Description
The Indian steel manufacturing industry is rightly the world’s second-largest producer. That contributes much to the country’s economic growth. It finds itself in a vibrant landscape where it is witnessing major domestic demand as well as global export opportunities. Yet, on the other hand, it is facing challenges because of increasing raw material costs, environmental constraints, and international competition. Moreover, a large chunk comes from China. This report focuses on the complexities, especially on the resilience and adaptability found in the industry in the year 2024. Key research questions focus on the factors driving growth in India’s steel sector, such as infrastructure development, the shift toward electric vehicle (EV) use, and green steel technologies exploration.
Although earlier literature covered significant topics relating to investment in infrastructure and the automobile industry for determining demand in the steel sector, there is an obvious gap related to emergent environmental standards and technological change. This report bridges that gap as it provides a detailed analysis that can take into consideration. The intersection that exists between some of these. A qualitative methodology that will integrate the use of market analysis, industry reports, and interviews with industry experts has shown that the industry’s future relies heavily on strategic investment in sustainability practices and technology up-gradation.
The key takeaway from the research is advocacy for a paradigm shift towards prioritizing green steel production. Its value-added product diversification for specific niche markets. This, in the long run, indicates that the outcome of this analysis not only demands innovation and change from Indian steel manufacturing industry. But also shows the way for India to take the world’s lead on sustainable steel production.​ If the Indian steel sector can tap into the rising demand of the emerging markets, it can not only address its environmental concerns but also establish a strong and competitive position in the international market.
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