India's steel demand set to hit 190 MT by 2030
Steel

India's steel demand set to hit 190 MT by 2030

It is anticipated that India's steel demand will experience a Compound Annual Growth Rate (CAGR) of 7%, reaching the 190 Million Tonne (MT) level by 2030. The primary drivers for this demand are expected to be the construction and infrastructure sectors, contributing 60-65% to the overall demand, as stated by the market research firm. The report titled 'India?s Steel and Coking Coal Demand 2030' predicts that by 2030, India's steel demand is expected to touch 190 MT based on a 7% CAGR, and in an optimistic scenario, it could even reach 230 MT.

The demand surge will also be attributed to sectors such as auto and engineering, with key contributing factors being population growth, increasing urbanization, and various government initiatives. The report forecasts that by the end of 2023, the demand is likely to reach the 120 MT mark, while production is expected to be at 136 MT. The report further projects that India's crude steel production will reach 210 MT by 2030, representing a 45% increase from the production levels of 2023.

In contrast to India, the report suggests that several countries, including China, will witness a decline in steel production compared to their current levels. Addressing the raw material demand, for India to achieve its steel production growth target through the Blast Oxygen Furnace (BOF) route, aiming for 140 MT of hot metal output in 2030, it will require 116 MT of metallurgical coal. The report predicts that in the future, India will emerge as the largest importer of sea-borne metallurgical coal, holding a market share of 30%. Additionally, it is estimated that by 2030, the country will need around 350 MT of iron ore.

It is anticipated that India's steel demand will experience a Compound Annual Growth Rate (CAGR) of 7%, reaching the 190 Million Tonne (MT) level by 2030. The primary drivers for this demand are expected to be the construction and infrastructure sectors, contributing 60-65% to the overall demand, as stated by the market research firm. The report titled 'India?s Steel and Coking Coal Demand 2030' predicts that by 2030, India's steel demand is expected to touch 190 MT based on a 7% CAGR, and in an optimistic scenario, it could even reach 230 MT. The demand surge will also be attributed to sectors such as auto and engineering, with key contributing factors being population growth, increasing urbanization, and various government initiatives. The report forecasts that by the end of 2023, the demand is likely to reach the 120 MT mark, while production is expected to be at 136 MT. The report further projects that India's crude steel production will reach 210 MT by 2030, representing a 45% increase from the production levels of 2023. In contrast to India, the report suggests that several countries, including China, will witness a decline in steel production compared to their current levels. Addressing the raw material demand, for India to achieve its steel production growth target through the Blast Oxygen Furnace (BOF) route, aiming for 140 MT of hot metal output in 2030, it will require 116 MT of metallurgical coal. The report predicts that in the future, India will emerge as the largest importer of sea-borne metallurgical coal, holding a market share of 30%. Additionally, it is estimated that by 2030, the country will need around 350 MT of iron ore.

Next Story
Real Estate

Thermocool Home Appliances Invests Rs 300 million in New Ghaziabad Plant

Thermocool Home Appliances, a leading UP-based home and kitchen appliances brand, has inaugurated a new manufacturing facility in Ghaziabad, reinforcing its growth, innovation, and sustainability commitments.Spanning 25,000 square meters, the plant features advanced automation, energy-efficient systems, and employee welfare facilities. With an initial production capacity of 1,800-2,200 units/day, the company plans to scale up to 3,000-4,000 units/day within six months and expand the facility by 50 percent over the next two years.The Rs 300 million investment will cater to rising demand across ..

Next Story
Building Material

Parallel debuts fluted glass collection, redefining luxury interiors

Parallel has launched an exquisite collection of tinted, extra-clear, and designer fluted glass, introducing a new dimension to contemporary interiors.Fluted glass, known for its vertical striations, diffuses light while sculpting silhouettes with a refined aesthetic. Parallel’s range includes smoky tinted variants, pristine extra-clear options, and metallic-infused designs, ideal for partitions, doors, and wall treatments that balance exclusivity with openness.Emphasising sensory design, the collection enhances spaces by creating dynamic light interactions. Crafted for luxury residences, ho..

Next Story
Building Material

Nivasa unveils luxury lighting collection blending artistry and innovation

Nivasa, a leader in luxury furniture design, has launched an exquisite lighting collection inspired by nature, combining sculptural aesthetics with masterful craftsmanship.Crafted from premium 304-grade stainless steel, each piece showcases a refined interplay of organic and sleek forms, offering a range of finishes for bespoke customization. Designed for grand foyers, intimate spaces, and sophisticated interiors, the collection merges contemporary finesse with global design standards.Collection highlights include:Circular Drummer’s Chandelier – A geometric yet fluid design in a light gold..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?