India Steel Market to Grow at CAGR of over 7% During Forecast Period
Surging
automotive production along with increasing investment in infrastructure sector
to drive steel market in India during forecast period
According to TechSci Research report, “India Steel Market By Type, By Production
Method, Competition, Forecast & Opportunities, 2030”, India steel
market is anticipated to grow at a steady rate during the forecast period on
account of growing demand for construction. Steel is an alloy made from the
combination of carbon and iron, known for its high durability and workability.
The alloy finds application in vivid industries including oil & gas,
chemical, transport, and construction. The demand for steel witnessed downfall
in 2008, 2009, 2015, 2016 due to global recession; however, the market is
poised to grow at a CAGR of over 7% during in the anticipated period. India is
the second largest producer and third largest consumer of steel with production
of 106.5 million tons in 2018. Additionally, increasing public investment and
ongoing infrastructural projects are elevating the demand for steel across the
country. However, variation in the
prices of raw material and increasing competition in market might hinder the
growth of the market.
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There are more than 3000 types of steel based on the concentration of
various alloys in it. Major types of steel are carbon steel, stainless steel,
alloy steel, tool steel, among others. Carbon steel is one of the important
categories as it finds application in transportation and construction sector,
among others. Automakers are readily using steel for reducing the weight of the
vehicle and improve fuel efficiency. Moreover, steel accounts for over 60% of
the total material used in the manufacturing of cars ranging from parts of the
body to chassis and frame.
In terms of regional analysis, India steel
market can be segregated into south, north, east and west. East accounts for
the largest share of steel market in terms of production as Odisha, which is in
this region is alone responsible for the production of around 20 million tons
of steel in India.
Major companies operating in India steel
market include 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, Outokumpu 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, among
others.
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“Steel market in India is expected to grow at a brisk
rate in the forthcoming years on account of rapid urbanization, increasing
automotive production and rising GDP per capita. Moreover, the push by the
government for the development of rural areas and National steel policy 2017
are further driving the adoption of steel across India.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India Steel Market By
Type, By Production Method, Competition, Forecast & Opportunities, 2030” has analyzed the potential
of steel market across
the country, and provides statistics and information on market sizes, shares
and trends. The report will suffice in providing the intending clients with
cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by India steel market.
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