India Steel Market Size, Trends, Revenue, Forecast 2023-2028

 How big is The Steel Industry in India?

IMARC Group, a leading market research company, has recently releases report titled "India Steel Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028." The India steel market size is expected to exhibit a growth rate (CAGR) of 4.50% during 2023-2028.

What is Steel?

Steel is an alloy composed of iron, manganese, chromium, nickel, and a small amount of carbon. It exhibits high tensile strength and resistance to external forces, such as wear, tear, and corrosion. It is a good conductor of heat and electricity, which makes it suitable for various electrical applications. It has a non-porous surface that makes it hygienic by preventing the growth of bacteria and microbes. It can be molded into different shapes and finishes, which adds to the visual appeal of structures like bridges, buildings, and art installations. It offers optimal durability and is more cost-effective as compared to other construction materials. It is extensively used in building bridges, skyscrapers, and residential structures due to its strength and flexibility. It is also used to manufacture numerous vehicle parts, like engines, body panels, and frames. It finds applications in constructing ships and submarines due to its superior resistivity to corrosion and extreme temperatures. Besides this, as it is recyclable and supports environmental health, the steel demand is increasing across India.

Request for a free sample copy of this report: https://www.imarcgroup.com/india-steel-market/requestsample

What are the growth prospects and trends in the industry?

Rapid urbanization in India is leading to a rise in the construction activities of residential and commercial spaces, which represents one of the key factors catalyzing the demand for steel. The rising trend of renovating interiors and the upgradation of existing infrastructures are resulting in higher steel consumption. Apart from this, the growing emphasis on sustainable and green building practices is promoting the use of steel on account of its recyclability and energy-efficient production methods. The growth in energy projects like power plants and renewable energy structures is catalyzing the requirement for steel in this sector. Furthermore, the increasing income level of individuals is allowing them to spend more on premium consumer appliances made with steel, which is offering a favorable market outlook. Moreover, the expansion of hospitals, clinics, and other healthcare settings is positively influencing the market in the country. Healthcare infrastructure requires steel for construction and medical equipment, which is supporting market growth. Besides this, increasing adherence to international construction standards and regulations in India is promoting the use of quality steel in construction projects. Additionally, the widespread adoption of modern and efficient technologies in steel production is enhancing its productivity and quality, which is attracting a wider consumer base. Moreover, the expansion in the defense sector of the country is driving the demand for steel as it finds various applications in the industry, which include shipbuilding and armory. Furthermore, there is an increase in government-led affordable housing projects demanding large quantities of steel, which is stimulating the market growth in the country.

What is included in market segmentation?

The report has segmented the market into the following categories:

Type Insights:

  • Flat Steel
  • Long Steel

Product Insights:

  • Structural Steel
  • Prestressing Steel
  • Bright Steel
  • Welding Wire and Rod
  • Iron Steel Wire
  • Ropes
  • Braids

Application Insights:

  • Building and Construction
  • Electrical Appliances
  • Metal Products
  • Automotive
  • Transportation
  • Mechanical Equipment
  • Domestic Appliances

Regional Insights:

  • South India
  • North India
  • West and Central India
  • East India

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group's information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company's expertise.

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