Steel is an important material in the modern world. It’s used in construction, industry, and technology. The abrasive industry produces steel that is used in industrial sandpaper, steel wool, and other applications.
The steel abrasive industry is a profitable industry in India. Several players have consolidated in the industry, causing other sectors to invest. There is also an opportunity for global players to enter the Indian market due to ongoing consolidation.
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Steel Abrasive- Indian Scenario:
India is emerging as a major market for abrasives, be it for cutting or polishing. The growing demand for polished and accurate surfaces for aerospace, defense, medical and automotive industries is driving the demand for abrasives in the country.
The emerging demand for high-end products manufactured through grant and machining centers is expected to boost demand for abrasives in the country.
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Why the Steel Abrasive Industry is Profitable in India?
In the country, there is expected to be an increase in demand for abrasives due to the steel manufacturing industry. Below mentioned are the drivers of growth and reasons why one should invest in the steel abrasive market.
- The need for abrasives in the industry is expected to drive the growth of the steel abrasives market in India.
- The lack of availability of high-quality abrasives in the country is also expected to drive the demand for abrasives in the country in the future.
- Rapid urbanization and increasing construction activity across the country are expected to fuel the steel abrasives market in India.
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The Indian steel industry is dominated by the public sector, which accounts for about 80% of the country’s steel output. The remaining 20% is produced by private steel companies. The Indian government uses a number of different methods to promote the industry, including offering tax breaks and increasing infrastructure spending.
Key Players in the Business:
Key players in the steel abrasives market in India include B.S.A, D.S.A, and the U.S.A. Key industrial sectors in India such as automotive, general construction, and steel are expected to contribute significantly to the growth of the steel abrasives market in India. The automotive industry in India is expected to witness high demand for abrasives in the near future.
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Government Support:
- In October 2021, the government released guidelines for the production-linked incentive scheme for specialty steel.
- Approximately 6.2 million dollars were allocated to the Ministry of Steel in the Union Budget 2022-23.
Future of the Steel Industry:
In the coming years ahead, steel demand in India will grow by 7.2%, according to the Indian Steel Association (ISA). There is great potential for growth in India due to its comparatively low per capita steel consumption and the increased construction of infrastructure as well as the thriving automobile and railway sectors.
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