Abundant Availability of Raw Materials Bolsters the India Flat Steel Market
According to our new research study on “India Flat Steel Market Forecast to 2031 – by Product Type, Process, End Use Category, and End Use Industry,” the India flat steel market size was valued at US$ 47.11 billion in 2024 and is projected to reach US$ 77.92 billion by 2031; it is expected to register a CAGR of 7.8% during 2025–2031. The market report highlights key factors contributing to the India flat steel market share and prominent players along with their developments in the market.
The steelmaking process is based on a basic oxygen furnace. It requires raw materials such as iron ore, limestone, coal, and recycled steel. This method uses more than 1,300 kg of iron ore, 100 kg of recycled steel, 200 kg of limestone, and 700 kg of metallurgical coal to produce one ton of flat steel. The World Steel Organization states that nearly 70% of global steel production comes from the basic oxygen furnace method. India ranks third in global iron ore production, accounting for 277.96 million tons as of 2023. The country exported 43.81 tons of iron ore worldwide.
India Flat Steel Market
India Flat Steel Market Size and Forecast (2021 - 2031), Country Share, Trend, and Growth Opportunity Analysis Report Coverage: By Product Type (Hot Rolled, Cold Rolled, Galvanized, Coated Steel, and Others), Process (Basic Oxygen Furnace, Electric Arc Furnace, and Induction Furnace), End Use Category (OEMs and MSMEs), End Use Industry (Infrastructure, Solar, Automotive, Electrical, Marine, and Others), and Region (West and Central, North, South, and East)
India Flat Steel Market Trends, Size, Analysis, Top Players 2031
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Coking coal is heated in the absence of air to produce carbon-rich coke. Coke acts as a fuel and a reducing agent in the blast furnace, enabling the extraction of iron from iron ore. According to the World Steel Organization, India has the largest reserves where coal is actively mined. Most of the country's coal reserves are found in Jharkhand, Odisha, and Chhattisgarh, which account for approximately two-thirds of the country's total reserves. According to the Ministry of Steel, coal production in India stood at 66.82 million tons in 2023-2024. The Ministry of Coal launched the Mission Coking Coal to increase domestic coal production and reduce dependence on its imports. This mission aims to increase the local production to 140 million tons by 2028-2029.
Scrap steel is recycled from end-of-life products, manufacturing waste, or demolition. It is used in steel production, especially in the electric arc furnace method. The Ministry of Steel focuses on expanding the domestic scrap base by incentivizing vehicle scrappage and considering strategies to increase scrap generation from the engineering and consumer goods sectors. AM/NS INDIA is investing in new scrap processing facilities to formalize and strengthen the supply chain. In March 2025, AM/NS INDIA commissioned its first scrap processing facility, which is expected to be operational by 2026 to meet its ing demand in the country. Thus, the availability of abundant raw materials essential for producing flat steel products contributes to market growth.
India Flat Steel Market Trends
Favorable government schemes and policies and a growing demand for sustainable products drive the sustainable production of flat steel. The steel industry is adopting electric arc furnaces, hydrogen-based steelmaking, and the use of recycled steel, to reduce carbon emissions in the steelmaking process. Carbon capture technology is being integrated to offset emissions, while digitalization and automation enhance production efficiency and minimize waste.
In December 2024, the Ministry of Steel launched the Green Steel Mission, which includes a Production Linked Incentive (PLI) scheme supporting the production of low-emission steel, incentives for integrating renewable energy, and mandates for government agencies to procure green steel. The ministry has established a detailed Green Steel Taxonomy, defining and rating steel products based on their carbon emissions, with a star-based system to incentivize lower emission intensity.
The Steel Scrap Recycling Policy promotes using recycled materials to reduce resource consumption and emissions. The National Green Hydrogen Mission supports pilot projects for hydrogen-based steel production and greenfield projects targeting 100% green steel. To align with such schemes and policies, steelmakers are adopting green steel technologies to reduce carbon emissions in the country. In March 2024, Jindal Stainless launched India's first green stainless-steel hydrogen plant. This plant is expected to reduce carbon emissions by 2,700 tons annually and 54,000 tons by 2044.
The India flat steel market growth is attributed to its 121.29 million tons of finished steel production in 2023, with an output of 125.32 million tons of crude steel. India is the world's second-largest steel-producing country. Favorable government policies have urged steel producers to increase production capacity in the country. India has set a target of achieving 300 million tons of steel production capacity by 2030-2031. To align with this target, Tata Steel is focusing on expanding its downstream units with the upstream. It has an annual crude steel production capacity of 35 million tons.
The surging infrastructure developments due to rising urbanization in the country fuel India flat steel market growth. As per Invest in India, 50% of the population is expected to live in urban areas by 2046. The India Infrastructure Project Development Fund (IIPDDF) supports the development of Public Private Partnership (PPP) projects offered to the private sector. The primary objective of the IIPDDF is to fund potential PPP projects to develop the country's infrastructure. Thus, such favorable government schemes and initiatives drive the adoption of flat steel in the country's infrastructure projects.
The India flat steel market analysis has been performed by considering the following segments: product type, process, end use category, and end use industry. By product type, the market is segmented into hot rolled, cold rolled, galvanized, coated steel, and others. The hot rolled segment held the largest share of the India flat steel market in 2024. Based on process, the India flat steel market report is divided into basic oxygen furnace, electric arc furnace, and induction furnace. The basic oxygen furnace segment dominated the share of the India flat steel market in 2024. Per end use category, the market is categorized into OEMs and MSMEs. The MSMEs segment held the largest share of the market in 2024. As per end use industry, the market is segmented into infrastructure, solar, automotive, electrical, marine, and others. The infrastructure segment is expected to dominate the market over the forecast period. Flat steel products play a vital role in the infrastructure industry owing to their strength, durability, and versatility. They are extensively used to construct bridges, highways, tunnels, and high-rise buildings. For instance, hot-rolled and cold-rolled steel sheets and coils are used to construct highway guardrails and signage, providing impact resistance and safety for transportation infrastructure and contributing to the India flat steel market share.
JSW Steel Ltd, Tata Steel Ltd, Jindal Steel & Power Ltd, Posco Holdings Inc, ArcelorMittal Nippon Steel India, Namco Industries Pvt Ltd, Shah Alloys Ltd, Asian Mills Pvt Ltd, Asian Tubes Pvt Ltd, and Asian Tubes Pvt Ltd CR Division are leading companies profiled in the India flat steel market report.
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