[Ferro-Alloys.com] India’s iron and steel market is projected to experience steady expansion over the next decade, growing from an estimated value of 205 billion US dollars in 2024 to around 326 billion US dollars by 2035. This forecast, indicating a compound annual growth rate of approximately 4.3 per cent, underscores the central role that steel will continue to play in driving the country’s industrialisation and infrastructure development.

The anticipated growth is expected to be fuelled by sustained investment in large scale infrastructure projects, including urban transport networks, housing, renewable energy, and manufacturing facilities. With India positioning itself as a global manufacturing and construction hub, demand for both primary and value-added steel products is set to remain robust. Rising consumption across sectors such as automobiles, engineering, and energy is also likely to contribute to the upward trend.

Industry experts note that this growth trajectory will demand significant capacity enhancement and technological advancement within the domestic steel sector. Producers are likely to focus on improving energy efficiency, adopting cleaner technologies, and diversifying into specialty and high strength steel categories to meet evolving market needs. Policy support through schemes like the Production Linked Incentive for specialty steel and emphasis on green production practices will further accelerate the transformation.

For infrastructure planners and steel manufacturers alike, the projection provides a crucial backdrop for long term strategy. It highlights the need for greater collaboration across the value chain, from raw material sourcing to finished product delivery. As India continues its journey towards becoming a five trillion dollar economy, the iron and steel industry will remain a vital pillar supporting construction, employment, and export competitiveness, reflecting the sector’s enduring importance in the nation’s growth story.

• [Editor:tianyawei]