JSW Steel targets a 50% market share in this coated segment within one year of Magsure's launch in India, the spokesperson said.
"JSW Steel is enhancing its product mix to reduce India's reliance on coated steel imports with JSW Magsure. This makes JSW Steel the first and only Indian steel company to manufacture & market a zinc-magnesium-aluminium alloy coated steel product in the domestic market," a company statement said.
JSW Steel said it is also exploring significant export opportunities for JSW Magsure in Europe and the Middle East.
The company said the Indian market for zinc-magnesium-aluminium alloy coated steel has grown more than sixfold from about 15,000 metric tonnes to 120,000 in FY24. So far the entire market requirement was serviced by imports.
During the current fiscal, India's requirement for zinc-magnesium-aluminium alloy coated steel is expected to double to 2.5 lakh tonnes at a market value of Rs 2,200 crore. This demand will be driven mainly by the renewable energy sector.
This galvanized steel is coated with an alloy of zinc, magnesium and aluminium in a ratio that offers superior corrosion protection in adverse conditions.
It finds its usage across several applications like steel structures in solar installations, silos, guard rails, AC parts etc. requiring a higher level of protection against corrosion.
Jayant Acharya, Joint Managing Director and CEO of JSW Steel said, "We are optimising our coated products mix to service the nation's requirements for indigenous Made In India superior quality zinc-magnesium-aluminium alloy coated steel.
"JSW Magsure will help us to capitalise on emerging opportunities in the Indian market while supporting the government's 2030 renewable energy targets and Atmanirbhar Bharat mission."
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