Market Size of India Steel Industry
| Study Period | 2024-2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 135.81 Million tons |
| Market Volume (2029) | 209.93 Million tons |
| CAGR (2024 - 2029) | 9.18 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
India Steel Market Analysis
The India Steel Market size is estimated at 135.81 Million tons in 2024, and is expected to reach 209.93 Million tons by 2029, growing at a CAGR of 9.18% during the forecast period (2024-2029).
- Steel consumption across industries in India, including automotive and transportation, building and construction, and others, was restricted owing to the COVID-19 pandemic. However, the Indian steel market witnessed a strong recovery with the smooth functioning of the end-user industries in curbing the spread of the virus. Currently, the steel market recovered from the pandemic and is expanding significantly.
- Over the short term, strong policy support by the Indian Government, the strong influx of investments in the steel sector, increasing urbanization, and increased spending on construction and infrastructure projects are projected to drive the market during the forecast period.
- However, due to low per capita steel consumption and high production costs, the profit margin significantly decreased for steel manufacturers in India. The price fluctuation caused huge losses to importers, which hampered the growth of the Indian steel market.
- Nevertheless, using hydrogen instead of carbon in steel manufacturing and increasing trade and investment opportunities in the future for the market studied are likely to create lucrative growth over the forecast period.
