India Steel Market, By Product Type (Structural Steel, Prestressing Steel, Bright Steel, Welding Wire & Rod, Iron Steel Wire, Ropes, Braids); By Application (Building & Construction, Electrical Appliances, Metal Products, Automotive, Transportation, Mecha

India Steel Market, By Product Type (Structural Steel, Prestressing Steel, Bright Steel, Welding Wire & Rod, Iron Steel Wire, Ropes, Braids); By Application (Building & Construction, Electrical Appliances, Metal Products, Automotive, Transportation, Mechanical Equipment, Domestic Appliances); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030


India Steel Market Size Value Booming at CAGR of almost 7% to Surpass USD 73.5 Billion and Volume 194 Million Tons by 2030
India Steel Market is flourishing due to a spurring demand from an increasing number of large infrastructure development projects across the country driven by rapid urbanization, growing adoption of renewable energy, and thriving automotive industry.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Steel Market size by value at USD 64.21 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Steel Market size to expand at a CAGR of 6.89% reaching a value of USD 73.55 billion by 2030. Steel Market in India is propelled by the growing population & urbanization, expanding automotive sector, augmented spending on construction and infrastructure projects, and rising steel demand. According to the Indian Steel Association, the nationwide surge in steel demand will predominantly emanate from the construction sector, fueled by government emphasis on infrastructure and affordable housing through initiatives like 'Smart Cities' and industrial corridor development. This strategic approach aims to enhance connectivity, lower logistical costs, and promote well-distributed development across Indian states. Also, the 'Make in India' initiative is expected to fortify the steel industry's growth by positioning India as a global design and manufacturing hub along industrial and freight corridors. Several Indian states are anticipated to establish automotive and ancillary industries, positioning themselves as global manufacturing hubs for export-oriented small cars, aligning with the broader objectives of the initiative. The comprehensive outlook underscores the multifaceted drivers steering India Steel Market towards robust expansion, encompassing economic, infrastructural, and manufacturing dimensions.

By volume, BlueWeave estimated the India Steel Market size at 165.56 million tons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Steel Market size by volume is projected to reach the volume of 194.21 million tons by 2030. Presently, India boasts an operational capacity of 161 million tons and stands as the leading global producer of sponge iron. The per capita steel consumption in India has seen a rise, ascending from 57.8 kg in 2013-14 to 81 kg in FY23. Ambitiously, the nation aims to achieve 160 kg by 2030-31 and further elevate it to 220 kg by 2047. According to the Ministry of Steel, India has established formidable targets for its steel industry, setting sights on reaching a crude steel capacity of 300 million tons by FY31 and an even more ambitious goal of 500 million tons by FY2047.

Opportunities - Increasing demand from packaging industry

The India Steel Market is set to thrive with a significant boost from the packaging industry. The future looks promising, driven by the increasing demand for sustainable packaging solutions. Steel's full recyclability aligns with the growing emphasis on environmental sustainability, making it a preferred choice. The rising global urban population and evolving lifestyle patterns have escalated the demand for packaged goods, further fueling the market growth. Anticipated technological advancements in steel production and packaging techniques, including high-strength variants and innovative designs, are expected to enhance performance and attract a broader consumer and industrial base. The ongoing trend of lightweight packaging, driven by cost optimization and reduced environmental impact, is likely to elevate the demand for packaging steel due to its attractive properties as an alternative to heavier materials.

Impact of Escalating Geopolitical Tensions on India Steel Market

The India Steel Market grapples with substantial consequences stemming from escalating geopolitical tensions. A palpable reduction in steel demand emerges as end users exercise caution, prompting steel companies to implement noteworthy price hikes. Notably, the price of hot-rolled coils has surged to a record high of INR 65,000 per ton. The Russian invasion of Ukraine and the resultant sanctions have catalyzed a surge in raw material costs, exacerbating prevailing challenges. Despite a domestic demand downturn, steel exports have experienced a notable uptick, rising by 42% to 1.16 million ton. This geopolitical upheaval reverberates across global supply chains, creating an environment where protracted periods of elevated steel prices may endure, casting a significant impact on the entire spectrum of the steel sector in India, from production to trade dynamics.

