Steel Price in Hyderabad - Growth & Market Size of TMT Bars
Steel price in Hyderabad has a direct impact on the construction industry in South India.The expanding construction sector in South India is closely linked to the thriving market for Thermo-Mechanically Treated (TMT) bars. As the region experiences rapid growth and progress, it becomes essential to grasp the importance of TMT bars.
Backbone of the construction Industry - TMT Bars
Playing a crucial role in the construction sector, FE 550 TMT bars offer robustness and longevity to concrete structures. These bars undergo a specialized thermo- mechanical treatment, involving controlled cooling and quenching, leading to improved strength, ductility, and resistance to corrosion. Owing to their exceptional attributes and dependability, TMT bars have progressively taken the place of traditional mild steel bars.
Growing demand for TMT Bars
The surge in construction activities across residential, commercial, and infrastructure projects due to rapid urbanization and increased development has led to a heightened demand for high-quality TMT bars. The market size of TMT bars in South India is consistently growing as a result. With the construction industry booming, increased awareness about the benefits of TMT bars, and support from the government, the market in South India is all set to grow. The demand for TMT bars will be sustained by ongoing and upcoming infrastructure projects in South India, offering opportunities for manufacturers, suppliers, and industry stakeholders.
Budgets and steel production
The Ministry of Steel received a budget allocation of 47 crore in the fiscal year ₹ 2022-2023. A projected increase of 153.02 million tons between the years 2021 and 2026, corresponding to a Compound Annual Growth Rate (CAGR) of 3.50% indicates that this growth trajectory is expected to maintain an impressive speed over the forecasted timeframe spanning from 2022 to 2030. The steel industry is expected to experience significant growth, with annual production surpassing 300 million tons by 2030-2031. Crude steel production is projected to reach 255 million tons, resulting in 230 million tons of finished steel production.
The growth of the steel market suggests that TMT steel bars will play a significant role in the region's development. This situation also creates chances for collaboration and innovation in the construction sector. Kalinga TMT, rewriting India’s growth story!