India Steel Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2022 – 2032

The India Steel Market is segmented By Type (Carbon Steel, Tool Steel, Stainless Steel, Alloy Steel, Mild Steel, Structural Steel, Others), By Production Method (Blast Furnace-Basic Oxygen Furnace (BF-BOF), Electric Arc Furnace, Others), By Application (Building and Construction, Transportation, Mechanical Equipment, Electrical Appliances, Metal Products, Automotive, Domestic Appliances) and By Region (Northern Region, North-Eastern Region, Eastern Region, Central Region, Western Region, Southern Region)

  • Report ID : MD2957
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  • Pages : 220
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  • Tables : 75
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  • Formats :

The Steel Market has estimated at US$ XXMillion in 2022 and is expected to reach US$ XX Million by the end of 2032 with a CAGR of XX% during the forecast period.
Steel is an iron-based alloy that may contain minerals such as carbon, silicon, manganese, and others. Steelmaking is the process of producing steel from iron ore and/or scrap. Steel is a popular raw material in a variety of industries, including manufacturing, automotive, and consumer goods, due to its excellent durability and malleability.

Significant Product Adoption by Downstream Industries to Support the Growth of the Indian Steel Industry
The steel business has experienced a steady rise in demand as a result of the products advantageous characteristics, including malleability, ductility, durability, hardness, and versatility, making it one of the top industries globally. The widespread use of steel in the industrial processes of numerous industries, including the transportation, manufacturing, construction, and aviation sectors, among others, has further stimulated market expansion. The demand for steel is anticipated to increase as populations increase and living standards rise. Future prospects for the steel sector are positive due to the expanding automotive market and expanding infrastructure. Since the infrastructure of renewable energy sources like solar, wind, and hydropower makes extensive use of stainless steel, the market is anticipated to benefit further from the rising demand for alternative and sustainable energy sources. As many household appliances, such as refrigerators, televisions, ovens, and others, use steel, the market is also anticipated to benefit from the expansion in household income and purchasing power.

Recyclability and Low Emissions to Act as Growth Catalysts
Steels ability to be 100% recyclable is a huge advantage. Some mills like Mini Mills, which are also known as Electric Arc Furnace steel mills, are dedicated to recycling. This means that a large portion of the steel used has already been used and will be used in the future without losing any of its inherent qualities. Steel today is composed of approximately 88% recycled materials. Additionally, recycling scrap improves energy efficiency; as a matter of fact, reusing steel saves sufficient energy to drive 18 million families consistently. Naturally, steel actively contributes to a low-carbon future by reducing overall CO2 emissions through energy efficiency. It will be crucial to the development of a robust and long-lasting society. Additionally, businesses can benefit from "going green": good publicity for the business and tax breaks as well.

Policy Support to Drive India Steel Market
The government issued rules for the approved speciality steel production-linked incentive (PLI) plan in October 2021. The government allotted Rs. 47 crores (US$ 6.2 million) to the Ministry of Steel in the Union Budget 2022-23. The Indian governments implementation of programs like the Jal Jiban Mission, the Pradhan Mantri Awaas Yojana -Gramin and Urban (PMAY-G & U), Bharatmala, and Sagarmala, as well as the National Steel Policy, has created favourable conditions for both domestic and foreign investments, further propelling the steel industrys expansion in India.

Government Initiatives to Augment Market Growth
Government initiatives, such as the construction of metro stations, new no-frill airports, international terminals, industry corridors, power plants, and ports, require heavy steel structures. According to World Steel research conducted in partnership with the Indian Steel Association, the construction sector will be a pan-India driver of steel demand in the country. This would be led by a strong government push for infrastructure development and affordable housing. Government efforts such as Smart Cities and Affordable Housing, as well as the construction of industrial corridors, would undoubtedly boost Indias steel demand. For the country, it means improved connectivity, lower logistical costs, and more evenly dispersed development across all Indian states. Aside from the construction sector, it is projected that the steel industry will be developed through the Make in India initiative, which intends to transform India into a worldwide design and manufacturing centre, including sectors along the industrial and freight corridors. several Indian states are projected to establish automotive and related businesses in order to become global hubs for producing export-oriented small automobiles. Steel is a primary raw material used in the construction of pre-engineered buildings. The administration is implementing substantial reforms to improve infrastructure and productivity. It will be interesting to see how India implements its reform agenda and infrastructural plans to pave the way for optimal steel sector growth and expansion. Thus, these factors are expected to drive the growth of the structural steel fabrication market in India.

