Growth in Indian Wire and Cable Industry- The Way Forward
The Indian wire & cable industry is playing a vital role for the development of the country. Both the wire and cable segments are doing well in the present economical developmental scenario, and there is an increasing demand due to industrial as well as infrastructural growth in the country.
The steel wire industry is growing in India at around 7-8% year-on-year. In the near future, it is expected to grow exceeding over 10%. The crude steel production grew by over 5% in the last 5 years and is expected to grow over 9% in the next few years. This seems possible due to the consistent efforts of the government with industry support in the form of PLI schemes, project incentives, and non-tariff barriers for cheaper imports. India now stands as the 2nd largest producer of crude steel.
As for the raw materials, both ferrous & non-ferrous metals play a vital role in the growth of the wire & cable industry. Thus, this segment is considered as the main driver for development of any country’s economy. As per the estimates of the economists, there shall be a steady period of growth in our country, for at least a decade to come.
Watch: Top Cable Companies in India
Primary Drivers of Wire and Cable Industry Expansion
The primary drives for industry expansion in India are increasing localisation of steel products for the automotive, welding, fasteners, construction, and infrastructure sectors, along with the rapid growth of the solar and electric vehicle (EV) industries driving demand for non-ferrous metals. ‘China+1’ strategy & ‘Make-in-India’ initiative, coupled with PLI schemes, is promoting domestic manufacturing and exports.
The solar systems and components industry is expected to grow at a CAGR of 16-33% over the next 5 years. These figures are driven by strong government policies, increasing energy demand, and falling technology costs, as India aims to significantly expand its renewable energy capacity.
The electric vehicle (EV) market in India is expected to grow at a CAGR of 25–30% through 2030, driven by government initiatives such as FAME II and the PM E-Drive scheme, targeting 30% EV penetration by 2030.
The growth of the construction and infrastructure sector is being propelled by Government of India initiatives such as the expansion of railways and highways, metro projects, and the ‘Housing for All’ mission, focusing on infrastructural development as mentioned earlier.
These sectors are expected to drive India’s economic growth, via various state & central government initiatives, technological advancements & rising consumer demand, contributing to their expansion.
Major Trends in Terms of Technology, Product Mix, and Supply Chain
The wire & cable industry in India is experiencing significant shifts and trends driven by technological advancements, government initiatives and increasing demand for specialized wire & cables.
There is growing demand for power cables which is going to dominate the wire & cable market, driven by widespread applications in power generation, transmission & distribution projects.
There is a rising demand for eco-friendly cables made from recyclable materials, such as halogen-free compounds, in response to growing environmental concerns. Roof top solar panels consume a lot of cables which is a growing requirement of the country. In the time to come, we would see collaborations between manufacturers, utility providers, and EPC contractors, who are shaping the procurement and deployment ecosystem for the wire & cable industry.
Impact of New Entrants in the Industry
The wire industry in India is experiencing significant changes with the entry of new players, impacting the competitive landscape and driving innovation.
Some of the key developments are increasing investments by existing and new players from India and overseas. Major conglomerates like Ultra Tech & Adani Group have recently entered the market, signaling an increased investor confidence for this industry. Many foreign players are eyeing to invest as potential players in the domestic market and meet global standards in India’s semiconductor ecosystem.
Even the steel wire industry with big players like Tata Steel, Bansal, JSW, JSPL, HD Wire, Polycab, Systematic Group, Patil Group, Aarti Steel, & many more are in expansion mode. These companies are developing new capacities, and adding new products & technologies.
The export opportunities are doubling up for most of the companies, with aggressive scheme adoption and quality parity with ASEAN countries. With the new players entering in the market, it brings great challenges and restraints for the existing players like shortage of skilled manpower, shortage of raw material etc.
Significant Expansions, Investments, and Capacity Enhancements
Assomac has been in the wire industry for more than 5 decades, and with the continued support of its stakeholders, has had a steady growth of 10-20 % Y-o-Y in the last decade.
Having established itself as a leading force in wire machinery manufacturing, Assomac has most of the industry’s first milestones in the country to its credit. We have continually invested in technology development, advanced machines, softwares, and manpower skill development to keep pace with the manufacturing activity and matching with the expansion plans of the players in the wire industry. This has helped us strengthen our presence in the global industry scenario.
Assomac is also advancing in its digital transformation through implementation of the next level ERP-integrated systems for production, procurement & after sales service, at a fast pace.
Future Readiness to Compete in the Evolving Market
India has already proved to the world that the products and machineries manufactured in India are acceptable in the global market, are matching international technology standards, and are cost competitive.
We very well recognize globalization, both as a reality and an opportunity, convinced that nations cannot prosper in isolation. Assomac is moving forward to increase its share in the world market for the wire machinery at a consistent pace.
Additionally, a global perspective and technological product integration focused on sustainability and agility are being implemented to accelerate new product development and reduce time to market.
Assomac has made advances as the first in the industry to go for additive manufacturing for wear parts with state-of-the-art laser cladding systems with the market lead in Europe.
B2B Exhibitions Fuelling Industry Growth
With the globalization of markets and shrinking of economic boundaries, exports have taken a centre stage in the last couple of years. There is a constant and continuous current in the Indian wire industry, and B2B exhibitions such as Cable & Wire Fair are tremendously helping the wire industry to show its strength to the world market.
We have been regularly participating in this exhibition since its inauguration, they have helped in the industrial growth, giving it a greater visibility. This is a place where good networking takes place, and new connections are made.
The inflow and quality of visitors has seen a tremendous growth over edition at Cable & Wire Fair. We hope to see you all at the show early next month.
Visit Stand: Hall 5/ F1 at Cable & Wire Fair 2025, New Delhi