India Steel Market
Segmental Information
India Steel Market – By Application

Based on application, the India Steel Market is divided into Building & Construction, Electrical Appliances, Metal Products, Automotive, Transportation, Mechanical Equipment, and Domestic Appliances segments. The building & construction segment holds the highest share in the India Steel Market by application. It can be attributed to the intrinsic qualities of steel, a synthetic alloy falling under the ferrous metal category. Comprising iron, carbon, and other elements, steel is renowned for its robustness and endurance. The construction sector extensively utilizes steel due to its durability and strength, constituting approximately 40% of India's steel demand, as reported by the Joint Plant Committee (JPC) for the FY2021. Steel's prevalence in construction is further bolstered by government initiatives like the Pradhan Mantri Awas Yojna, Sardar Patel Urban Housing Project, and the 100 Smart Cities Mission, fostering the growth of the Indian steel industry. According to the Ministry of Steel (MOS) and JPC, India's steel consumption volume reached around 106 million metric tons in 2021, marking substantial progress. Initiatives like the National Bank for Financing Infrastructure and Development (NaBFID) and significant foreign direct investment (FDI) in infrastructure activities and construction further underscore the sector's potential. With infrastructure accounting for 13% of overall FDI inflows in FY 2021, the construction and building industry is poised for growth, subsequently amplifying the demand for steel in India over the forecast period.

India Steel Market – By Region

Geographically, the India Steel Market is divided into North India, South India, East India, and West India regions. The East India segment holds the highest share in the India Steel Market and is expected to maintain its dominance during the forecast period. The prominence reflects a noteworthy shift in the industrial dynamics within the Indian steel sector. The East India region, encompassing states like Odisha, Jharkhand, and Chhattisgarh, plays a fundamental role in shaping and driving India's overall steel output. Factors such as policy focus, labor availability, and access to raw materials further contribute to the region's industrial robustness. As a result, the East India segment is expected to maintain its leadership, signifying its pivotal role in the growth of the Indian Steel Market.

Competitive Landscape

The India Steel Market is fragmented, with numerous players serving the market. The key players dominating the India Steel Market include JSW Steel, Tata Steel, Jindal Steel & Power, Steel Authority of India (SAIL), Jindal Stainless, Nippon Steel, Hyundai Steel, JFE Steel Corporation, APL Apollo Tubes Ltd, Electro Steel Castings Ltd, and Godawari Power & Ispat Ltd. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Steel Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Steel Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.


