices and attract investments in environmentally friendly technologies.
4. Challenges in Production Costs and Consumption
While the market is expanding, challenges such as high production costs and low per capita steel consumption remain. Fluctuations in raw material prices, particularly coking coal, have impacted profitability. However, increasing domestic production and advancements in technology are expected to mitigate these challenges over the forecast period.
Market Segmentation
The India Steel Market is segmented by Form, Technology, and End-User Industry:
By Form:
Basic Form (Crude Steel): Raw steel used for further processing and manufacturing.
Final Form (Finished Steel): Processed products, including bars, wires, and sheets, ready for use in various applications.
By Technology:
BF-BOF Technology: Dominant in the Indian market, with ongoing investments in expanding production capacity.
Electric Arc Furnace (EAF): Gaining traction for its efficiency in recycling trash metal into steel.
Other Technologies: Includes Direct Reduced Iron (DRI) processes, contributing to niche production.
By End-User Industry:
Automotive and Transportation: Demand for lightweight and durable steel for vehicle manufacturing.
Building and Construction: Significant growth driven by urbanization and infrastructure development projects.
Tools and Machinery: High-strength steel used for industrial machinery and equipment.
Energy: Includes steel for wind turbines, pipelines, and renewable energy infrastructure.
Consumer Goods: Used in appliances and packaging.
Other Industries: Includes oil and gas extraction equipment, furniture, and semiconductors.
Get a Customized Report Tailored to Your Requirements - https://www.mordorintelligence.com/market-analysis/steel
Key Players
Leading players in the Indian steel market include Tata Steel, JSW Steel, Steel Authority of India Limited (SAIL), Jindal Steel and Power Limited (JSPL), and ArcelorMittal Nippon Steel India (AM/NS India). These companies are driving innovation and capacity expansion to cater to growing domestic and export demand.
Tata Steel: A leader in green steel initiatives and capacity expansion, including projects in Odisha.
JSW Steel: Focused on advanced steel grades and expanding downstream capacities.
SAIL: A public sector giant emphasizing infrastructure development and large-scale production.
JSPL: Known for its innovation in steel production and strong presence in infrastructure projects.
ArcelorMittal Nippon Steel India: A key player leveraging global expertise to enhance production efficiency and meet export demands.
These companies are investing heavily in research and development, sustainability projects, and modernizing production facilities to remain competitive in the evolving market.
Conclusion
The India Steel Market is on a strong growth trajectory, driven by government policies, rising infrastructure investments, and advancements in green steel technology. Despite challenges in production costs, the focus on sustainability and domestic production expansion positions the market for robust growth. Key players continue to innovate and expand capacities to meet the surging demand across industries. With its strategic importance in supporting national development goals, the Indian steel market is set to play a pivotal role in shaping the country's economic and industrial landscape.
Industry Related Reports
Global Coated Steel Market: The Global Coated Steel Market is segmented by Product Type (Hot-Dipped, Electro Galvanized, Aluminized, Galvannealed, and Other Product Types), Application (Automotive Components, Appliances, Construction and Building Components, Pipe and Tubular, and Other Applications), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East & Africa).
To know more visit this link: https://www.mordorintelligence.com/industry-reports/coated-steel-market
Crude Steel Market: The Crude Steel Market Report is segmented by Composition (Killed Steel and Semi-Killed Steel), Manufacturing Process (Basic Oxygen Furnace (BOF) and Electric Arc Furnace (EAF)), End-User Industry (Building and Construction, Transportation, Tools and Machinery, Energy, Consumer Goods, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East & Africa). The report provides market sizes and forecasts in terms of Volume (Million Tons) and Revenue (USD) for all the mentioned segments.
To know more visit this link: https://www.mordorintelligence.com/industry-reports/crude-steel-market
Global Stainless Steel Market: The Global Stainless Steel Market Report is segmented by Type (Cold Flat, Hot Coils, Cold Bars, Hot Bars, Hot Plate and Sheet, and Others), End-User Industry (Automotive & Transportation, Building & Construction, Metal Products, Electrical Machinery, Mechanical Engineering, and Others), and Geography (Asia-Pacific, North America, Europe, South America, and the Middle East & Africa).
To know more visit this link: https://www.mordorintelligence.com/industry-reports/stainless-steel-market
For any inquiries or to access the full report, please contact:
media@mordorintelligence.com
https://www.mordorintelligence.com/
About Mordor Intelligence:
Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.
With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.
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