In 2023, the import volume of nuts made of iron or steel to India was recorded at a certain level. The forecast for 2024 indicates an import volume of 40.733 million kilograms, with a projected annual increase through 2028, reaching 45.697 million kilograms. Year-on-year growth is roughly between 3% to 4% over this period. The compound annual growth rate (CAGR) for the 2024-2028 period suggests a consistent upward trajectory around this percentage. This trend indicates a steady demand increase in the Indian market.
Future trends to monitor include:
- Economic policies and trade regulations impacting import duties or tariffs.
- Domestic production capabilities affecting import dependency.
- Fluctuations in global steel or iron prices, affecting cost-effectiveness.
- Industrial demand shifts, particularly in sectors dependent on nuts of iron or steel.
