The India Stainless Steel Bright Bars Market is segmented By Shape (Round, Hexagon, Square) By Application (Automobile Industry, Electrical Motor Industry, Fabrication Industry, Railways Industry (for Engines and Coach Manufacturing), Defense Sector, Auto Industry, Agricultural equipment, Health & sports equipment, Construction Industry, Textile Industry, Food Processing Industry, Decorative & Furniture Industry, Aerospace Industry, Oil & petroleum Industry, Mining Industry), and By Geography (North America, APAC, Europe, ROW).
The India Stainless Steel Bright Bars Market shall reach a value of $X Million in 2032, growing with a CAGR of X% during the forecast period of 2022 to 2032
The Market of Stainless Steel Bright Bars in India is an expeditiously growing segment in the Stainless Steel Industry. India, being a developing economy, the manufacturing sector of the country is expanding at an exponential rate. The primary industries that utilize stainless steel bright bars in India constitute of Automotive, Aerospace, Agricultural, Construction, and Manufacturing industries. Its demand and usage are also increasing in the Textile, Food processing, Healthcare, and Furniture industries, due to its durability, versatility, and corrosion resistance properties.
Moreover, indian stainless steel bright bars market find their application in the manufacturing processes of tools, fixtures, bearings, hinges, and gears. The versatility in the type of shapes adds to its uses. Stainless Steel Bright Bars industry products are produced and sold in various shapes where round, hexagon, and square cover the most demanded percentage. Round stainless-steel bright bars have a demand percentage of about 60-70%, followed by hexagon at X% and square at X%.
Government’s Initiatives to Support the Indian Stainless-Steel Industry
The Indian Government has recently launched initiatives to promote the stainless-steel industry, including the National Steel Policy and the Make in India Initiative. The National Steel Policy launched in 2017, aims for a holistic development of the industry in the country. This lays down a framework for the companies to increase production capacity, promote healthy competition in the industry, increase employment opportunities, adopt environmentally sustainable practices, and encourage domestic consumption of steel, thereby reducing the dependence on imports. The Make in India Initiative also lays its prime focus on the stainless steel bright bars industry, to add to the country’s GDP. Government Funds and Schemes like Steel Development Fund launched with a corpus of Rs. 200 crores, promote the adoption of new technology and inculcate undertaking R&D activities.
Increasing Demand from End-Use Industries
Stainless-steel bright bars have several unique properties that make them a popular choice in various industrial applications. These bright bars have brilliant resistance to corrosion, making them ideal for use in harsh environmental situations such as offshore oil rigs and food processing equipment. Their property of having high tensile strength makes them suitable for heavy-duty applications such as automotive or construction. Stainless-steel bright bars are non-combustible and have great resistance to high temperatures, making them suitable for use in hot-temperature applications such as metal furnaces. These bars are easy to clean and maintain, making them a hygienic choice for use in the food and beverage industry as well as in medical applications. The Medical Industry is becoming highly dependent on stainless-steel bright bars for manufacturing surgical equipment. Stainless steel is biocompatible, which means it does not react with bodily fluids, making it ideal for the working environment. It also makes the sterilization process of instruments easy, as it can withstand high temperatures.
Round, Square, or Hexagonal
Stainless-steel bright bars are available in different shapes such as round, square, and hexagonal. Round stainless-steel bright bars are the most utilized shape as they account for approximately 60-70% of the global demand for stainless-steel bars. They are used in a wide range of applications such as shafts, fasteners, and automotive components. These are used in manufacturing structures, appliances, and machinery. Square stainless steel bright bars are used where a sturdier material is required and account for X% of global demand. They are commonly used in the manufacturing of structural components, machinery parts, furniture, grills, protective barriers, railings and for ornamental purposes. Hexagonal stainless-steel bright bars have the least demand percentage and account for X% of the total demand. They are commonly used in the manufacturing of nuts, bolts, and other fasteners. Each shape offers unique properties and advantages that make them suitable for different applications.
India SS Bright Bars Industry Analysis by Zones/Region
The Market for Stainless-Steel Bright Bars in India is not evenly distributed across all regions and is scattered based on demand and supply dynamics which vary across the country. The Northern region of India, constituting states like Delhi, Haryana, Punjab, and Uttar Pradesh holds a bigger share of the stainless-steel bright bar market, as there are prominent manufacturers and suppliers with a well-established distribution network here. Many of the automotive industry plants like are also based in Northern India, which is a huge consumer of this industry, for instance, Honda Cars’ Plant is established in Haryana, and Hero MotoCorp’s plant is in Gurugram. The Southern Part of India has a growing market for this industry, and the demand is expected to grow eventually. The states in East India including West Bengal, Bihar, and Odisha have a relatively smaller market compared to other regions. The Western States of India account for a primary market for stainless-steel bright bars, as there are market giants from the states of Rajasthan, Maharashtra, and Gujarat in this industry. The Central region of India, which includes the states of Madhya Pradesh and Chhattisgarh houses bright bars manufacturers like Viraj Steel, which is headquartered in Mumbai.
