India Brass Market Demand, Trends, Forecast 2023-2030
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Brass Market size by value at USD 526.68 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Brass Market size to expand at a CAGR of 4.60% reaching a value of USD 711.81 million by 2030. India Brass Market is driven by an increasing demand from the electrical, automotive, and construction industries due to brass's durability, corrosion resistance, and conductivity. Rising number of infrastructure development projects and rapid urbanization further boost demand for brass, particularly in plumbing and fittings. Additionally, growing environmental concerns push for recyclable materials like brass, supporting sustainable growth. Export opportunities, due to India’s skilled manufacturing sector, and rising consumer preference for aesthetic, durable products in home décor also contribute to market expansion.
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Opportunity – Expanding Use of Brass in Industrial Applications
India Brass Market is experiencing robust growth due to the expanding use of brass across various industrial applications. Brass, valued for its durability, corrosion resistance, and electrical conductivity, is in high demand in sectors like automotive, electronics, and construction. Brass’s versatility enables manufacturers to develop components ranging from fittings to electrical connectors, boosting market demand. Additionally, India's industrial growth and government incentives for manufacturing further drive India Brass Market.
Impact of Escalating Geopolitical Tensions on India Brass Market
Escalating geopolitical tensions could impact India Brass Market by increasing raw material costs, supply chain disruptions, and trade uncertainties. Key brass inputs like copper and zinc face price volatility due to trade restrictions and sanctions, challenging manufacturers to maintain cost efficiency. Export demand can decline as global buyers seek stable suppliers, impacting India's export-driven brass industry. Additionally, shifting trade alliances may encourage India to strengthen domestic supply chains, reducing dependence on import-reliant sources for crucial brass components.
Brass Rods Segment Leads India Brass Market
In India Brass Market, the brass rods segment holds the largest share, primarily due to substantial demand across automotive, electrical, and construction sectors. The popularity of brass rods can be attributed to their exceptional durability, corrosion resistance, and ease of machining, making them ideal for producing fasteners, fittings, and architectural hardware. The surge in infrastructure development and the growth of the automotive industry are further amplifying demand for brass rods. Additionally, advancements in manufacturing techniques, along with an increased focus on brass recycling, are driving production efficiencies, which continue to solidify the brass rods segment's prominence in India Brass Market.
Competitive Landscape
India Brass Market is fiercely competitive, with numerous companies vying for a larger market share. Major companies in the market include Hindalco Industries Limited, Sterlite Technologies Limited, KCP Limited, Rajasthan State Mines and Minerals Corporation (RSMML), Gwalior Steel Limited (GSL), Hind High Vacuum (HHV), Usha Martin Limited, Jai Balaji Alloys Limited, and Bajaj Electricals Limited. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India Brass Market.
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