Indian Steel Industry Outlook 2023
India steel market is expected to grow significantly influenced by the increasing introduction of government favourable policies and rising steel use across various sectors, like in the production of electrical appliances, metal products, and domestic Appliances. Furthermore, increasing demand from construction and automotive industries as well as government initiatives such as Make in India and Atmanirbhar Bharat Abhiyan. These factors will continue to boost the steel market growth in India. Infrastructure development in the country is acquiring high steel demand.
According to 6Wresearch, the India Steel Market size is estimated to register a CAGR of 7.2% during the forecast period 2023-2029. The construction industry accounts for more than 40% of total global steel consumption and this trend is also seen in India where it forms one of the largest consumers for domestic production within the country. This increasing demand from various infrastructure projects such as roads, railways, airports etc., will lead to an increase in overall consumption levels, leading to increased market shares revenues for all players involved along the entire supply chain. Also, with rising disposable incomes across urban populations coupled with low interest rates on auto loans due to the Reserve Bank of India`s policy easing measures, automobile production has seen a tremendous surge over the past few years.
Key Players of the India Steel Market
Some leading players are mentioned below in the list, these companies have a strong presence in the market as they provide premium quality steel to their customers.
- Steel Authority of India Limited (SAIL) is one of the largest and oldest steel manufacturers in the country. It is a government-owned company and operates integrated steel plants across the country.
- Tata Steel is one of India's largest private-sector steel producers. It has a strong existence both domestically and internationally and is known for its premium quality steel products.
- JSW Steel is another major private-sector steel company in the country that offers top-notch quality steel across major sectors, including automotive and construction.
COVID-19 Influence on the India Steel Market
The pandemic had left a significant impact on the India Steel Market which is a part of the Asia Pacific steel market. The closure of all industrial operations imposed by the government to curb the virus spread, coupled with the restriction on product raw materials supply, resulted in a delay in the manufacturing process and less product demand was seen in the country, leading to a massive decline in the product shares revenues. In addition to this, economic fluctuations led to a reduction in the product demand in the country, affecting the growth of the steel industry.
Key attractiveness of the report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022.
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Historical Data and Forecast of India Steel Market Revenues Volume By Long Steel for the Period 2019 - 2029
- Market Opportunity Assessment By Product Type
- India Steel Market Outlook
- Historical Data and Forecast of India Steel Market Revenues Volume By Structural Steel for the Period 2019 - 2029
- India Steel Top Companies Market Share
- Historical Data and Forecast of India Steel Market Revenues Volume By Product Type for the Period 2019 - 2029
- Market Size of India Steel Market, 2019
- Historical Data and Forecast of India Steel Market Revenues Volume By Welding Wire/Rod for the Period 2019 - 2029
- Forecast of India Steel Market, 2026
- Historical Data and Forecast of India Steel Market Revenues Volume By Others for the Period 2019 - 2029
- Market Opportunity Assessment By Applications
- Historical Data and Forecast of India Steel Revenues Volume for the Period 2019 - 2029
- India Steel Market Trend Evolution
- Historical Data and Forecast of India Steel Market Revenues Volume By Prestressing Steel for the Period 2019 - 2029
- Market Opportunity Assessment By Types
- Historical Data and Forecast of India Steel Market Revenues Volume By Bright Steel for the Period 2019 - 2029
- India Steel Import Export Trade Statistics
- Historical Data and Forecast of India Steel Market Revenues Volume By Iron Steel Wire for the Period 2019 - 2029
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