The India special steel market size was valued at $7.0 billion in 2020, and is projected to reach $38.8 billion by 2035, growing at a CAGR of 10.9% from 2021 to 2035. “The India special steel market by Type, Cooling Type, Phase, Voltage, and End Use: Country Opportunity Analysis and Industry Forecast, 2021-2035,”
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Special steel is a unique alloy or chemical composition formed via distinct and superior production process. It possesses higher strength, more toughness, better physical & chemical properties, biocompatibility, and performance compared to ordinary steel. This steel is mainly available in the market in the form of cake, ring, rod, tube, wire, strip, forging, casting, and others with a wide range of dimensions and extreme purity. In addition, special steel has special microstructure, uniform quality, high dimensional accuracy, and outstanding surface quality.
The India special steel market is expected to be driven by large-scale usage of special steel in decently growing automobile, aerospace, power generation, and railway industries. Moreover, rise in demand for special steel in the production of manufacturing tools and machineries is projected to supplement the market growth during the analyzed timeframe. However, high cost associated with special steel production may restrain the market growth during the forecast period. On the contrary, rapid growth of electric vehicle, renewable energy, and building & construction industry in India is expected to provide potential growth opportunities in the market in the coming years.
Depending on product type, ball bearing steel segment held the highest market share of around 23.36% in 2020, and is expected to maintain its dominance during the forecast period. This is owing to rise in demand for ball bearing steel from applications such as machine tools, automotive, building & construction, mining, and others. In addition, rise in demand for precision engineering across various industries is projected to fuel the market growth in the coming years.
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On the basis of product, hot rolled sheets segment holds the largest market share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to rise in demand for hot rolled sheets in the manufacturing of truck frames, doors & shelving, railroad tracks, railroad car parts, chassis, underbody components and others. In addition, rapid investment toward building & construction in power generation, transportation, and other industrial sectors is expected to fuel the growth of the market during the analyzed timeframe.
On the basis of application, the automotive segment holds the highest market share, in terms of revenue, and is anticipated to maintain its dominance in the coming years. This is owing to rise in demand for passenger and commercial vehicles from various consumers in the country. In addition, rapid growth of EV industry and government initiatives toward promotion of EV sector in India is further projected to be the key driving factor in the India special steel market in the coming years.
The India special steel market analysis covers in-depth information of the major industry participants. The key players operating and profiled in the report include ArcelorMittal, ESL Steel Ltd., Jindal Steel & Power Limited, JSW Steel, Mahindra Sanyo Special Steel Private Limited, Rashtriya Ispat Nigam Limited, Steel Authority of India Limited, Tata Steel Ltd., Tarun International Limited, and Vardhman Special Steels Limited.
Other players operating in the value chain of the India special steel market are Kalyani Steels Limited, Sunflag Steel, Bhushan Power & Steel Ltd., ISMT Steel Division Ltd., Mukand, Aarti Steels Ltd., Arjas Steel Plants, Mahindra Ugine Steel Co. Ltd., Modern Steels, and R.L. Steels & Energy Ltd.
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COVID-19 impact on the market
The India special steel market witnessed steady and sluggish growth in 2020, owing to the outbreak of the COVID-19 pandemic. The outbreak has negatively impacted various industries across the country. In addition, ongoing projects from various industries, such as construction, oil & gas, manufacturing, power, chemical, and others, were on hold or cancelled, which affected the sales of special steel products. This further resulted in restraining the growth of the special steel market till the effect of pandemic becomes less. Thus, it is estimated that step-by-step end of the lockdown and vaccination across the country will boost the economy, which, in turn, is expected to fuel the special steel market in the India in the coming year.
Key Findings Of The Study
By product type, the ball bearing steel segment accounted for majority of the market share of the India special steel market in 2020, and is expected to maintain its lead during the forecast period.
By product type, the free cutting steel segment accounted for around 19.2% of the share in the India special steel market in 2020, and is expected to maintain its dominance till the end of the forecast period.
By product, the hot rolled sheets segment is accounted for 17.4% market share in 2020, and is anticipated to grow at a rate of 10.9% in terms of revenue, increasing its share in the India special steel market.
Automotive is the fastest-growing application segment in the India special steel market, expected to grow at a CAGR of 11.2% during 2021-2035.
The automotive segment dominated the India special steel market in 2020 with more than 38.3% of the share, in terms of revenue.
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