PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1584661
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1584661
India Steel Market, By Product Type; By Form; By Application (Construction, Automotive, Machinery, Energy, Appliances, Aerospace); By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
India Steel Market Expands at Strong CAGR to Cross USD 285 Billion and 187 Million Tons by 2030
India Steel Market is booming primarily due to a robust pipeline of large infrastructure development projects, rapid urbanization, industrial expansion, and a thriving automotive sector across the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Steel Market size by value at USD 187.2 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Steel Market size to expand at a CAGR of 9.3% reaching a value of USD 285.19 billion by 2030. The Steel Market in India is propelled by post-pandemic recovery, surging domestic demand, and significant government support. The Production-Linked Incentive (PLI) scheme has allocated substantial funds to boost specialty steel manufacturing, while the Union Budget 2023-24 provided additional support. Government policies promoting self-reliance and industrial growth, coupled with India's competitive advantages like abundant labor and iron ore reserves, are creating a favorable environment. Moreover, infrastructure investments, particularly government-backed projects, are accelerating construction activities, further driving steel demand. As India advances its 'Make in India' initiative, the steel industry is poised to play a pivotal role in the country's economic growth, with projected production growth of 4-7% in FY24.
By volume, BlueWeave estimated India Steel Market size at 123 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Steel Market size by volume is projected to grow at a CAGR of 7.2% reaching the volume of 187.3 million tons by 2030. Finished steel consumption was estimated to rise from 119.17 million tons in FY23 to 138.5 million tons in FY24. The industry is attracting substantial investments, with companies under the Production Linked Incentive scheme committing about USD 1.2 billion to specialty steel making. The Government of India's allocation of INR 70.15 crore to the Ministry of Steel for 2023-24 underscores its commitment to fostering self-reliance and sustainable growth in the sector.
Opportunity - Growing Adoption of Technological Advancements
The blast furnace-basic oxygen furnace (BF-BOF) route is crucial to India's steel production, encompassing a two-stage process where iron ore, coke, and limestone are smelted in a blast furnace to produce molten pig iron, which is then converted into steel in a basic oxygen furnace. This method is preferred for crude steel production, accounting for over 90% of output, with BOF technology representing approximately 46% of total production by the end of 2022. India predominantly uses the blast furnace route, mainly relying on coking coal, while alternatives like Pulverized Coal Injection and green hydrogen are being explored. Significant BOF plant installations are expected, with Tata Steel planning substantial capacity increases. These advancements position BF-BOF technology to dominate the market, driving a surge in steel demand in the forecast period, thus highlighting the potential for growth within the Indian steel industry.
North India Leads India Steel Market
North India's leadership position is underpinned by the region's robust industrial base, rapid infrastructure development, and strategic geographic location. Key states like Uttar Pradesh, Haryana, Punjab, Rajasthan, and Delhi are major drivers of steel demand, fueled by industries such as automotive, engineering, and construction. Urban centers like Delhi-NCR, Gurgaon, and Ludhiana are particularly significant consumption hubs. Additionally, ongoing infrastructure projects like the Delhi-Mumbai Industrial Corridor and metro expansions are further stimulating steel consumption. North India's strategic proximity to raw materials, well-developed transport networks, and supportive government policies create a conducive environment for investment and strengthen its competitive advantage in the steel sector.
Impact of Escalating Geopolitical Tensions on India Steel Market
Intensifying geopolitical tensions could have a multifaceted impact on India Steel Market. Trade barriers, tariffs, and anti-dumping duties can disrupt supply chains, increase production costs, and alter competitive dynamics. These factors could potentially affect steel imports and exports, impacting domestic manufacturers and consumers alike. Additionally, geopolitical instability may deter foreign investment in infrastructure projects, reducing demand for steel. As the industry navigates this complex landscape, it is crucial to adopt strategies that enhance resilience and mitigate risks associated with global market fluctuations.
