Fr. Feb 23rd, 2024

India Steel Market is anticipated to grow at a steady pace in the forecast period 2024-2028 & is growing at a very healthy CAGR in the upcoming years. Steel is an alloy made of iron and other elements that is strong, hard, and grey or bluish-grey in color. It often comes in flat and long steel varieties. In a blast furnace, raw materials such as coal, iron ore, and lime are melted and then impurities are removed to manufacture the steel.

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 molded in numerous shapes, as opposed to iron, to provide improved shape with a broad variety of dimensions and exceptional purity. Steel, therefore, has a wide range of uses in many other industries, including the automotive, manufacturing, and construction sectors.

Government Initiatives in the Infrastructure Sector
India has a huge requirement for infrastructure. To speed up the construction of India’s infrastructure, the Indian government has authorized Real Estate Investment Trusts (REITs) to provide international investors access to the nation’s real estate market.

Download FREE Sample Report @



Therefore, in the approaching years, the Indian market presents a 19.65 billion USD potential. With the help of the Global Housing Technologies Challenge, the government wants to update the technology used in the construction sector.

The Smart-Communities initiative, which aims to create communities of the greatest calibre and sustainability, has been allocated USD 29.2 billion by the government. With investments of USD 16.5 billion, 75% of the projects were finished by June 2020. The national government has allocated USD 16.5 million to the HRIDAY initiative, which promotes the growth of old cities. Among other government initiatives, AMRUT and the Pradhan Mantri Awas Yojana (PMAY), a national housing programme, are anticipated to have a significant positive impact on the infrastructure and building sectors. Furthermore, Nirmala Sitharaman, the Union Finance Minister, stated in her budget speech for 2023–2024 that the Central Government intended to create an Urban Infrastructure Development Fund with an annual budget of USD 1221.78 million that would be used to develop infrastructure in Tier-2 and Tier-3 cities, all across the nation. The National Capital Region Transport Corporation, which is carrying out the Delhi-Meerut fast transit project, is one of the projects for which the government aims to finance USD 2831.48 million in 2023–2024. The CAGR should remain strong. This should have a lot of favorable consequences for the Indian steel industry.

Current Scenario

  • Robust Demand

o   It is predicted that India would consume more finished steel, going from 133.596 MT in 2022 to 230 MT by 2030–31.

o   India produced 9.8 MT of crude steel in October 2021, placing it as the second-largest producer in the world.

  • Policy Support

o   In October 2021, the cabinet has approved the Production Linked Incentive (PLI) scheme for speciality steel in India and to be implemented over fiscal year 2023-2024 to Fiscal year 2029-2030.

o   The Union government allocated USD 6.2 million to the Ministry of Steel, Under the Union Budget 2022-23.

  • Competitive Advantage

o   India produced 9.5 MT of crude steel in September 2021, placing it as the second-largest producer in the world.

o   India is competitive in the global economy because of easy access to cheap labor and the presence of massive iron ore deposits.

o   India is home to the fifth-highest reserves of iron ore in the world.

The steel industry in India has grown tremendously during the last 10 to 12 years. While domestic steel demand has surged by roughly 80% since 2008, production has climbed by 75%. Parallel to this growth, the ability to produce steel has also increased.

In 2021, there were 133.596 MT and 120.01 MT, respectively, of finished and crude steel produced. In 2021, 105.751 MT of finished steel were used. India’s finished steel consumption in April 2022 was 9.072 MT. The output of crude steel and finished steel in April to July 2022 was 40.95 MT and 38.55 MT, respectively.

By 2030–2031, it’s expected that there will be more than 300 million tons of steel produced, annually. Assuming a 10% yield loss or a 90% conversion ratio for the conversion of raw steel to finished steel, it is predicted that by 2021-2030., crude steel output would reach 255 million tons at 85% capacity utilization, producing 230 million tons of finished steel. By the years 1931-2030, consumption is anticipated to reach 206 million tons with net exports of 24 million tons. Thus, the consumption of steel will increase to 160 kg per person in the upcoming years.

Recent Developments

  • The government plans to build the Urban tier 3 cities in line with Budget 2023. This fund is expected to receive an annual budget allocation of USD 1216.05 million. Additionally, they want to encourage private investment in infrastructure development.
  • India and Russia signed a memorandum of understanding in October 2021 to conduct R&D in the steel industry and generate coking coal (used in steel making).
  • The production-linked incentive (PLI) plan for specialty steel was authorized by the Union Cabinet in July 2021. The plan is anticipated to bring in investment of USD 5.37 billion and increase the capacity of specialty steel by 25 million tons (MT), from 18 MT in 2021 to 42 MT in 2027.
  • The Indian Institute of Metals’ webinar on “Making Eastern India a manufacturing center with respect to metallurgical industries” featured remarks by Mr. Dharmendra Pradhan, Minister of Steel, Petroleum, and Natural Gas. By creating an integrated steel center in Kolkata, West Bengal, “Mission Purvodaya” was started in 2020 with the goal of accelerating the development of India’s eastern states (Odisha, Jharkhand, Chhattisgarh, West Bengal, and the northern portion of Andhra Pradesh). Over 75% of India’s additional steel capacity might be added in the east. By 2030–2031, more than 200 MT of the 300 MT capacity are anticipated to arrive from one region.
  • The Ministry of Steel received USD 6.2 million under the Union Budget 2022–23 from the government. The budget’s emphasis is on developing the industry and infrastructure to boost economy.
  • JSW Steel, the CSIR-National Chemical Laboratory, Scottish Development International (SDI), and the India H2 Alliance (IH2A) teamed together in June 2021 to commercialize hydrogen in the steel and cement industries.
  • In January 2021, the Ministry of Steel in India and the Ministry of Economy, Trade and Industry, in Japan, signed a Memorandum of Cooperation (MoC) to advance the steel industry via cooperative initiatives within the framework of the India-Japan Steel Dialogue.
  • Through its “National Infrastructure Indian Pipeline,” India plans to invest USD 1.4 trillion in infrastructure over the next five years. Approximately 13% of the total FDI inflows of USD 81.72 billion in 2021 were attributable to operations connected to infrastructure. India is anticipated to build 43,000 dwellings each day till 2022 in order to achieve the objective of providing housing for everyone by that time. As of 22nd August 2022, the Pradhan Mantri Awas Yojna plan had approved 122.69 lakh dwellings, started 103.01 lakh homes, and completed 62.21 lakh homes. (PMAY-Urban).
  • In November 2021, the Asian Development Bank (ADB) approved a loan of USD 250 million to support the National Industrial Corridor Development Program (NICDP). A portion of the USD 500 million loans for the development of 11 industrial corridors linking 17 states is being used for this project.

