India Steel Market is expected to grow at a CAGR of 8.28% Through 2030
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 2026-2030.
According to
TechSci Research report, “India Steel Market
- By Region, Competition, Forecast & Opportunities, 2030F”, 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. 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, then
impurities are removed to create it. 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
"Pardhan 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.
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Based on Application, the Automotive segment dominates the market in the forecast period, In the Indian steel market, the automotive segment exerts significant influence and dominance based on its extensive application of steel across various components and subsystems essential for vehicle production. This sector plays a crucial role in driving demand for a diverse range of steel grades, tailored to meet stringent performance, safety, and sustainability requirements.
Structural Steel Components: Automotive manufacturing relies heavily on structural steel components that provide strength, durability, and safety to vehicles. High-strength low-alloy (HSLA) steels and advanced high-strength steels (AHSS) are widely used in chassis frames, body structures, and safety reinforcements. These steels enhance crashworthiness, reduce vehicle weight, and improve fuel efficiency, aligning with global trends towards lightweighting and emissions reduction.
Body Panels and Exterior Components: Steel is integral to the production of body panels, hoods, doors, and fenders due to its formability, corrosion resistance, and cost-effectiveness compared to alternative materials. Cold-rolled and galvanized steel sheets are commonly employed to achieve desired aesthetics, surface finish, and protection against environmental elements.
Engine and Transmission Components: Steel alloys play a critical role in engine and transmission systems, where durability, heat resistance, and mechanical strength are paramount. Alloy steels, including carbon steels and specialty alloys like stainless steels, are utilized in components such as crankshafts, camshafts, gears, and bearings to ensure reliable performance under varying operating conditions.
Exhaust Systems and Catalytic Converters: Stainless steels and heat-resistant alloys are essential for manufacturing exhaust systems and catalytic converters in compliance with emission standards. These alloys withstand high temperatures, corrosive exhaust gases, and thermal cycling, contributing to the longevity and efficiency of emission control technologies.
Electrical Steels for Automotive Electronics: With the rise of electric vehicles (EVs), electrical steels are increasingly used in motors, generators, and powertrain components. Silicon steel and non-oriented electrical steels (NOES) minimize energy loss, improve electromagnetic efficiency, and support the transition towards sustainable mobility solutions.
Market Dynamics and Growth Drivers: The automotive segment's dominance in the India steel market is driven by robust domestic demand fueled by expanding vehicle production, infrastructure development, and technological advancements. Government initiatives promoting electric mobility, stringent emission norms, and consumer preferences for safer and more fuel-efficient vehicles further stimulate demand for advanced steel alloys in automotive manufacturing.
Competitive Landscape and Innovation: Leading steel producers such as Tata Steel, JSW Steel, and SAIL invest significantly in research and development to innovate and customize steel solutions for automotive OEMs. Collaboration with global partners, adoption of advanced manufacturing processes, and continuous improvement in material properties ensure compliance with stringent quality standards and customer specifications.
The automotive segment stands as a cornerstone of the India steel market, driving innovation, growth, and technological advancement in steel manufacturing. As automotive technology evolves towards electrification and lightweighting, the demand for specialized steel alloys is expected to intensify, offering ample opportunities for steel producers to innovate and solidify their position in the automotive supply chain.
Key market
players in the India Steel Market include:
- JSW group
- Tata Steel Limited
- Steel Authority if India Limited (SAIL)
- Essar Steel India Limited
- Jindal Steel & Power Limited
- ArcelorMittal India Private Limited
- Outokumpu India Private Limited
- POSCO India Private Limited
- Rashtriya Ispat Nigam Limited
- Godawari Power & Ispat Ltd. (GPIL)
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“ The
steel market is anticipated to grow over the upcoming years and maintain a
high CAGR, 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 cities projects are
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. 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, 2030F”, 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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