India Iron Steel Market Size was valued at USD 180.8 Billion in 2022. The Iron Steel industry is projected to grow from USD 188.5 Billion in 2023 to USD 264.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.30% during the forecast period (2024 - 2032). Infrastructure development and industrial manufacturing growth are the main market drivers anticipated to propel the Iron Steel Market in India.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market CAGR for iron steel in India is driven by the increased use of steel in the automotive industry. It is utilized in ships and cargo containers, railroads and rail cars, airplanes, road vehicles, and many more applications. Ship hulls in ships and ship containers are made of structural steel plates. A particular steel plate is engineered to resist corrosion, making it excellent for the construction of oil tankers and, hence, light in weight. The World Steel Association reports that steel ships transport 90% of the world's freight. The global container fleet consisted of approximately 17 million containers of various varieties, with the majority being composed of steel. Steel is also utilized in railway tracks. However, because this steel is hard to shatter and has a high resistance, it can withstand the heat produced by trains. According to the India Brand Equity Foundation (IBEF), the Ministry of Railways implemented a new iron ore policy in January 2021 that governs the distribution of rakes and the transportation of iron ore, and India is expected to account for 40% of total world rail activity by 2050. While heavy metal is employed in railroads, the converse is true for airplanes. Steel is valued in aircraft for its toughness, resilience to high temperatures, and lightweight. According to the World Steel Association, around 16% of steel produced globally is utilized to support society's transportation demands, including automobiles. As a result of its diverse qualities, steel is used in a variety of applications.
Moreover, the steel sector is increasing its production and capacity. Refrigerators, televisions, ovens, sinks, and other household equipment are among the most common. Steel is commonly used in household appliances because it does not scratch readily during accidental collisions and resists rust and stains in rough use. Furthermore, due of its tremendous strength and durability, as well as its capacity to mould itself into any shape, it is frequently employed in practically every device. According to Business Today, India has a low steel consumption rate of 69-72kg per capita. India's steel sector has experienced significant expansion in residential appliances during the previous 10-12 years. According to the Indian government, steel production capacity is estimated to reach 300 million tons per year by 2030–31. According to the World Steel Association, global steel demand will increase by 4.5% in 2021, reaching 1845 million. In 2023, steel demand will rise by 2.2% to 1896 million tonnes. As a result of its numerous applications and properties, steel's demand and use are expanding on a daily basis and will continue to do so, driving the market revenue.
The India Iron Steel Market segmentation, based on Forms, includes Liquid Steel, Crude Steel and Finished Steel. The Finished Steel category has a considerable market share. Finished Steel refers to steel products that have been processed and are ready for usage in a variety of sectors. Its products include sheets, bars, rods, pipes, and structural components. This segment is significant because it meets the demand for steel in construction, automotive, manufacturing, and other industries.
Figure 1: India Iron Steel Market, By Form, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The India Iron Steel Market segmentation, based on Technology, includes Blast Furnace-Basic Oxygen Furnace (BF-BOF), Electric Arc Furnace, and Other Technologies. The category of electric arc furnace generated the most revenue. The most common feedstock for EAFs is steel waste, but they can also smelt sponge iron or solidified iron. An electric arc serves as the process's heating source.
The India Iron Steel Market is segmented by end-user industry, which includes automotive and transportation, building and construction, tools and machinery, consumer goods, energy, and other end-user industries. The building and construction industry had the highest revenue share in 2023. Rising investment in building construction is expected to raise demand for steel items during the forecast period.
The India Iron Steel Market is an important sector for the country's economic progress. It covers the production, distribution, and consumption of iron and steel products. India is one of the world's top steel manufacturers, with strong domestic demand fueled by infrastructure development, construction projects, and industrial manufacturing. The market is extremely competitive, with large integrated steel factories and smaller firms operating along the value chain. The government's measures to promote the Make in India campaign, as well as infrastructure investments, help to drive growth in India's iron steel market.
Leading market players are investing heavily in research and development in order to expand their Type lines, which will help the Iron Steel Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new Type launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Iron Steel industry must offer cost-effective items.