Increased Corrosion and High Maintenance Costs of Steel will Hamper Market Growth
Most steels are susceptible to corrosion when exposed to air and water and should be painted on a regular basis. This necessitates a higher charge and specialised care. Weathering steels used in strong layout applications tend to eliminate this cost. Metal contributions might lose 1 to 5 mm in thickness per year if they are not properly maintained. As a result, such structures can lose up to 35% of their weight over the course of their lives and may fail under external loads and impede market growth.

Top Companies and Recent Strategic Developments
Key players including Essar Steel, Jindal Steel and Power Ltd, Shyam Steel and JSW Steel Ltd. have consolidated the Indian market. Moreover, the rise in domestic market players focusing on developing India Steels is focusing on providing competitive pricing, which is further estimated to cater to the increasing demand among developing markets across the globe.
• In September 2022, Steel Authority of India Limited (SAIL), a Maharatna PSU, supplied 30,000 tonnes of DMR grade speciality steel for the nations first indigenously built Aircraft Carrier INS Vikrant.
• In October 2021, Tata Steel announced plans to build additional scrap-based facilities. These facilities will have a capacity of at least a billion tonnes by 2025.
• In October 2021, JSW Steel invested Rs. 150 billion (US$ 19.9 million) to construct a steel plant in Jammu and Kashmir and increase local manufacturing.
• In October 2021, the joint venture steel company in India between ArcelorMittal and Nippon Steel Corp. announced a plan to increase operations thereby investing Rs. 1 trillion (US$ 13.34 billion) over a ten-year period in October 2021.
• In October 2021, India and Russia signed a memorandum of understanding to conduct research and development in the steel industry and produce coking coal, which is used in the production of steel.
• In August 2021, Tata Steel announced in August 2021 that it would invest Rs. 8,000 crores (US$ 1.08 billion) in capital expenditure to develop operations in India in FY22.
• In August 2021, ArcelorMittal announced plans to invest Rs. 1 lakh crore (US$ 13.48 billion) in Gujarat for capacity development.
• In August 2021, Tata Steel announced plans to invest Rs. 3,000 crores (US$ 404.46 million) in Jharkhand over the next three years.
• In August 2021, Jindal Steel & Power Ltd. announced plans to invest US$ 2.4 billion in capacity expansion over the next six years to satisfy increased customer demand.
• In January 2021, the Service of Steel, Legislature of India, marked an Update of Participation (MoC) with the Service of Economy, Exchange and Industry, Administration of Japan, to help the steel area through joint exercises under the system of India-Japan Steel Discourse.

Years considered for this report
• Historical Years: 2019-2021
• Base Year: 2021
• Forecast Period: 2022-2032

India Steel 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
• 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

Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2032)
• Carbon Steel
• Tool Steel
• Stainless Steel
• Alloy Steel
• Mild Steel
• Structural Steel
• Others

Production Method Analysis (Revenue, USD Million, 2022 - 2032)
• Blast Furnace-Basic Oxygen Furnace (BF-BOF)
• Electric Arc Furnace
• Others

Application Analysis (Revenue, USD Million, 2022 - 2032)
• Building and Construction
• Transportation
• Mechanical Equipment
• Electrical Appliances
• Metal Products
• Automotive
• Domestic Appliances

Region Type Analysis (Revenue, USD Million, 2022 - 2032)
• Northern Region
• North-Eastern Region
• Eastern Region
• Central Region
• Western Region
• Southern Region

Key Companies
• JSW Steel
• Tata Steel
• Steel Authority of India Limited
• Essar Steel Limited
• Jindal Steel & Power Limited
• ArcelorMittal India Private Limited
• Jindal Stainless Steel Limited
• Nippon Steel & Sumitomo Metal India Private Limited
• POSCO India Private Limited
• Rashtriya Ispat Nigam Limited
• Godavari Power & Steel Limited
• Baosteel Group–Wuhan Iron and Steel Corporation
• Maharashtra Seamless Limited.

Available Versions of Steel Market Report:
United States Steel Market Research Report
Europe Steel Market Research Report
Asia Pacific Steel Market Research Report
Global Steel Market Research Report

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