Technavio’s latest report on the global Indian steel industry market provides an analysis on the most important trends expected to impact the market outlook from 2016-2020. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Ajay Adikhari, a lead analyst from Technavio, specializing in research on metals and minerals sector, says, “The construction, infrastructure, and transport segments will be the major end-users of the finished steel products in India as there has been extensive rise in investments in these segments.”
The Indian steel industry will be dominated by the flat steel products due to the rise in consumption of the flat steel products in automotive, construction, infrastructure and transport, domestic appliances, and other industrial applications (office furniture, heating, ventilating, air conditioning, and packaging). It is estimated that the consumption of steel as a sustainable material will continue to grow during the forecast period as technological progressions and extensive R&D will decreased the consumption of energy in the steel production process. The Indian steel industry is affected by hindrances in iron ore supply, stable domestic iron ore prices, uncompetitive steel export because of stable Indian Rupee, and dumping of steel on India by steel-surplus nations such as China.
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The top three emerging trends driving the global Indian steel industry market according to Technavio chemicals and materials research analysts are:
• Rise of renewable energy industry
• Tapping into high-growth sectors
• Steel as a sustainable material
Rise of renewable energy industry
The rise of the renewable energy industry will require steel in order to develop infrastructure. The demand for energy by every industry has been on the rise in recent years. However, the natural resources consumed to produce this energy are fast depleting, driving manufacturers to tap energy through renewable resources. Therefore, steel plays an important role in developing infrastructure for the generation of electricity from renewable energy such as solar, tidal, and wind energy. The use of steel in developing the infrastructure will enable stronger, taller, and lighter-weight tower for wind turbines increasing their productivity as well as reducing carbon emissions associated with their construction.
Tapping into high-growth sectors
The Indian steel industry has experienced robust growth rates for steel in the infrastructure and construction, oil and gas, and automotive sectors. In terms of the demand for steel, the infrastructure and construction is the dominant sector, and it is expected to see the most high-value product, especially in terms of strength and lightweight. The growth of the steel industry in India will also come from the automotive sector. This sector is expected to boom with lightweight and durable vehicle production.
“Increasing capital expenditure in the upstream oil and gas sector offers a significant opportunity to provide anti-corrosive high-value products for oil wells and pipelines. The growth of Indian steel industry will be dependent up on the consumption of different steel products in the end-user sectors such as the construction, infrastructure, oil and gas, and automotive sectors soon,” adds Ajay.
Steel as a sustainable material
Steel is an important material used across the globe. Steel is mainly consumed in larger quantities by end-uses such as the infrastructure and construction sector. The production process of steel is energy-intensive. Technological progressions and extensive R&D such as use of generated energy from the system itself have decreased the consumption of energy in the production process. This will assist in the reduction of greenhouse gas emissions once the latest processes are successful. This will also resist climate changes due to pollution occurring across the globe, which has become a serious environmental issue in recent years. Thus, the consumption of steel as a sustainable material is the latest trend that is projected to assist the growth of the market during the forecast period.
The top vendors are as follows:
• JSW Steel
• Tata Steel
• Essar Steel
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Source : businesswire.com