India Die Steel Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Hot Work Die Steel, Cold Work Die Steel, and Plastic Mold Die Steel), By Application (Automotive, Industrial Machinery, Construction, Electronics, and Others), and India Die Steel Market Insights, Industry Trend, Forecasts to 2033

India Die Steel Market Insights Forecasts to 2033

• The India Die Steel Market Size is Growing at a CAGR of 5.4% from 2023 to 2033
• The India Die Steel Market Size is Expected to hold a Significant Share By 2033

The India Die Steel Market Size is Anticipated to hold a Significant Share By 2033, Growing at a CAGR of 5.4% from 2023 to 2033.

Market Overview

The die steel market refers to the industry focused on producing high-performance steel materials used in manufacturing tools, dies, and molds for various industrial applications.  A range of carbon and alloy steels that are especially well-suited for toolmaking are referred to as "die steel." Die steels are distinguished by their hardness, resistance to deformation, and resistance to abrasion. The growing demand from the automobile industry is one of the primary drivers of the India die steel market's expansion. Because of its remarkable strength, hardness, and resilience to wear and tear, die steel is essential in the manufacturing of many automotive components. The need for premium die steel materials is anticipated to rise in tandem with India's automotive industry's ongoing evolution, which includes advances targeted at lowering emissions and increasing fuel efficiency. Additionally, as manufacturers concentrate on creating lightweight yet durable components to improve vehicle performance, the global transition towards electric vehicles (EVs) is anticipated to increase demand for die steel in India's growing automotive sector.

Report Coverage

This research report categorizes the market for the India die steel market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the India die steel market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the India die steel market.

Driving Factors

Growing investments in the manufacturing of specialty steel under the manufacturing-linked Incentive (PLI) program are fueling the notable expansion of the India die steel market. According to the Steel Ministry, PLI shortlisted businesses are likely to invest Rs 10,000 crore next year, and by the end of FY24, Rs 16,000 crore. The goal of this program is to increase the production of premium specialty steel domestically, lessen dependency on imports, and improve India's standing in the world steel market. Additionally, the India die steel market is anticipated to increase significantly in tandem with the steel industry's overall expansion. As a result of a move toward metal-intensive building in the infrastructural and residential sectors, CRISIL projects that India's steel consumption will increase by 8–9% by 2025. This tendency has a direct effect on the die steel market since industrial machinery, automobile parts, and construction equipment all require high-quality tool and die steels.

Restraining Factors

The price volatility of raw materials is one of the main obstacles, since it can have a big influence on die steel producers' pricing and production costs. Profitability and long-term planning may be impacted by market uncertainties brought on by changes in the price of essential inputs like iron ore and other alloying materials.

Market Segmentation

The India die steel market share is classified into product type and application.

• The hot work die steel segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The India die steel market is segmented by product type into hot work die steel, cold work die steel, and plastic mold die steel. Among these, the hot work die steel segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. Hot work die steel is essential for manufacturing operations that involve thermal cycling because it can tolerate high temperatures without losing its toughness and hardness.

• The automotive segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period.

The India die steel market is segmented by application into automotive, industrial machinery, construction, electronics, and others. Among these, the automotive segment held a significant share in 2023 and is expected to grow at a significant CAGR during the forecast period. One of the biggest users of die steel is the automobile sector. Die steel is being used more and more by manufacturers to create high-quality molds and dies as a result of continuous advancements in car design and the need for more effective manufacturing techniques.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the India die steel market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Tata Steel Limited
• Steel Authority of India Limited (SAIL)
• JSW Steel
• ArcelorMittal Nippon Steel India (AM/NS India)
• Jindal Steel and Power Limited (JSPL)
• Vedanta Limited / ESL Steel Limited
• Vizag Steel
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Japan, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the India Die Steel Market based on the below-mentioned segments:

India Die Steel Market, By Product Type 

• Hot Work Die Steel
• Cold Work Die Steel
• Plastic Mold Die Steel

India Die Steel Market, By Application

• Automotive
• Industrial Machinery
• Construction
• Electronics
• Others