The Value of the Steel industry in India, attained a value of USD 75,850.17 Millions in 2021
The indicator recorded a historical growth by a CAGR of 7.92% between 2018 to 2021, and is expected to decline by ...
GlobalData projects the indicator to grow at a CAGR of ...
Steel industry in India
The Indian steel market increased in 2021, reaching a significant position in terms of market value.
The steel market consists of the production of crude steel in the stated country or region. Crude steel production refers to the production of the first solid steel products upon solidification of liquid steel. It includes ingots (in conventional mills) and semis (in modern mills with continuous casting facilities). Crude steel also includes liquid steel, which goes into the production of steel castings.
The market in India has grown strongly during the past five years, despite decline in 2019 and 2020.
Market growth was driven by wider economic growth in the region. As key industries such as construction and automotive manufacturing increased in activity, the demand for steel steadily increased, leading to market growth. The market was also bolstered by similar economic growth impacts in other regions. The decline in 2020 was largely induced by the COVID-19 pandemic, which greatly inhibited steel production in India.
The steel market is highly concentrated to a few large players, as the importance of scale economies favors concentration to larger companies. However, as the steel market remains highly cyclical, it is subject to intense competition. The main challenges that steelmakers face include volatility, shifting demand centers, complex supply chains, productivity and cost efficiency. The market is also affected by general economic conditions and end-use markets, including the automotive, appliance, construction, and energy industries. As these industries experience a downturn, the steel market usually follows their trend.
Geography segmentation
India accounts for a significant share in the Asia-Pacific steel market value. China accounts for a majority share in the Asia-Pacific market.
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