Market Segmentation
The India Steel Market is divided into Type, Application and Product Type. Based on the type, the market is divided into flat and long. Based on application, the market is segmented into building & construction, automotive, consumer goods, heavy industry, and others. Based on product type, the market is segmented into the bar, wire rod, hot rolled sheets, cold rolled sheets, and others.

Market Players
Major market players in India’s Steel market are JSW Steel Limited, Tata Steel Limited, Steel Authority of India Limited, Essar Steel India Limited, Jindal Steel & Power Limited, ArcelorMittal India Private Limited, Jindal Stainless Steel Limited, Outokumpu India Private Limited, POSCO India Private Limited, Rashtriya Ispat Nigam Limited, and Godavari Power & Ispat Limited.

Attribute Details
Base Year 2022
Historic Data 2018– 2021
Estimated Year 2023
Forecast Period 2024 – 2028
Quantitative Units Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028
Report Coverage Revenue forecast, company share, growth factors, and trends
Segments Covered By Type

By Application

By Product Type

Regional scope North, South, West, and East.
Key companies profiled JSW Steel Limited, Tata Steel Limited, Steel Authority of India Limited, Essar Steel India Limited, Jindal Steel & Power Limited, ArcelorMittal India Private Limited, Jindal Stainless Steel Limited, Outokumpu India Private Limited, POSCO India Private Limited, Rashtriya Ispat Nigam Limited and Godavari Power & Ispat Limited.
Customization scope 10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and purchase options Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, the India Steel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Steel Market, By Type:

o   Flat

o   Long

  • India Steel Market, By Application:

o   Building & Construction

o   Automotive

o   Consumer Goods

o   Heavy Industry

o   Others

  • India Steel Market, By Product Type, 

o   Bar

o   Wire Rod

o   Hot Rolled Sheets

o   Cold Rolled Sheets

o   Others

  • India Steel Market, By Region:

o   North

o   South

o   West

o   East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Steel Market.

Available Customizations:

TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).




Related Reports

Smart Elevator Market [2028]: Trends & Forecast

Malaysia Elevator Modernization Market – Future, Scope, Trends [Latest]



Table of Content-India Steel Market


  1. Product Overview
  2. Research Methodology
  3. Impact of COVID-19 on the India Steel Market
  4. Executive Summary
  5. Voice of Customers
  6. India Steel Market Outlook

6.1.  Market Size & Forecast

6.1.1.       By Value

6.2.  Market Share & Forecast

6.2.1.       By Type (Flat and Long)

6.2.2.       By Application (Building & Construction, Automotive, Consumer Goods, Heavy Industry, Others)

6.2.3.       By Product Type (Bar, Wire Rod, Hot Rolled Sheets, Cold Rolled Sheets, Others)

6.2.4.       By Region (North, East, West, South)

6.2.5.       By Company (2022)

6.3.  Market Map

  1. North India Steel Market Outlook

7.1.  Market Size & Forecast

7.1.1.       By Value

7.2.  Market Share & Forecast

7.2.1.       By Type

7.2.2.       By Application

7.2.3.       By Product Type

  1. South India Steel Market Outlook

8.1.  Market Size & Forecast

8.1.1.       By Value

8.2.  Market Share & Forecast

8.2.1.       By Type

8.2.2.       By Application

8.2.3.       By Product Type

  1. East India Steel Market Outlook

9.1.  Market Size & Forecast

9.1.1.       By Value

9.2.  Market Share & Forecast

9.2.1.       By Type

9.2.2.       By Application

9.2.3.       By Product Type

  1. West India Steel Market Outlook

10.1.   Market Size & Forecast

10.1.1.    By Value

10.2.   Market Share & Forecast

10.2.1.    By Type

10.2.2.    By Application

10.2.3.    By Product Type

  1. Market Dynamics

11.1.   Drivers

11.1.1.    Government investment in Infrastructure projects

11.1.2.    Light in Weight, Easy Installation and Speed in Construction

11.2.   Challenges

11.2.1.    Rusting, good conductors

11.2.2.    Prone to thermal expansion

  1. Market Trends & Developments

12.1.   Government Initiatives

12.2.   Merger & Acquisitions

Pressemitteilung teilen:
varun kp

Von varun kp

Schreibe einen Kommentar