STEEL
Current and new development in
industry of steel
Index
Introduction
Current development
New developments
Steel demand for the initiative
Reference
INTRODUCTION
Steel, one of the most essential
engineering materials, is known
for its diverse applications in
every aspect of human life. Steel
is the foundation for a number of
industries in general and
manufacturing industry in
particular.
CURRENT DEVELOPMENTS
As per Indian Steel Association
(ISA), steel demand will grow by
7.2% in 2019-20 and 2020-21. Huge
scope for growth is offered by India's
comparatively low per capita steel
consumption and the expected rise in
consumption due to increased
infrastructure construction and the
thriving automobile and railways
sectors.
As of October 2021, India was the
world’s second-largest producer of
crude steel, with an output of 9.8 MT.
In FY21, the production of crude steel
and finished steel stood a 102.49 MT
and 94.66 MT, respectively. In FY22,
crude steel production in India is
estimated to increase by 18%, to
reach 120 million tones, driven by
rising demand from customers. The
growth in the Indian steel sector has
been driven by domestic availability
of raw materials such as iron ore and
cost-effective labor. Consequently,
the steel sector has been a major
contributor to India’s manufacturing
output
New developments
Amid the COVID-19 crisis, the global
market for Steel estimated at 1.7
Billion Metric Tons in the year 2020, is
projected to reach a revised size of
2.2 Billion Metric Tons by 2026,
growing at a CAGR of 4.1% over the
analysis period. Construction, one of
the segments analyzed in the report,
is projected to grow at a 3.5% CAGR
to reach 992 Million Metric Tons by
After a thorough analysis of the
the end of the analysis period. business implications of the pandemic
and its induced economic crisis,
growth in the Machinery segment is
readjusted to a revised 4% CAGR for
the next 7-year period. This segment
currently accounts for a 18.2% share
of the global Steel market.
Construction is the largest end-use
STEEL DEMAND FOR THE INITIATIVE
Reference
https://
[Link]/news-releases/glo
bal-steel-market-report-2021-2026
[Link]/industry/[Link]