India steel market is expected to grow at a CAGR of over 7% over the next ten years on account of government focus on accelerating infrastructural projects coupled with easy availability of raw materials such as iron ore and cost-effective labor. Furthermore, upgradation and modernization of older plants is also positively influencing the growth of the market.
Construction is a sector which observes huge adoption of steel as structures are made with the use of steel due to its high durability and strength. Also, structures made with steel can withstand natural calamities and can be designed to meet the requirements of unique projects. Additionally, social sector schemes by the government such as Pradhan Mantri Awas Yojna which is about housing for all, Sardar Patel Urban Housing Mission, 100 smart cities mission and infrastructural development of medium and small towns are further driving growth in India steel market.
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Steel market in India can be segmented based on the type, production method and region. Based on production method, the market can be segmented into electric arc furnace, blast furnace-basic oxygen furnace, among others. Electric arc is the preferred method for the production of steel as it uses electric arc to melt scrap and convert it into liquid steel. Also, use of electric arc helps to bring down the use of cooking coal in blast furnace, thereby driving growth of this segment.
Some of the players in the steel market of India 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 and Maharashtra Seamless Limited. The companies operating in the market are focusing on expansion and mergers & collaborations to increase their share in the market. In 2018, Tata steel decided to increase the capacity of its plant situated in Kalinganagar from 3 million tonnes to 8 million tonnes. Also, in 2019, ArcelorMittal won the bid to acquire Essar steel.
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Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021–2030
Objective of the Study:
- To analyze and forecast the market size of India steel market.
- To classify and forecast India steel market based on type, production method, and regional distribution.
- To identify drivers and challenges for India steel market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India steel market.
- To conduct the pricing analysis for India steel market.
- To identify and analyze the profile of leading players operating in the India steel market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of manufacturers across the country. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the companies which could not be identified due to the limitations of secondary research.
TechSci Research calculated the market size of India steel market by using a bottom-up approach, where data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
here 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.
Key Target Audience:
- Steel companies and other stakeholders
- Research organizations and consulting companies
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to steel market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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