New Reports ‘India HRC coil Market and India CRC Coil Market,’ Statistics, Growth Trend Analysis and Forecast Report, 2023 – 2033′ by Market Decipher forecast a CAGR of 8.2% in Revenue and 8.4% in Volume by 2033. India’s domestic steel demand is estimated to grow annually by 8% to reach 138.85 million tonnes (mt) in 2023.
“In fiscal year 2022-23, the demand for domestic steel amounted to 132.74 million metric tons. It is anticipated that this demand will experience a 7.2% increase, reaching a total of 163.85 million metric tons in the subsequent financial year, 2024-25. The India HR and CR coils market is driven by several key trends and growth factors. Rapid urbanization, infrastructure development, and a growing automotive sector have led to increased demand for steel products, including HR and CR coils.” – Chandradeep Singh (Lead Analyst, Market Decipher)
“India: A Producer as well as a Consumer of Steel – Most Lucrative Country in Steel”
During the year 2022, India stood as the sole top-ranking nation to achieve an upsurge in production. Conversely, China, Japan, Russia, and the US experienced declines in their production levels. Notably, China, the largest steel producer, witnessed a reduction in output, from 1.03 billion tonnes in 2021 to 1.01 billion tonnes in 2022. Similarly, Japan, occupying the third position, observed a decrease in production, with its output falling to 89.2 million metric tons in 2022 compared to the previous year’s 96.3 million metric tons.
“Domestic Demand: India Stands Out in Consumption as well”
“In a challenging global economic landscape, India stands out as a beacon of optimism, bucking the prevailing international trends. The steel industry has reaped the benefits of robust economic growth, as the relationship between steel demand and GDP growth remains notably strong. This connection is particularly evident when the economy achieves a growth rate of approximately 6 percent or higher, with a multiplier effect greater than one, as highlighted by Ranjan Singh (Research Head, Market Decipher) in a recent communication.
“INDIA: A Hub for Steel – Crude Steel to Finished Steel, Everything in the Industry”
Fueled by dynamic momentum in infrastructure investment and sustained urban consumption growth, India’s steel demand is poised to maintain a steady expansion of 8-9 million metric tons annually over the next two fiscal years. This trajectory is anticipated to lead to a growth rate of 8.2 percent in the fiscal year 2023-24, followed by a 6.9 percent growth in 2024-25.”
Key Market Developments
- Scrap-steel based production plants are being planned by top manufacturers
- The Union Budget 2023-24 allotted Rs. 70.15 crore (US$ 8.6 million) to the Ministry of Steel.
- In January 2023, Indian mills raised their hot rolled coil export prices due to robust demand in Europe and anticipated price increases from Chinese mills.
- Hot-rolled coil constitutes 35% of imported steel from April to February 2023.
- Steel giants ArcelorMittal and JSW Steel are competing to acquire the steel plant of National Mineral, a major mining company.
- The policy permitting 100% FDI in the steel industry via the automatic route has spurred increased investments.
- Government is supporting local manufacturers by taxation on export/import of steel products.
India Steel Rods & Bars Market: Indian steel bar manufacturers are actively adopting cutting-edge technology to optimize operations, elevate efficiency, and promote sustainability within the sector.
India Flat Steel Bar Market: Flat steel products find predominant utilization in the expansive automotive sector, a substantial industry valued at USD 100 billion.
India Long Steel Market: In recent years, there has been a noticeable surge in demand for bright bars, fasteners, electrodes, and wire mesh across diverse sectors in India.
India Stainless-Steel Fasteners Market: Within India, over 65% of the high-tensile fasteners market is dominated by the organized sector, while the unorganized sector contributes to around 25% to 30% of the market share, primarily attributed to mild steel fasteners.
India Flat Steel Products Market: Hot Rolled Coils (HRC) and Cold Rolled Coils (CRC) stand as the pivotal offerings within the flat steel products market, with HRC steel commanding the larger portion of market share.
Electrical Steel Market: In 2023, the global electrical steel market reached an estimated valuation of USD 45.34 billion. A significant expansion is foreseen, with an anticipated market value of around USD 81.52 billion by 2032, reflecting a robust Compound Annual Growth Rate (CAGR) of 7.1% during the forecast period spanning from 2023 to 2032.
Top India HR and CR coil Market Players:
- TATA Steel
- Steel Authority of India Ltd
- Essar Steel
- JSW Ltd
- Electrosteel Steel Ltd
India CR coil Market Segments
By Product Type (Revenue, INR Crores, 2022 – 2032)
By Process (Revenue, INR Crores, 2022 – 2032)
By Carbon Content (Revenue, INR Crores, 2022 – 2032)
- High Carbon Content
- Medium Carbon Content
- Low Carbon Content
By Application (Revenue, INR Crores, 2022 – 2032)
- Steel Pipe
- White Goods
- Machinery & Equipment
- General Engineering & Fabrication
India HR coil Market Segments
Application Analysis (Revenue, INR Crores/Thousand Tons, 2023 – 2033)
- Tube & Pipe Making
- For Cold Rolling Purpose
- General Structural and Engineering Application
- Manufacturing of Corrosion Resistant Engineering Products
- Drawing, forming & General Engineering Purposes
- For Manufacturing of LPG Cylinders
- Export Quality LPG Cylinders
- Lighter Cylinders
- Auto Components and Pre-Engineered
- Fabrication of Long and Cross Members for LCV, MCV and HCV
- Flanging and Forming Purpose
- Chains, Hair Clip, sprocket, Clutch Plate, Hacksaw Blade etc.
- Manufacturing of Wheel Disk and Cold Formed Products
- Manufacturing of Propeller Shaft
- Manufacturing of Fork and Spokes for Two Wheelers
- Manufacturing of Cycle Rimes
- Manufacturing of Pipes mostly for Oil and Gas sector