Indian market is slowly shifting from being agricultural-driven to manufacturing-driven. Owing to India's gradual shift from a services-based to an industry-driven economy major manufacturing sectors such as steel are expected to grow at a healthy rate of 7% during 2016-20 to reach 200 Mn MT by 2020, mainly driven by automotive and auto component industries. Due to increased domestic competition and imports for conventional steel grades, all major manufacturers of steel are now focusing on manufacturing niche grades (specialty steel grades) that would fetch them higher profit margins. The demand for engineering quality steel is expected to increase 3 to 4 times of the current value by the end of FY 2026.

Precision manufacturing, profit margins and increasing demand makes engineering quality steel an attractive grade to manufacture. Hence, all the major manufacturers are now focusing on increasing their capabilities to manufacture engineering quality steel grades catering to new end-user segments such as defense, aerospace etc.

Key questions this Industry Docket looks at:
1. What are major growth opportunities for engineering quality steel grades in Indian market for the next five years?
2. What is the supply structure of the engineering quality steel grades in Indian Market?
3. What are the drivers, restraints and challenges that are impacting the engineering quality steel market in India?
4. What are the major steel grades that would drive the demand for engineering quality steel?

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Source:prnewswire.com

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