PUNE, India, Aug. 8, 2023 /PRNewswire/ — New report “India Hot Rolled Coil Market and India Cold Rolled Coil Market, Statistics, Growth Trend Analysis and Forecast Report 2023 – 2033″ published by Market Decipher “Year » forecasts a compound annual growth rate of 8.2%. By 2033, revenue will increase by 8% and sales will increase by 8.4%. India’s domestic steel demand is expected to grow at 8% annually, reaching 138.85 million tonnes by 2023.
Read more research findings: https://www.marketdecipher.com/report/india-crc-steel-market-report
Read more research findings: https://www.marketdecipher.com/report/india-hot-rolled-coil-steel-market-report
“Domestic steel demand stood at 132.74 million tonnes in FY 2022-23. This demand is expected to grow by 7.2% to reach 163.85 million tonnes in the next financial year 2024-25.” The Indian hot rolled and cold rolled coil market consists of several driven by key trends and growth factors. Rapid urbanization, infrastructure development and the growing automobile industry have led to increased demand for steel products, including hot-rolled and cold-rolled coils. – Chandradeep Singh (Chief Analyst, Market Decryption)
In 2022, India became the only leading country to achieve a sharp increase in production. In contrast, production levels in China, Japan, Russia and the United States fell. It is worth noting that production in China, the largest steel producer, fell from 1.03 billion tons in 2021 to 1.01 billion tons in 2022. Similarly, third-ranked Japan also saw production fall, with production falling to 89.2 million tonnes. Production in 2022 will be 96.3 million tons.
“In a challenging global economic scenario, India has bucked the trend and emerged as a beacon of optimism by bucking the trend. The steel industry has benefited from strong economic growth as the link between steel demand and GDP growth remains very strong. This relationship is especially evident when the economy reaches growth rates of around 6% or more and the multiplier effect exceeds one, as Ranjan Singh (Head of Research at Market Decipher) highlighted in a recent newsletter.
Driven by strong infrastructure investments and continued growth in urban consumption, steel demand in India is expected to maintain robust growth at 8-9 million tonnes per annum over the next two financial years. This trajectory is expected to lead to 8.2% growth in FY 2023-24 followed by 6.9% growth in FY 2024-25. “
Indian bar market. Indian candy bar manufacturers are actively adopting advanced technologies to streamline operations, improve efficiency and promote sustainable growth in the industry.
Indian flat products market. Flat products are primarily used in the vast automotive industry, which is an important US$100 billion industry.
Indian long products market. In recent years, the demand for glitter rods, fasteners, electrodes and wire mesh has increased significantly across various industries in India.
Indian market for stainless steel fasteners. In India, over 65% of the high strength fasteners market is occupied by the organized sector, while the unorganized sector accounts for approximately 25-30% of the market share, mainly driven by mild steel fasteners. pieces.
Indian Flat Products Market: Hot rolled coil (HRC) and cold rolled coil (CRC) are the key products in the flat products market, among which HRC steel accounts for a large market share.
Electrical steel market. In 2023, the global electrical steel market will be valued at US$45.34 billion. The market value is expected to increase significantly by 2032 to reach approximately US$81.52 billion, reflecting a compound annual growth rate (CAGR) of up to 7.1% during the forecast period from 2023 to 2032.
Market Decipher is the research and consulting arm of Decipher Market Insights, which is committed to providing market reporting to organizations of all sizes: small, large and medium. At Market Decipher, we focus on formulating appropriate business policies based on specific market sectors to achieve sustainable growth. The services we offer include collaborative research and custom research.
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Post time: Jan-12-2024