LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the galvanized steel tubes market in India to grow at a CAGR of more than 6% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the galvanized steel tubes market in India for 2017-2021. The report also lists the irrigation, process, plumbing and construction industries as the key end-user segments of galvanized steel tubes. The irrigation and process industries together accounted for more than 61% of the market share in 2016.
According to Ajay Adikhari, a lead analyst at Technavio for metals and minerals research, “The galvanized steel tubes market in India is witnessing considerable growth in the process industries. The increase in the number of investments is boosting the industrial growth of the country, which is likely to drive the galvanized steel tubes market.”
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Technavio chemicals and materials analysts highlight the following three market drivers that are contributing to the growth of the galvanized steel tubes market in India:
- Economic growth in India
- Increase in residential projects
- Rising demand for galvanized steel tubes in industrial applications
Economic growth in India
The rapid growth in industrialization and development in India is the key demand driver for the galvanized steel tube products. The increasing and expanding process industries such as food and beverage, paper and pulp, and chemicals are also propelling the growth of the galvanized steel tubes market in India. The consumption per capita is likely to increase due to the rising infrastructure and construction projects in roads, highway, and railways coupled with the swift growth in several industrial sectors.
“The continuously growing economy of India and industrial growth are expected to drive the galvanized steel tubes market during the forecast period,” says Ajay.
Increase in residential projects
In 2015, the Government of India launched the Housing for All by 2022 mission. The Urban Housing Mission will be engaged in all the 4,041 cities and towns across India. With rapid economic development, the purchasing power of the population has risen considerably over the years. This rise in purchasing power, coupled with the rising population, has increased the demand for residential projects across the country. As galvanized steel tubes are extensively consumed in residential projects, the rise in demand for residential projects will drive the Indian galvanized steel tube industry.
Rising demand for galvanized steel tubes in industrial applications
Galvanization provides resistance to mechanical damage, because of which galvanized steel tubes are used in many industrial applications for the conveyance of liquid, air, and gas. Galvanized steel tube products offer high strength, formability, and recyclability. For instance, in the automobile industry, galvanized high-strength steel tubes are used in the manufacturing of axle shafts, steering components, construction parts of chassis, and seat construction. They also improve the safety performance of the vehicle, which is one of the primary requirement of modern automobiles. Thus, the rising demand for galvanized steel pipes in industrial applications is likely to drive the growth of the galvanized steel tubes market in India.
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