DUBLIN, October 3, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Indian Steel Industry 2016-2020" report to their offering.
The Indian steel industry is forecast to grow at a CAGR of 6.99% during the period 2016-2020. Commenting on the report, an analyst from the research team said: One of latest trends in the market is rise of renewable energy industry. The rise of the renewable energy industry will require steel in order to develop infrastructure. The demand for energy by every industry has been on the rise in recent years. However, the natural resources consumed to produce this energy are fast depleting, driving manufacturers to tap energy through renewable resources. Therefore, steel plays an important role in developing infrastructure for the generation of electricity from renewable energy such as solar, tidal, and wind energy. The use of steel in developing the infrastructure will enable stronger, taller, and lighter-weight tower for wind turbines increasing their productivity as well as reducing carbon emissions associated with their construction. The global wind energy industry is anticipated to grow at a CAGR of 15%-17%. The global solar energy market is anticipated to grow at a CAGR of 13%-15%. All the above applications will lead to higher demand for steel in the near future. According to the report, one of the primary drivers in the market is growth in automotive industry. The automotive industry has been the primary end-user of steel and is driving steel demand for many years. The automotive industry accounted for 16% share of the Indian steel industry in 2015 is poised to increase at a high rate during the forecast period. This will lead to a constant increase in the demand for steel over the next few years, thereby fueling the market growth