The India Steel Rods & Bars Market shall reach a value of INR X Crores in 2033, growing with a CAGR of 4.1% during the forecast period of 2023 to 2033
Cylindrical metal objects called rods and rods are made of steel. They are used in many industries and applications because of their good tensile strength, durability, and adaptability. Steel bars come in varieties such as large-diameter and small-diameter steel bars. Produced by processes such as hot rolling, cold drawing, or machining, these products come in different shapes such as round, square, flat, and hexagonal bars.
The second-largest industry in India is the steel sector, which supports economic expansion in the nation. They are employed in practically every industry, from construction to the production of steel bars, because of their quality and longevity. Among all modern steel goods, steel rods are crucial in construction because they offer ductility, quality, safety, and endurance. when bars are in more demand.
Economic growth and Demand
One of the key issues preventing the expansion of the steel bar sector is the increase in the price of iron ore. The price of basic metals like aluminium and copper has increased as a result of the US-China trade conflict. In contrast, the price of iron ore resisted falling because of the high demand for associated goods like base metal and steel.
One of the most crucial elements influencing economic growth is the need for steel. The foundation of the global construction sector is metal. Due to the rising need for steel in current designs, the steel rebar market is anticipated to have considerable expansion throughout the projected period. The building is one of Indias main industries, and steel bars have taken on a significant role in it. Steel wire is a type of extremely strong steel that is used to make bridges, buildings, and other things. Steel bar consumption has risen significantly in recent years, and market expansion is anticipated in the years to come.
India is one of the world’s largest economies, and the government is doing its best to reach a GDP of $5 trillion by 2025. The economy has also launched several infrastructure projects to facilitate the interconnection of products inside and outside India to be purchased through various businesses across the country. Such a scenario is expected to boost the demand for the steel bars and rods market.
Better-quality items are in high demand
The Indian market has several regional players serving local customers and their acceptance among consumers is good, resulting in high business volumes in the regional markets. In recent times, TMT bars have become the chosen product for discerning builders, thanks to their excellent bonding with cement, superior weldability, excellent bendability, and corrosion, fire, and earthquake resistance qualities. TMT steel bars are seeing much demand, particularly in humid climate zones where the metal is prone to corrosion.
According to World Steel Association (WSA) predictions, Indias steel demand would rebound by 19.8% in 2021, the fastest rate of increase among the worlds ten largest consuming countries. According to the 2017 National Steel Policy, per capita steel consumption should reach 160 kg by 2030-31. Steel firms want to invest over 600 billion rupees ($8.09 billion) during the next three years. The Union Budgets investment commitment for 2021-22 reached 554 trillion rupees ($74.1 billion), an increase of 34.5% year on year.
Indias infrastructure development is driving up demand for steel rods and bars
In recent years, India has undergone significant infrastructural development. The governments emphasis on smart cities, highways, bridges, airport expansion, and affordable housing buildings has resulted in a significant demand for steel bars and rods. This product is a significant ingredient in the building sector for strengthening concrete and providing a sturdy framework. Indias industrial expansion is a primary driver of the steel bar and bar industry.
An economys infrastructure is pivotal in propelling its progress and setting the stage for its future development possibilities. Infrastructure development is crucial to achieving the India 2047 vision for a $ 40 trillion economy and is reclassified from a developing economy to a developed economy. In the aftermath of COVID-19 and the digitization of the world, the focus rests not only on physical infrastructure but on digital and social infrastructure as well.
India is undertaking ambitious infrastructure projects such as the Chenab Bridge in the state of Jammu and Kashmir, one of the tallest arch railway bridges in the world, which is built at one of the highest altitudes with a broad-gauge Indian Railway line throughout its entire span.
Years considered for this report
- Historical Years: 2021 - 2022
- Base Year: 2022
- Forecast Period: 2023-2033
Steel Rods & Bars Market Research Report Analysis Highlights
- Historical data available (as per request)
- Estimation/projections/forecast for revenue and unit sales (2022 – 2032)
- Data breakdown for application Industries (2022 – 2032)
- Integration and collaboration analysis of companies
- Capacity analysis with application sector breakdown
- Business trend and expansion analysis
- Import and export analysis
- Competition analysis/market share
- Supply chain analysis
- Client list and case studies
- Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
By Type Analysis (Revenue, USD Million, 2022 - 2032)
- Mild Steel Plain
- Hot Rolled Deformed
- TMT Steel
- Cold Worked Steel
- Prestressing Steel
- Stainless steel
By Application Analysis (Revenue, USD Million, 2022 - 2032)
- Automobile Industry
- Pumps / Electric Motor Industry
- Railways
- Defence Sector
- Auto Industry
- Agriculture
- Health and Sports
- Textile Industry
- Food Processing Industry
- Decorative and Furniture
- Houses and Fittings
- Tools and Fixtures
- Bearings, Hinges, and Gears
- Material Handling and Storage
- Oil and Petroleum Sector
- Mining
- Making shafts in Conveyors
- Fabrication Jobs
Major Market Players
- Primegold International Limited
- Tata Steel
- Jindal
- Kamdhenu Nxt
- SAIL
- Essar
- Vizag TMT Bar
- Shyam TMT
- JSW
Available Versions of Steel Rods & Bars Market Report:
Global Steel Rods & Bars Market Research Report
US Steel Rods & Bars Market Research Report
GCC Steel Rods & Bars Market Research Report
APAC Steel Rods & Bars Market Research Report
Europe Steel Rods & Bars Market Research Report
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India Flat Steel Products Market Research Report
India Structural Steel Market Research Report
India Stainless Steel Bright Bars Market Research Report
India Stainless Steel Fasteners Market Research Report
India Steel Bars and Rods Market Research Report
India Semi-finished Steel Market Research Report