Major players in the Iron Steel Market are attempting to increase market demand by investing in research and development operations, including APL Apollo Tubes Ltd, Electro Steel Castings Ltd, Godawari Power & Ispat Ltd, Hindalco Ltd, Jayaswal Neco Industries, Jindal Steel and Power Ltd (JSPL), JSW Steel Ltd., Maharashtra Seamless Ltd, Mukand Steel, NMDC, Ratnamani Metals & Tubes Ltd, Steel Authority of India Limited (SAIL), Tata Steel Ltd, Welspun Corp Ltd.
APL Apollo Tubes Ltd
Electro Steel Castings Ltd
Godawari Power & Ispat Ltd
Hindalco Ltd
Jayaswal Neco Industries
Jindal Steel and Power Ltd (JSPL)
Maharashtra Seamless Ltd
Mukand Steel
NMDC
Ratnamani Metals & Tubes Ltd
Steel Authority of India Limited (SAIL)
Tata Steel Ltd
Welspun Corp Ltd
In Hinduja Group, a steel plant will be built in Jagatsinghpur, Odisha, with an investment of US$ 7.8 billion (Rs. 65000 crores) in February 2024. The plant would have an annual production of 13200000 tons of steel and will employ 30,000.
In February 2024, JSW Steel will form a 50:50 joint venture with Japanese company JFE Steel Corporation with plans to invest US$ 661.9 million (Rs. 5500 crore) towards setting up a facility in Karnataka.
In January 2024, Mr. Lakshmi Mittal opined that by 2029, Gujarat would have the largest steel-making center in the world while speaking at the Vibrant Gujarat summit.
As of November 2023, Steel Secretary Mr. Nagendra Nath Sinha informed that India's steel industry capacity has crossed 161 MT and the segment has great scope for growth.
In October 2023, the Government E-Marketplace, which is an e-procurement platform of the government, inked a Memorandum of Understanding with the Indian Steel Association. This will help in assimilating all the members of ISA as sellers on the GeM site, irrespective of their business size.
In July of 2023, Union Minister Mr. Jyotiraditya Scindia proclaimed that Japan wanted to invest 5 trillion yen (US$ 36 billion) into India in various domains and 'steel' is one of them.
As was made known in May 2023, INOX Air Products will be infusing USD 157.5 million into the establishment of two air separation units of 1800 metric tonnes each at Tata Steel's facility in Dhenkanal, Odisha, India.
In May 2023, the industry body Indian Steel Association (ISA) announced signing an MOU with the ASEAN Iron and Steel Council (AISC) to explore new areas of growth and sustainability in the steel industry.
In July 20th, 2023, Union Minister for steel Jyotiraditya M. Scindia and Mr. Nishimura Yasutoshi, Minister of Economy, Trade and Industry of Japan, had an in-person meeting in New Delhi on collaboration for steel sector and related issues on decarbonization.
Liquid Steel
Crude Steel
Finished Steel
Blast Furnace-Basic Oxygen Furnace (BF-BOF)
Electric Arc Furnace
Other Technologies
Automotive and Transportation
Building and Construction
Tools and Machinery
Consumer Goods
Energy
Other End-user Industries
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 180.8 Billion |
| Market Size 2023 | USD 188.5 Billion |
| Market Size 2032 | USD 264.0 Billion |
| Compound Annual Growth Rate (CAGR) | 4.30% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Form, Technology, End-User Industry, and Region |
| Countries Covered | India |
| Key Companies Profiled | APL Apollo Tubes Ltd, Electro Steel Castings Ltd, Godawari Power & Ispat Ltd, Hindalco Ltd, Jayaswal Neco Industries, Jindal Steel and Power Ltd (JSPL), JSW Steel Ltd., Maharashtra Seamless Ltd, Mukand Steel, NMDC, Ratnamani Metals & Tubes Ltd, Steel Authority of India Limited (SAIL), Tata Steel Ltd, Welspun Corp Ltd |
| Key Market Opportunities | Expansion into emerging markets. Technological advancements in steel production processes. |
| Key Market Dynamics | Growing demand from industrial manufacturing sectors. |
Frequently Asked Questions (FAQ) :
The India Iron Steel Market size was valued at USD 188.5 Billion in 2023.
The market is projected to grow at a CAGR of 4.30% during the forecast period, 2024-2032.
The key players in the market are APL Apollo Tubes Ltd, Electro Steel Castings Ltd, Godawari Power & Ispat Ltd, Hindalco Ltd, Jayaswal Neco Industries and others.
The Electric Arc Furnace category dominated the market in 2023.
The building and construction industry had the largest share of the market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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