Competitive Landscape
India Steel Market is highly fragmented, with numerous players serving the market. The key players dominating India Steel Market include Tata Steel, JSW Steel, ArcelorMittal Nippon Steel India, SAIL (Steel Authority of India Limited), Essar Steel India, Vedanta Steel, Bhushan Steel, RINL (Rashtriya Ispat Nigam Limited), and Usha Martin Limited. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and India Steel Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Steel Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Steel Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Infrastructure Development
- 3.2.1.2. Increasing Urbanization and Industrialization
- 3.2.1.3. Increasing Automotive Industry
- 3.2.2. Restraints
- 3.2.2.1. Economic Fluctuations
- 3.2.2.2. Competition from Other Materials
- 3.2.3. Opportunities
- 3.2.3.1. Economic Growth
- 3.2.3.2. Advancements in Technology
- 3.2.4. Challenges
- 3.2.4.1. Environmental Concerns
- 3.2.4.2. Trade Restrictions
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Steel Market: Marketing Strategies
5. India Steel Market: Pricing Analysis
6. India Steel Market Overview
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Product Type
- 6.2.1.1. Carbon Steel
- 6.2.1.2. Alloy Steel
- 6.2.1.3. Stainless Steel
- 6.2.1.4. Tool Steel
- 6.2.1.5. High-Speed Steel
- 6.2.2. By Form
- 6.2.2.1. Flat Steel Products
- 6.2.2.2. Long Steel Products
- 6.2.2.3. Tubular Steel Products
- 6.2.3. By Application
- 6.2.3.1. Construction
- 6.2.3.2. Automotive
- 6.2.3.3. Machinery
- 6.2.3.4. Energy (Oil & Gas)
- 6.2.3.5. Appliances
- 6.2.3.6. Aerospace
- 6.2.4. By Region
- 6.2.4.1. North India
- 6.2.4.2. South India
- 6.2.4.3. East India
- 6.2.4.4. West India
- 6.2.1. By Product Type
7. North India Steel Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Product Type
- 7.2.2. By Form
- 7.2.3. By Application
8. South India Steel Market
- 8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Product Type
- 8.2.2. By Form
- 8.2.3. By Application
9. East India Steel Market
- 9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Product Type
- 9.2.2. By Form
- 9.2.3. By Application
10. West India Steel Market
- 10.1. Market Size & Forecast, 2019-2030
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Product Type
- 10.2.2. By Form
- 10.2.3. By Application
11. Competitive Landscape
- 11.1. List of Key Players and Their Offerings
- 11.2. India Steel Company Market Share Analysis, 2023
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
12. Impact of Escalating Geopolitical Tensions on India Steel Market
13. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 13.1. Tata Steel
- 13.2. JSW Steel
- 13.3. ArcelorMittal Nippon Steel India
- 13.4. SAIL (Steel Authority of India Limited)
- 13.5. Essar Steel India
- 13.6. Vedanta Steel
- 13.7. Bhushan Steel
- 13.8. RINL (Rashtriya Ispat Nigam Limited)
- 13.9. Usha Martin Limited
- 13.10. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
- 15.1. Qualitative Research
- 15.1.1. Primary & Secondary Research
- 15.2. Quantitative Research
- 15.3. Market Breakdown & Data Triangulation
- 15.3.1. Secondary Research
- 15.3.2. Primary Research
- 15.4. Breakdown of Primary Research Respondents, By Region
- 15.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
- Figure 1 India Steel Segmentation
- Figure 2 India Steel Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India Steel Market Size, By Value (USD Billion), 2019-2030
- Figure 5 India Steel Market Share, By Product Type , By Value, 2019-2030
- Figure 6 India Steel Market Share, By Form, By Value, 2019-2030
- Figure 7 India Steel Market Share, By Application, By Value, 2019-2030
