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India Structural Steel Fabrication Market Size (2024 - 2029)

The Indian structural steel fabrication market is poised for substantial growth, driven by increasing demand from the manufacturing sector and government infrastructure initiatives. Despite challenges such as rising steel prices and environmental regulations, the market's expansion is supported by the booming commercial building sector and initiatives like the construction of green buildings and smart cities. The National Steel Policy aims to enhance industry development and align with global standards, particularly in the eastern region, which holds significant potential for increasing steel production capacity.

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Market Size of India Structural Steel Fabrication Industry

India Structural Steel Fabrication Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.71 %
Market Concentration Medium

Major Players

India Structural Steel Fabrication Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Structural Steel Fabrication Market Analysis

The Indian structural steel fabrication market is estimated to be valued at USD 15.66 billion in 2023 and is expected grow to USD 23.77 billion in 2028 at a CAGR of 8.71% over the forecast period.

  • Despite being hit by Covid-19, the construction industry has done well. The steel sector contributed around 1.5% to India's GDP and is one of the core sectors, forming the backbone of the economy and providing direct and indirect employment to around 25,000 people. India is the world's third-largest steel pipe manufacturing center, accounting for 8-10% of steel pipe consumption.
  • The Indian structural steel market is expected to witness significant growth during the forecasted period, owing to factors such as the increasing demand from the manufacturing sector, the rising preference toward pre-engineered buildings and components, and government initiatives for infrastructure development.
  • The increase in steel prices due to the rise in the price of coking coal (the primary raw material used to manufacture steel) and the governmental regulations and restrictions on the manufacturing of steel to reduce adverse effects on the environment have been identified to be few of the major challenges faced by the structural steel fabrication market in India.
  • Additionally, the booming commercial building sector, along with the Indian government's initiatives, such as an increase in the construction of green buildings, smart cities, and the Make in India scheme, are expected to boost the structural steel fabrication market in India.
  • The National Steel Policy (NSP) (2017) was implemented to promote industry development and extend global benchmarks. This aspect is very important as the eastern part of the country could potentially add more than 75% of India's steel production capacity. With a capacity of 300 MT, more than 200 MT is expected to flow from the region by 2030-31.

India Structural Steel Fabrication Industry Segmentation

Structural steel manufacturing is a multi-faceted process of cutting, bending, and assembling steel for the purpose of producing the final structural product. This report aims to provide a detailed analysis of the Indian structural steel fabrication market.

It focuses on market dynamics, technological trends, and insights into various end-user industries and product types. Moreover, it analyzes the major players and competitive landscape in the Indian structural steel fabrication market.

The India Structural Steel Fabrication Market is segmented by End-user Industry (Manufacturing, Power and Energy, Construction, Oil and Gas, Others and Product Type (Heavy Sectional Steel, Light Sectional Steel, and Others). The report offers the market sizes and forecasts for the India Structural Steel Fabrication market in value (USD) for all the above segments.

End-user Industry
Manufacturing
Power and Energy
Construction
Oil and Gas
Other End-user Industries
Product Type
Heavy Sectional Steel
Light Sectional Steel
Other Product Types
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India Structural Steel Fabrication Market Size Summary

The structural steel fabrication industry in India is poised for substantial growth, driven by increasing demand from the manufacturing sector and government initiatives aimed at infrastructure development. The sector plays a crucial role in the Indian economy, contributing significantly to GDP and providing employment. The market is expected to expand as the country focuses on pre-engineered buildings and components, which offer cost benefits and reduced construction time. The government's push for green buildings and smart cities, along with the Make in India initiative, further bolsters the market's growth prospects. However, challenges such as rising steel prices and environmental regulations pose obstacles that the industry must navigate.

The Indian structural steel fabrication market is also benefiting from the global trend of manufacturing companies diversifying production locations, with India emerging as a favorable destination. The government's infrastructure projects, including metro stations, airports, and power plants, require substantial steel structures, driving demand in the sector. The construction and infrastructure sector remains the largest end-user, with significant investments flowing into these areas. The market is fragmented, with numerous small and medium-sized players, and recent acquisitions by major companies like AM Mining indicate a strategic focus on enhancing capabilities and expanding product offerings to capitalize on emerging opportunities.

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India Structural Steel Fabrication Market Size - Table of Contents

  1. 1. MARKET INSIGHTS AND DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Rising Demand for Pre-engineered Buildings and Components

      2. 1.2.2 Increasing Number of Manufacturing Plants and Infrastructure Development Activities in India

    3. 1.3 Market Challenges

      1. 1.3.1 Surge in costs of raw materials

      2. 1.3.2 Limited availability of skilled labor

    4. 1.4 Market Opportunities

      1. 1.4.1 Infrastructure development projects

      2. 1.4.2 Increasing demand for sustainable construction solutions

    5. 1.5 Value Chain/Supply Chain Analysis

    6. 1.6 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.6.1 Bargaining Power of Buyers/Consumers

      2. 1.6.2 Bargaining Power of Suppliers

      3. 1.6.3 Threat of New Entrants

      4. 1.6.4 Threat of Substitute Products

      5. 1.6.5 Intensity of Competitive Rivalry

    7. 1.7 Technological Snapshot

    8. 1.8 Government Regulations and Key Initiatives in the Indian Steel Fabrication Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-user Industry

      1. 2.1.1 Manufacturing

      2. 2.1.2 Power and Energy

      3. 2.1.3 Construction

      4. 2.1.4 Oil and Gas

      5. 2.1.5 Other End-user Industries

    2. 2.2 Product Type

      1. 2.2.1 Heavy Sectional Steel

      2. 2.2.2 Light Sectional Steel

      3. 2.2.3 Other Product Types

India Structural Steel Fabrication Market Size FAQs

The India Structural Steel Fabrication Market is projected to register a CAGR of 8.71% during the forecast period (2024-2029)

Onshore Construction Company Private Limited, Geodesic Techniques Private Limited, Sharp Tanks And Structurals Private Limited, UB Engineering Limited and Space Chem Engineers Private Limited are the major companies operating in the India Structural Steel Fabrication Market.

Structural Steel Fabrication Market in India Report Snapshots

Structural Steel Fabrication Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)