Market Size of India Structural Steel Fabrication Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 8.71 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Structural Steel Fabrication Market Analysis
The Indian structural steel fabrication market is estimated to be valued at USD 15.66 billion in 2023 and is expected grow to USD 23.77 billion in 2028 at a CAGR of 8.71% over the forecast period.
- Despite being hit by Covid-19, the construction industry has done well. The steel sector contributed around 1.5% to India's GDP and is one of the core sectors, forming the backbone of the economy and providing direct and indirect employment to around 25,000 people. India is the world's third-largest steel pipe manufacturing center, accounting for 8-10% of steel pipe consumption.
- The Indian structural steel market is expected to witness significant growth during the forecasted period, owing to factors such as the increasing demand from the manufacturing sector, the rising preference toward pre-engineered buildings and components, and government initiatives for infrastructure development.
- The increase in steel prices due to the rise in the price of coking coal (the primary raw material used to manufacture steel) and the governmental regulations and restrictions on the manufacturing of steel to reduce adverse effects on the environment have been identified to be few of the major challenges faced by the structural steel fabrication market in India.
- Additionally, the booming commercial building sector, along with the Indian government's initiatives, such as an increase in the construction of green buildings, smart cities, and the Make in India scheme, are expected to boost the structural steel fabrication market in India.
- The National Steel Policy (NSP) (2017) was implemented to promote industry development and extend global benchmarks. This aspect is very important as the eastern part of the country could potentially add more than 75% of India's steel production capacity. With a capacity of 300 MT, more than 200 MT is expected to flow from the region by 2030-31.
