India Steel Market Report 2024: Substantial Growth by 2030, Reaching $166.96 Billion with JSW, Tata Steel, Steel Authority of India Limited (SAIL), Jindal Steel & Power, and ArcelorMittal Dominating
The 'India Steel Market, By Region, Competition, Forecast and Opportunities, 2020-2030F' report has been added to ResearchAndMarkets.com's offering.
The Indian steel market is forecasted to experience a significant rise in value, from USD 102.67 billion in 2024 to an estimated USD 166.96 billion by 2030, advancing at a Compound Annual Growth Rate (CAGR) of 8.28%. This growth is attributed to the steel industry's pivotal role in various sectors including construction, automotive, and manufacturing. Steel's unique combination of strength, durability, and versatility make it a fundamental material for development projects, as well as a subject of continuous innovation to meet environmental sustainability standards.
Government Initiatives Promoting Market Expansion
Government policies have been instrumental in the market's upward trajectory, notably the National Steel Policy (NSP) aimed at increasing production capacity, enhancing quality, and reducing carbon emissions by 2030. Furthermore, programs like Make in India and the Atmanirbhar Bharat (Self-Reliant India) campaign have spurred the growth of domestic steel usage and innovation, thereby catering to a surge in infrastructure and manufacturing demands.
Technological Innovations in Production
Indian steel production has been transformed by the adoption of state-of-the-art technologies such as the Basic Oxygen Furnace and Electric Arc Furnace methods, leading to significant improvements in efficiency and sustainability. These methods have not only reduced emissions but have also facilitated the production of specialized high-strength steels. India's push for technological excellence is enabling its steel industry to compete globally and address domestic needs more effectively.
Global Trade Dynamics Impacting Exports
India's expanding role in the international steel trade is evident in the growth of its exports. Strategic government actions to increase competitiveness, along with rising infrastructure demand globally, have positioned India as a lucrative exporter. Despite facing challenges from international trade policies, the country's commitment to quality production and cost-effectiveness maintain its resilience in the global market.
Regional Market Insights
Regionally, North India has taken the lead in the Indian steel market with significant industrialization and infrastructure development. The region benefits from close proximity to raw material sources, a robust industrial base, and government policies supportive of industrial and infrastructure projects.
Leading Market Players
The market is bolstered by key players such as JSW Group, Tata Steel Limited, Steel Authority of India Limited (SAIL), Jindal Steel & Power Limited, and ArcelorMittal India, among others. These companies are continuously innovating and expanding their capabilities to meet the evolving demands of a dynamic market landscape.
The Indian steel market's noteworthy ascent is indicative of the industry's strategic importance and its potential contribution to the country's economic development. With substantial investments, technological advancements, and a focus on sustainability, the steel industry in India is poised for impactful growth over the coming decade.
Key Attributes:
Report Attribute Details
No. of Pages 70
Forecast Period 2024 - 2030
Estimated Market Value (USD) in 2024 $102.67 Billion
Forecasted Market Value (USD) by 2030 $166.96 Billion
Compound Annual Growth Rate 8.2%
Regions Covered India
Companies Featured
JSW group
Tata Steel Limited
Steel Authority of India Limited (SAIL)
Jindal Steel & Power Limited
ArcelorMittal India Private Limited
Outokumpu
POSCO
Rashtriya Ispat Nigam Limited
For more information about this report visit https://www.researchandmarkets.com/r/14xg27
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KEYWORD: INDIA ASIA PACIFIC
INDUSTRY KEYWORD: STEEL MANUFACTURING
Copyright Business Wire 2025.
PUB: 02/12/2025 10:08 AM/DISC: 02/12/2025 10:08 AM
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