2023 Insights on India Steel TMT Bars Market, Forecasts CAGR of 9.6% in Revenue and 7% in Volume till 2033 - Market Decipher

PUNE, India, June 12, 2023 /PRNewswire/ -- The New Report 'India Steel TMT Bar Market Size, Statistics, Growth Trend Analysis and Forecast Report, 2023 – 2033' by Market Decipher forecasts CAGR 9.6% in Revenue and 7% in Volume by 2033. The industry will follow a clear 10-years growth trajectory till 2033.

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"Consumption of steel in infrastructure sector is expected to increase 12% by 2033. Recycling policies will allow steel production from scrap, leading to price decline. Smart cities, industrial corridors and affordable housing in various states assisting the demand. Indian metallurgical industries have attracted FDI inflows of $16 billion favored by 100% FDI Policy 2017." – Aditi Gupta (Research Analyst, Market Decipher)

Roads, railways, metro connectivity, industrial parks, industrial corridors, DFC, transportation of water, oil and gas, transmission towers, affordable housing; all these sectors have revamped itself after COVID and are creating huge domestic demand for steel. Globally, low-cost manpower and abundance of iron ore has set up the stage for India. The 2021 PLI scheme is also fueling the expansion of steel companies in India. Government is highly focusing on safeguarding the interests of domestic manufacturers; therefore, levying 30% tax on iron ore export. The market is expected to remain competitive in the projected period with both small-scale and large-scale market players. Major players include TATA Steel, JSW Steel, Kamdhenu Nxt., SAIL, SRMB, Prime Gold, and Shyam Steel.

Key application areas in North India include Corporate buildings (major share holdings by Uttar Pradesh), Infrastructure projects such as highways, Flyovers (primarily in Uttar Pradesh, Punjab, Himachal Pradesh), Airports (majority in Himachal Pradesh and Jammu & Kashmir), Flyovers and Roadways (Uttarakhand, Uttar Pradesh, Punjab, Jammu and Kashmir). Likewise, in South India, TMT Steel bars show an upward trend because of the thriving real estate market and the government's focus on affordable housing for all. The Western part of India is blooming with large infrastructural projects like expressways, airports, bullet trains, and stadiums. Eastern India is experiencing growth in Metro Rail projects, stadiums, and airports, making the states of Bihar, and Kolkata attractive markets for TMT bars.

Key Market Developments

• In December 2022, Shyam Steel, a prominent producer, and maker of primary TMT bars, announced the launch of Z Huzoor, a new age B2B marketplace for all building materials.
• In August 2022, in order to jointly create a green low carbon steel supply chain, HBIS Group and BMW Group signed a memorandum.
• In February 2022, Tata Steel completes maiden multi-modal shipment of 1,800 tons of TMT bars from Haldia Port in West Bengal to Pandu Port in Assam using the Indo-Bangladesh Protocol (IBP) route via Brahmaputra River.
• In October 2020, the longest flyover in the State, the 2.6 km long, six-lane Kanaka Durga flyover in Vijayawada, Andhra Pradesh, was made possible by Tata Steel. The Company has provided about 80% of the steel needed for the project, including 10,000 metric tons of TMT and 2,000 metric tons of LRPC Strands. The strength of the steel proved to be an inventive building technique.
• May 2019: Steel Authority of India (SAIL) launched SAIL SeQR (SAIL secure), a new brand of TMT bars. The TMT bars offered higher strength and improved ductility, ensuring safer construction.
• Oct 2019: TMT Bars maker Kamdhenu opened a 60,000-tonne steel plant in Uttar Pradesh. The move is aimed at strengthening its presence in the state.

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Parallelly Growing Markets in this Sector

India Steel Rods & Bars Market: Indian Steel Bar Manufacturers are embracing innovative technology, enhancing efficiency and sustainability in the industry.

India Flat Steel Bar Market: Flat Steel products are mostly employed in the automotive sector, which is a US$ 100B industry.

India Long Steel Market: Demand for bright bars, fasteners, electrodes, and wire mesh across various sectors has gone up in the recent years, in India.

India Stainless-Steel Fasteners Market: In India, more than 65% of the market for high-tensile fasteners is manufactured by the organized sector. The remaining 25% to 30% of the market is accounted for by mild steel fasteners, which are mostly manufactured by the unorganized sector.

India Flat Steel Products Market: Hot Rolled Coils and Cold Rolled Coils are the key products of the flat steel products market with majority share held by HRC steel.

India Hot Rolled Coil Steel Market: HRC Steel Coil Production is less expensive than CRC Steel Production and is mostly used in low-precision applications.

India Cold Rolled Coil Steel Market: Cold Rolled Steel Coil Market is majorly used in fine production activities in furniture industry and automobile industry.

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Top TMT Steel Bar Market Players:  

• Shyam Steel
• Essar Steel
• TATA Steel
• Jindal Steel & Power Ltd.
• JSW Steel Ltd.
• Kamdhenu Ltd.
• Primegold International Ltd.
• Rashtriya Ispat Nigam Ltd
• SAIL

TMT Steel Bar Market Segments

Diameter Type Analysis (Revenue, INR Crores/Thousand Tons, 2023 - 2033)

• 6-8 MM
• 8-12 MM
• 12 MM and Above

Grade Type Analysis (Revenue, INR Crores/Thousand Tons, 2023 - 2033)

• Fe-450
• Fe-500
• Fe-550
• Other Grade Types

Application Analysis (Revenue, INR Crores/Thousand Tons, 2023 - 2033)

• Residential
• Infrastructure
• Commercial

Region Type Analysis (Revenue, INR Crores/Thousand Tons, 2023 - 2033)

• Northern Region
• North-Eastern Region
• Eastern Region
• Central Region
• Western Region
• Southern Region

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SOURCE Market Decipher