India to Lead Global Steel Demand with 8-9% Growth in 2025: CRISIL

India is projected to outpace major steel-consuming economies in 2025, with demand expected to grow by 8-9%, according to a CRISIL report. This surge will be driven by increased adoption of steel-intensive construction in the housing and infrastructure sectors, along with robust demand from engineering, packaging, and other industries.

In 2024, global steel demand declined by around 1%, led by a 3.5% drop in China, the world's largest steel consumer, as its real estate sector struggled despite policy support. Steel demand also fell by 2-3% in the US, Europe, and Japan. However, rising demand in India (up by 11%) and Brazil (up by 5.6%) cushioned the overall decline, with other developing economies seeing growth of 2.7%.

For 2025, global steel demand is forecast to grow by 0.5-1.5% as financing conditions ease and pent-up demand boosts manufacturing activities. Recovering residential construction in the EU, US, and South Korea will further support demand, with India continuing to lead the growth trajectory.