The India hot rolled & cold rolled steel market size was USD 56.73 Million in 2024 and is expected to reach USD 91.41 Million by 2033 with a CAGR of 5.04% during the forecast period from 2025 to 2033. The market growth is driven by extensive infrastructure development, rapid urbanization, government initiatives like the National Steel Policy and Production-Linked Incentive (PLI) scheme, rising demand in automotive and construction sectors, technological advancements in steel manufacturing, and increasing domestic consumption fueled by industrial growth and economic development. the report offers a comprehensive analysis of the industry, including India hot rolled & cold rolled steel market share, and regional insights.

How AI is Reshaping the Future of India Hot Rolled & Cold Rolled Steel Market

AI-driven predictive analytics optimize production scheduling and supply chain processes, enhancing efficiency in meeting increasing steel demand due to large infrastructure projects.

Government incentives like the PLI scheme for specialty steel production benefit from AI-based market intelligence to strategically invest and scale high-value steel outputs.

AI-powered quality control and defect detection systems improve product performance and consistency in niche steel products, such as Magnelis, supporting sectors like solar energy and construction.

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Market Growth Factors

Robust Infrastructure Development and Urbanization are primary growth drivers for the India hot rolled and cold rolled steel market. The government’s focus on upgrading roads, bridges, railways, airports, and urban infrastructure under initiatives like the National Infrastructure Pipeline (NIP), which involves investment plans exceeding INR 111 lakh crore (approximately USD 1.5 trillion) between 2020 and 2025, significantly drives steel demand. Urbanization trends leading to increased residential and commercial construction also elevate the need for high-quality HR and CR steel products. The Smart Cities Mission, aiming to develop 100 smart cities, further stimulates demand for sustainable and disaster-resistant steel structures, collectively creating a conducive environment for market expansion.

Government Policies and Initiatives Supporting the Steel Industry have been instrumental in shaping the market’s growth trajectory. The National Steel Policy (NSP) 2017 aims to establish India as a globally competitive steel producer, targeting 300 million tons of steel-making capacity by 2030-31. It emphasizes new-age technologies and improved domestic consumption. Additionally, the Production-Linked Incentive (PLI) Scheme promotes local manufacturing of specialty and value-added steel products by providing financial incentives based on incremental sales and production. This scheme anticipates enhancing production capacity by 25 million tons and reducing import reliance, thus fostering domestic market strength.

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