Rising infrastructural investments have spurred TMT demand
The Indian construction market is projected to grow at a CAGR of 8.6% between 2025 and 2034, reaching almost US$1.56 trillion by 2034, according to a report by ResearchAndMarkets.com.
The market was US$687.38 billion in 2024, said the “Indian Construction Market Report and Forecast 2025-2034” report which has been added to ResearchAndMarkets.com’s offering since 29 Aug.
The Indian government’s focus on boosting socio-economic development has led to initiatives like the Parvatmala project, under which the construction of bridges in major pilgrimage sites in Uttarakhand has received a big boost.
Moreover, major metropolitan cities like Mumbai are also expected to attract investments worth US$60 billion over the next 5-7 years in major infrastructure development projects that can boost connectivity between the mainland and the island region of Mumbai and turn the city into a major IT hub.
Roadway development projects are expected to ease the problem of traffic congestion in Mumbai, as the city has 2,000 cars for each km of road. The expansion of the luxury real estate sector in India, driven by the increasing demand for premium living spaces is expected to drive the market development in the coming years.
Rising infrastructural investments have spurred the demand for TMT (thermos-mechanically treated) bars which are durable, earthquake-resistant, and high-strength building reinforcement materials. TMT bars accounted for nearly 42% of India’s overall steel production in 2023. The development of advanced construction technologies and sustainable infrastructure is expected to drive the demand for cost-effective TMT bars and rods over the forecast period.
Based on end-use, the market is divided into commercial, residential, industrial, and infrastructure. Though all market segments are expected to witness substantial growth in the forecast period, the infrastructure segment is expected to account for a major market share in the coming years.
This is because of increasing government investments in the sector, which are aimed at attracting new businesses and boosting economic growth, said the report. Fiinews.com
