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India's steel demand grows strongly, may reach 190 million tons by 2030

28 ноя 2023 15:05 reported by Rita Su

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According to the report of a specialized assessment agency, India's steel demand is expected to grow at a compound annual growth rate (CAGR) of 7% and reach 190 million tons by 2030. This growth will be driven mainly by the construction and infrastructure sectors, which account for 60%-65% of the total demand. Demand could even reach 230 million tons by 2030 in a best-case scenario.

It is projected that by the end of 2023, demand will reach 120 million tons, while production will reach 136 million tons. India's crude steel production is expected to reach 210 million tons by 2030, which is 45% higher than the 2023 production level.

The strong growth in steel demand in India reflects positive trends driven by a wide range of industries and demographic factors, positioning India as a key player in the global steel market.

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