India Stainless Steel Bright Bars Market is highly competitive with both large and small players. The key market players make the industry highly dynamic in nature. Viraj Profiles Limited is one of the most prominent manufacturers of stainless-steel brights bars, with a production capacity of as high as 150,000 metric tons annually. Jindal Stainless Steel and Ambica Steel Limited cover most of the market share, leading the market as stainless-steel manufacturers. These have a wide distribution network across the country and export their products to various countries around the world including Unites States, UAE, and Australia.
Mukund Limited is another leading manufacturer of stainless steel bright bars in India, offering a wide range of products, in different shapes, sizes, and grades. Venus Wire Industries Pvt. Ltd. is also a leading player offering a wide range of stainless steel bright bars, including round, hexagonal, and square bars. Other industry players in this domain that are growing at an increasing CAGR include Panchdeep Metal Corporation and Aamor Inox Limited.
Recent Strategic Developments
•Shyam Metalics, an Indian metal producer, concluded its acquisition of Mittal Corp to strengthen its metal portfolio thus entering the stainless steel/wire rod & bar mill business in December 2022.
•A rise of sustainable and intelligent packaging solutions is surging the demand for Stainless Steel Water Bottles, fueling the market to reach US$ 2,330 million by 2033.
•Post-merger deal of Jindal Stainless Ltd. and Jindal Stainless Hisar, India, which was approved and completed at the end of 2022, the Jindal Group is now urgently trying to raise fresh capital, company’s exports had slumped by 80% after the imposition of duty
•According to the CRISIL Ratings Report, Stainless steel demand in India, which accounted for 4 million tons in 2022, is projected to experience a healthy CAGR of 9% in the years 2023-2025.
•Stainless Steel preferred to be used in the manufacturing of Indian Railways, Lalit Chandan Trivedi, the former General Manager of East Central Railways suggests, March 2023.
Years considered for this report
• Historical Years: 2021 - 2022
• Base Year: 2022
• Forecast Period: 2023-2032
India Stainless Steel Bright Bars Market Research Report Analysis Highlights
•Historical data available (as per request)
•Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
•Data breakdown for application Industries (2022 - 2032)
•Integration and collaboration analysis of companies
•Capacity analysis with application sector breakdown
•Gross Margin and Profitability Analysis of Companies
•Business trend and expansion analysis
•Import and Export analysis
•Competition analysis/market share
•Supply chain analysis
•Client list and case studies
•Market entry strategies adopted by emerging companies
India Stainless Steel Bright Bars Market Segments
By Shape (Revenue, USD Million, 2022 - 2032)
By Application (Revenue, USD Million, 2022 - 2032)
•Electrical Motor Industry
•Railways Industry (for Engines and Coach Manufacturing)
•Health & sports equipment
•Food Processing Industry
•Decorative & Furniture Industry
•Oil & petroleum sector
By Geography (Revenue, USD Million, 2022 - 2032)
India Stainless Steel Bright Bars Market Players
•Viraj Profiles Limited
•Jindal Stainless Limited
•Ambica Steels Limited
•Aamor Inox Limited
•Venus Wire Industries Pvt. Ltd.
•Panchdeep Metal Corporation
•Salem Steel Plant
Available Versions of India Stainless Steel Bright Bars Market Report:
Germany Stainless Steel Bright Bars Market Research Report
US Stainless Steel Bright Bars Market Research Report
Middle East Stainless Steel Bright Bars Market Research Report
Asia Stainless Steel Bright Bars Market Research Report
Europe Stainless Steel Bright Bars Market Research Report
Customization can be done in the existing research scope to cater to your specific requirements without any extra charges* (terms and conditions apply).
•Send us a query to get the Table of Contents and Research Scope along with the research proposal.
20% Free Customization ON ALL PURCHASE
*Terms & Conditions Apply
Please fill in the form below to Request for free Sample Report
Office Hours Mon - Sat 10:00 - 16:00
Send Us Mail firstname.lastname@example.org
Market Decipher is a market research and consultancy firm involved in provision of market reports to organisations of varied sizes; small, large and medium.
© 2018 Market Decipher. All Rights Reserved