1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. India Steel Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Growing infrastructure development
3.2.1.2. Increasing urbanization
3.2.1.3. Growing adoption of renewable energy
3.2.1.4. Rise in automotive industry
3.2.2. Restraints
3.2.2.1. Volatile raw material prices
3.2.2.2. Trade protectionism
3.2.3. Opportunities
3.2.3.1. Increasing packaging industry
3.2.3.2. Emerging markets
3.2.4. Challenges
3.2.4.1. Environmental regulations
3.2.4.2. Competition from substitute materials
3.3. Technological Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. India Steel Market: Marketing Strategies
5. India Steel Market Overview
5.1. Market Size & Forecast, 2019–2030
5.1.1. By Value (USD Billion)
5.1.2. By Volume (Million Units)
5.2. Market Share & Forecast
5.2.1. By Product Type
5.2.1.1. Structural Steel
5.2.1.2. Prestressing Steel
5.2.1.3. Bright Steel
5.2.1.4. Welding Wire & Rod
5.2.1.5. Iron Steel Wire
5.2.1.6. Ropes
5.2.1.7. Braids
5.2.2. By Application
5.2.2.1. Building & Construction
5.2.2.2. Electrical Appliances
5.2.2.3. Metal Products
5.2.2.4. Automotive
5.2.2.5. Transportation
5.2.2.6. Mechanical Equipment
5.2.2.7. Domestic Appliances
5.2.3. By Region
5.2.3.1. North India
5.2.3.2. South India
5.2.3.3. East India
5.2.3.4. West India
6. North India Steel Market
6.1. Market Size & Forecast, 2019–2030
6.1.1. By Value (USD Billion)
6.1.2. By Volume (Million Units)
6.2. Market Share & Forecast
6.2.1. By Product
6.2.2. By Application
6.2.3. By Application
7. South India Steel Market
7.1. Market Size & Forecast, 2019–2030
7.1.1. By Value (USD Billion)
7.1.2. By Volume (Million Units)
7.2. Market Share & Forecast
7.2.1. By Product
7.2.2. By Application
8. East India Steel Market
8.1. Market Size & Forecast, 2019–2030
8.1.1. By Value (USD Billion)
8.1.2. By Volume (Million Units)
8.2. Market Share & Forecast
8.2.1. By Product
8.2.2. By Application
9. West India Steel Market
9.1. Market Size & Forecast, 2019–2030
9.1.1. By Value (USD Billion)
9.1.2. By Volume (Million Units)
9.2. Market Share & Forecast
9.2.1. By Product
9.2.2. By Application
10. Competitive Landscape
10.1. List of Key Players and Their Offerings
10.2. India Steel Market Company Market Share Analysis, 2023
10.3. Competitive Benchmarking, By Operating Parameters
10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Steel Market
12. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
12.1. JSW Steel
12.2. Tata Steel
12.3. Jindal Steel & Power
12.4. Steel Authority of India (SAIL)
12.5. Jindal Stainless
12.6. Nippon Steel
12.7. Hyundai Steel
12.8. JFE Steel Corporation
12.9. APL Apollo Tubes Ltd
12.10. Electro Steel Castings Ltd
12.11. Godawari Power & Ispat Ltd
12.12. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
14.1. Qualitative Research
14.1.1. Primary & Secondary Research
14.2. Quantitative Research
14.3. Market Breakdown & Data Triangulation
14.3.1. Secondary Research
14.3.2. Primary Research
14.4. Breakdown of Primary Research Respondents, By Country
14.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 India Steel Market Segmentation
Figure 2 India Steel Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 India Steel Market Size, By Value (USD Billion), 2019–2030
Figure 5 India Steel Market Size, By Volume (Million Units), 2019–2030
Figure 6 India Steel Market Share, By Product, By Value, 2019–2030
Figure 7 India Steel Market Share, By Product, By Volume, 2019–2030
Figure 8 India Steel Market Share, By Application, By Value, 2019–2030
Figure 9 India Steel Market Share, By Application, By Volume, 2019–2030
Figure 10 India Steel Market Share, By Region, By Value, 2019–2030
Figure 11 India Steel Market Share, By Region, By Volume, 2019–2030
Figure 12 North India Steel Market Size, By Value (USD Billion), 2019–2030
Figure 13 North India Steel Market Size, By Value (Million Units), 2019–2030
Figure 14 North India Steel Market Share, By Product, By Value, 2019–2030
Figure 15 North India Steel Market Share, By Product, By Volume, 2019–2030
Figure 16 North India Steel Market Share, By Application, By Value, 2019–2030
Figure 17 North India Steel Market Share, By Application, By Volume, 2019–2030
Figure 18 South India Steel Market Size, By Value (USD Billion), 2019–2030
Figure 19 South India Steel Market Size, By Volume (Million Units), 2019–2030
Figure 20 South India Steel Market Share, By Product, By Value, 2019–2030
Figure 21 South India Steel Market Share, By Product, By Volume, 2019–2030
