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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