Rising demand for automobiles & infrastructural growth and government initiatives like “Smart City Mission” are factors driving the market growth of the India Steel Market in the forecast period 2024-2028. According to TechSci Research report, “India Steel Market – By Region, Competition, Forecast & Opportunities, 2028F”, The India Steel Market is expected to rise in the upcoming years, owing to its lightweight, easy installation & speed in construction, and rising investment in urban infrastructure by the government in the budget 2023, which is approximately USD 2841 million.
The Important Factors of India Steel Market
Steel is an alloy made of iron and other elements that is strong, hard, and grey or bluish-grey in colour. It frequently comes in flat and long steel varieties. In a blast furnace, raw materials such as coal, iron ore, and lime are melted, and then impurities are removed to create them.
Utensils, electrical cable trays, machine crews, and hinges are frequently made of steel. It promotes malleability, tensile strength, toughness, design flexibility, and anti-corrosion qualities in addition to extending shelf life. Steel can be easily created and moulded in numerous shapes, as opposed to iron, to provide improved shape with a broad variety of dimensions and exceptional purity.
Therefore, steel has a wide range of uses in many other industries, including the automotive, manufacturing, and construction sectors.
Government programmes like “Housing for All,” “Smart Cities mission,” and “Pradhan Mantri Awas Yojana – a national housing scheme” are also thriving in the residential and commercial building sectors, which is anticipated to play a crucial role in propelling the steel market over the course of the forecast period.
The development of regional airports, the improvement of regional connectivity, and the reduction of flying costs have all received priority from the Indian government. In the Union Budget, which was released in February 2020, 100 more airports were recommended to be constructed by 2024 as part of the Center’s Udan initiative.
Industrial growth is also being aided by India’s growing infrastructure and building industries as well as the nation’s expanding real estate investments. The emergence of the housing and real estate industries is projected to correspond with the market’s growth, and the sites are likely to offer a lot of opportunities for market expansion. According to India Investment Grid(IIG), 40% of projects in the sector are for residential real estate, 36% are for public spaces, 21% are for commercial real estate, and 3% are for industrial parks/zones. As a result, it is anticipated that the need for steel is expected to increase in the upcoming years.
Based on alloy types, the market is bifurcated into flat and long. In the upcoming years, the flat category is anticipated to have the highest market share in India and is expected to maintain a high CAGR over the projection period of 2024–2028. Some examples of flat products are slabs, coated alloys, hot- and cold-rolled coils, tinplates, and heavy plates. The flat is anticipated to have a moderate but constant CAGR in the projection period of 2024–2028 due to its application in the production of pipes, various types of heavy machinery, tubes, appliances of all sorts, and packaging. It is also commonly used in the construction industry.
Based on application, the market is segmented into building & construction, automotive, consumer goods, heavy industry and others. The building & construction segment is expected to dominate in the upcoming years and maintain a high CAGR during 2024-2028. Over the projection period, increasing investment in construction activities is anticipated to increase alloy demand. Various initiatives in the infrastructure sector by the government of India, for instance, the smart city mission, housing for all, Jal Jeevan Mission, UDAN, and Pradhan Mantri Awas Yojana, among others, are helping to fuel the market growth of the steel industry in the India market.
Recent Developments:
- The automobile sector received cumulative equity Foreign Direct Investment (FDI) inflow of about USD 33.53 billion between April 2000-June 2022.
- By 2023, the Indian government anticipates that domestic and international investments in the vehicle industry would total between USD 8 and USD 10 billion.
- The Government of India and the automobile industry together launched the Automotive Mission Plan 2016–26 to lay the foundation for the sector’s growth.
- The Indian automobile sector seeks to five-fold its car exports between 2016 and 2026. The total number of automobiles exported from India in 2022 was 5,617,244. In the upcoming years, this is anticipated to increase in the market for the steel industry in India.
- The government approved the building of a USD 122.27 million shared railroad bridge across the Brahmaputra River close to the current Saraighat Bridge in Guwahati in September 2022.
- In Indore, Madhya Pradesh, Mr Nitin Gadkari, Minister of Road Transport and Highways, laid the cornerstone for six NH projects for a total of USD 287.89 million in August 2022.
- Between April 2000 and June 2022, there was a total of USD 26.22 billion and USD 28.64 billion in foreign direct investment (FDI) in the construction (infrastructure) and construction development (townships, housing, built-up infrastructure, and construction development projects) sectors, respectively.
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Key market players in the India Steel Market include:
- JSW Steel Limited
- Tata Steel Limited
- Steel Authority of India Limited
- Essar Steel India Limited
- Jindal Steel & Power Limited
- ArcelorMittal India Private Limited
- Jindal Stainless Steel Limited
- Outokumpu India Private Limited
- POSCO India Private Limited
- Rashtriya Ispat Nigam Limited
- Godavari Power & Ispat Limited
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“ The steel market is anticipated to grow over the upcoming years and maintain a high CAGR between 2024 and 2028. The government of India has launched a number of infrastructure-related programmes, such as the Housing for All programme, the Smart City Mission, the Jal Jeevan Mission, UDAN, and the Pradhan Mantri Awas Yojana, among others, that are assisting in the expansion of the steel market in India.
The Swach Bharat Mission also plans to construct 11.7 crore home restrooms. Currently, there are approximately 90 smart city projects under construction and will require 60 million new houses by the end of 2023 across the country. The government aims to establish the Urban Infrastructure Development Fund (UIDF) in accordance with the Budget 2023 in order to build urban infrastructure in Tier 2 and Tier 3 cities. This fund is expected to receive an annual budget allocation of USD 1216.05 million.
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Additionally, they want to promote private investment in infrastructure development. Therefore, the market growth of steel in India is expected to rise in the upcoming years” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Steel Market, By Type (Flat, Long), By Application (Building & Construction, Automotive, Consumer Goods, Heavy Industry, Others), By Product Type (Bar, Wire Rod, Hot Rolled Sheets, Cold Rolled Sheets, Others), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of India Steel Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India Steel Market.
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