India Steel Market (2023-2029) | Industry, Analysis, Size, COVID-19 IMPACT, Trends, Outlook, Share, Revenue, Growth, Forecast, Value & Companies

Topics Covered in the India Steel Market

India Steel Market report thoroughly covers the market by types, by product types, and by applications. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

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. This has resulted in increased requirements for both rolled & hot-rolled products from mills across the nation resulting in higher profitability margins, hence driving overall growth prospects for the Indian steel sector. On the other hand, some challenges hampering the market growth are Low-quality imports and high cost of raw materials. However, the market is still estimated to grow underpinned by the growing automotive sector is generating a high steel demand in the country, leading to increased India Steel Market growth.

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 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.

Government Initiatives Introduced in the India Steel Market

As per Indian steel industry analysis 2023, the market is attributed to grow favourably over the coming years. For instance, the ‘Make in India’ campaign launched by Prime Minister Narendra Modi, has been a major driver for increased investment into the Indian steel industry over recent years. This was followed up with several other government initiatives including Atmanirbhar Bharat Abhiyan which have led to an increase in investor confidence and an influx of new players into the sector. Another supportive government policy is the ‘National Steel Policy’ aims to promote sustainable growth and enhance the competitiveness of the sector.

Market Analysis by Types

According to Shivankar, Research Manager, 6Wresearch, both flat and long steel products are essential components of the industries. Their preferences keep on changing based on several factors like advancements in steel manufacturing processes and technologies.

Market Analysis by Applications

Based on the applications, all the sectors generate demand for steel, however currently, building & construction and automotive sectors are dominating India steel market share in the country, with the growing automotive sales and infrastructure development projects.

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:

• India Steel Market Outlook
• Market Size of India Steel Market, 2019
• Forecast of India Steel Market, 2029
• Historical Data and Forecast of India Steel Revenues & Volume for the Period 2019 - 2029
• India Steel Market Trend Evolution
• India Steel Market Drivers and Challenges
• India Steel Price Trends
• India Steel Porter's Five Forces
• India Steel Industry Life Cycle
• Historical Data and Forecast of India Steel Market Revenues & Volume By Types for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Flat Steel for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Long Steel for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Product Type for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Structural Steel for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Prestressing Steel for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Bright Steel for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Welding Wire/Rod for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Iron Steel Wire for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Ropes for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Braids for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Applications for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Building & Construction for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Electrical Appliances for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Metal Products for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Domestic Appliances for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Mechanical Equipment for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Automotive for the Period 2019 - 2029
• Historical Data and Forecast of India Steel Market Revenues & Volume By Others for the Period 2019 - 2029
• India Steel Import Export Trade Statistics
• Market Opportunity Assessment By Types
• Market Opportunity Assessment By Product Type
• Market Opportunity Assessment By Applications
• India Steel Top Companies Market Share
• India Steel Competitive Benchmarking By Technical and Operational Parameters
• India Steel Company Profiles
• India Steel Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Type

• Flat Steel
• Long Steel

By Product Type

• Structural Steel
• Prestressing Steel
• Bright Steel
• Welding Wire/Rod
• Iron Steel Wire
• Ropes
• Braids

By Applications

• Building & Construction
• Electrical Appliances
• Metal Products
• Domestic Appliances
• Mechanical Equipment
• Automotive
• Others

Frequently Asked Questions About the Market Study (FAQs):