Figure 22 South India Steel Market Share, By Application, By Value, 2019–2030
Figure 23 South India Steel Market Share, By Application, By Volume, 2019–2030
Figure 24 East India Steel Market Size, By Value (USD Billion), 2019–2030
Figure 25 East India Steel Market Size, By Volume (Million Units), 2019–2030
Figure 26 East India Steel Market Share, By Product, By Value, 2019–2030
Figure 27 East India Steel Market Share, By Product, By Volume, 2019–2030
Figure 28 East India Steel Market Share, By Application, By Value, 2019–2030
Figure 29 East India Steel Market Share, By Application, By Volume, 2019–2030
Figure 30 West India Steel Market Size, By Value (USD Billion), 2019–2030
Figure 31 West India Steel Market Size, By Volume (Million Units), 2019–2030
Figure 32 West India Steel Market Share, By Product, By Value, 2019–2030
Figure 33 West India Steel Market Share, By Product, By Volume, 2019–2030
Figure 34 West India Steel Market Share, By Application, By Value, 2019–2030
Figure 35 West India Steel Market Share, By Application, By Volume, 2019–2030
List of Tables
Table 1 India Steel Market Size, By Value (USD Billion), 2019–2030
Table 2 India Steel Market Size, By Volume (Million Units), 2019–2030
Table 3 India Steel Market Size, By Product, By Value, 2019–2030
Table 4 India Steel Market Size, By Product, By Volume, 2019–2030
Table 5 India Steel Market Size, By Application, By Value, 2019–2030
Table 6 India Steel Market Size, By Application, By Volume, 2019–2030
Table 7 India Steel Market Size, By Region, By Value, 2019–2030
Table 8 India Steel Market Size, By Region, By Volume, 2019–2030
Table 9 North India Steel Market Size, By Value (USD Billion), 2019–2030
Table 10 North India Steel Market Size, By Value (Million Units), 2019–2030
Table 11 North India Steel Market Size, By Product, By Value, 2019–2030
Table 12 North India Steel Market Size, By Product, By Volume, 2019–2030
Table 13 North India Steel Market Size, By Application, By Value, 2019–2030
Table 14 North India Steel Market Size, By Application, By Volume, 2019–2030
Table 15 South India Steel Market Size, By Value (USD Billion), 2019–2030
Table 16 South India Steel Market Size, By Volume (Million Units), 2019–2030
Table 17 South India Steel Market Size, By Product, By Value, 2019–2030
Table 18 South India Steel Market Size, By Product, By Volume, 2019–2030
Table 19 South India Steel Market Size, By Application, By Value, 2019–2030
Table 20 South India Steel Market Size, By Application, By Volume, 2019–2030
Table 21 East India Steel Market Size, By Value (USD Billion), 2019–2030
Table 22 East India Steel Market Size, By Volume (Million Units), 2019–2030
Table 23 East India Steel Market Size, By Product, By Value, 2019–2030
Table 24 East India Steel Market Size, By Product, By Volume, 2019–2030
Table 25 East India Steel Market Size, By Application, By Value, 2019–2030
Table 26 East India Steel Market Size, By Application, By Volume, 2019–2030
Table 27 West India Steel Market Size, By Value (USD Billion), 2019–2030
Table 28 West India Steel Market Size, By Volume (Million Units), 2019–2030
Table 29 West India Steel Market Size, By Product, By Value, 2019–2030
Table 30 West India Steel Market Size, By Product, By Volume, 2019–2030
Table 31 West India Steel Market Size, By Application, By Value, 2019–2030
Table 32 West India Steel Market Size, By Application, By Volume, 2019–2030
Table 33 JSW Steel Company Overview
Table 34 JSW Steel Financial Overview
Table 35 Tata Steel Company Overview
Table 36 Tata Steel Financial Overview
Table 37 Jindal Steel & Power Company Overview
Table 38 Jindal Steel & Power Financial Overview
Table 39 Steel Authority of India (SAIL) Company Overview
Table 40 Steel Authority of India (SAIL) Financial Overview
Table 41 Jindal Stainless Company Overview
Table 42 Jindal Stainless Financial Overview
Table 43 Nippon Steel Company Overview
Table 44 Nippon Steel Financial Overview
Table 45 Hyundai Steel Company Overview
Table 46 Hyundai Steel Financial Overview
Table 47 JFE Steel Corporation Company Overview
Table 48 JFE Steel Corporation Financial Overview
Table 49 APL Apollo Tubes Ltd Company Overview
Table 50 APL Apollo Tubes Ltd Financial Overview
Table 51 Electro Steel Castings Ltd Company Overview
Table 52 Electro Steel Castings Ltd Financial Overview
Table 53 Godawari Power & Ispat Ltd Company Overview
Table 54 Godawari Power & Ispat Ltd Financial Overview

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