- Figure 8 North India Steel Market Size, By Value (USD Billion), 2019-2030
- Figure 9 North India Steel Market Share, By Product Type , By Value, 2019-2030
- Figure 10 North India Steel Market Share, By Form, By Value, 2019-2030
- Figure 11 North India Steel Market Share, By Application, By Value, 2019-2030
- Figure 12 South India Steel Market Size, By Value (USD Billion), 2019-2030
- Figure 13 South India Steel Market Share, By Product Type , By Value, 2019-2030
- Figure 14 South India Steel Market Share, By Form, By Value, 2019-2030
- Figure 15 South India Steel Market Share, By Application, By Value, 2019-2030
- Figure 16 East India Steel Market Size, By Value (USD Billion), 2019-2030
- Figure 17 East India Steel Market Share, By Product Type , By Value, 2019-2030
- Figure 18 East India Steel Market Share, By Form, By Value, 2019-2030
- Figure 19 East India Steel Market Share, By Application, By Value, 2019-2030
- Figure 20 West India Steel Market Size, By Value (USD Billion), 2019-2030
- Figure 21 West India Steel Market Share, By Product Type , By Value, 2019-2030
- Figure 22 West India Steel Market Share, By Form, By Value, 2019-2030
- Figure 23 West India Steel Market Share, By Application, By Value, 2019-2030
List of Tables
- Table 1 India Steel Market Size, By Value (USD Billion), 2019-2030
- Table 2 India Steel Market Size, By Product Type , By Value, 2019-2030
- Table 3 India Steel Market Size, By Form, By Value, 2019-2030
- Table 4 India Steel Market Size, By Application, By Value, 2019-2030
- Table 5 North India Steel Market Size, By Value (USD Billion), 2019-2030
- Table 6 North India Steel Market Size, By Product Type , By Value, 2019-2030
- Table 7 North India Steel Market Size, By Form, By Value, 2019-2030
- Table 8 North India Steel Market Size, By Application, By Value, 2019-2030
- Table 9 South India Steel Market Size, By Value (USD Billion), 2019-2030
- Table 10 South India Steel Market Size, By Product Type , By Value, 2019-2030
- Table 11 South India Steel Market Size, By Form, By Value, 2019-2030
- Table 12 South India Steel Market Size, By Application, By Value, 2019-2030
- Table 13 East India Steel Market Size, By Value (USD Billion), 2019-2030
- Table 14 East India Steel Market Size, By Product Type , By Value, 2019-2030
- Table 15 East India Steel Market Size, By Form, By Value, 2019-2030
- Table 16 East India Steel Market Size, By Application, By Value, 2019-2030
- Table 17 West India Steel Market Size, By Value (USD Billion), 2019-2030
- Table 18 West India Steel Market Size, By Product Type , By Value, 2019-2030
- Table 19 West India Steel Market Size, By Form, By Value, 2019-2030
- Table 20 West India Steel Market Size, By Application, By Value, 2019-2030
- Table 21 Tata Steel Company Overview
- Table 22 Tata Steel Financial Overview
- Table 23 JSW Steel Company Overview
- Table 24 JSW Steel Financial Overview
- Table 25 ArcelorMittal Nippon Steel India Company Overview
- Table 26 ArcelorMittal Nippon Steel India Financial Overview
- Table 27 SAIL (Steel Authority of India Limited) Company Overview
- Table 28 SAIL (Steel Authority of India Limited) Financial Overview
- Table 29 Essar Steel India Company Overview
- Table 30 Essar Steel India Financial Overview
- Table 31 Vedanta Steel Company Overview
- Table 32 Vedanta Steel Financial Overview
- Table 33 Bhushan Steel Company Overview
- Table 34 Bhushan Steel Financial Overview
- Table 35 RINL (Rashtriya Ispat Nigam Limited) Company Overview
- Table 36 RINL (Rashtriya Ispat Nigam Limited) Financial Overview
- Table 37 Usha Martin Limited Company Overview
- Table 38 Usha Martin Limited Financial Overview
