FORGING A FUTURE

Steel buildings are back in action and are growing exponentially

- Molly R

Whether it's a government office campus, a state or county park management facility, a regional recycling complex, a city convention centre or a community recreation centre, many government agencies depend on metal building solutions. Its advantages are speed of delivery, the cost-efficient materials used to build metal structures, and the long lifecycles of metal buildings that equate to tangible and quantifiable long-term value.

Steel consumption within the building, construction and infrastructure sectors increased at a CAGR of 4.5 per cent over the past four years. The per capita steel consumption of India is only 78 kg (the rural per capita consumption is only 21 kg), as compared with a global average of 233 kg, according to a report by Deloitte India and The Indian Steel Association (ISA). It said that the steel to cement ratio in India is 0.35 whereas for other countries, it is more than one. Similarly, it added, the share of steel framed construction is only 10 per cent in India, whereas it is more than 40 per cent and has even reached 80 per cent in other countries. This entails that with rapid urbanisation and a growing GDP, there is a tremendous potential for steel consumption growth.

"India has a significant opportunity to boost steel consumption in construction and infrastructure, driven by urbanisation, real estate, and government investments.

Collaboration between government and industry is crucial to promote versatile, sustainable, and cost-effective steel solutions, capitalising on existing incentives and fostering a competitive steel hub in India," said Rakesh Surana, partner, consulting, Deloitte India.

A GROWING TREND