India’s metals and mining workforce is projected to expand by around 430,000 full-time equivalents (FTEs) by 2035, the largest increase of any region globally, as the country’s growing importance in the materials industry raises the need for targeted talent development and reskilling, according to a report by McKinsey & Company. In contrast, China’s metals and mining workforce is projected to shrink by around 450,000 FTEs over the same period, the report, Global Materials Perspective 2026, said.
India’s rising contribution to the global metals market is another indicator of the shift in the industry’s growth geography. The country accounted for approximately 10 per cent of global metals revenue in 2025, up from 6 per cent in 2020, and its share is expected to reach 12 per cent by 2035. India is now the world’s second-largest metals market after China, according to the report.
“It is key to convert these structural advantages into sustained industry leadership through targeted investment, stronger productivity and the development of future-ready talent,” said Rajat Gupta, senior partner at McKinsey & Company.
The report also highlighted the profitability of India’s steel industry, with domestic producers recording earnings before interest, tax, depreciation and amortisation (Ebitda) margins of around 16-17 per cent in 2025, the highest among the regions analysed. Strong domestic demand supported these margins even as steel profitability remained under pressure globally.
“India is becoming an increasingly important force in the global materials industry, underpinned by strong domestic demand, competitive steel economics and a growing workforce,” said Gupta.
The findings come against the backdrop of a global metals and mining industry that has recorded strong financial performance but limited underlying growth. Globally, market capitalisation reached a record $3.7 trillion, approximately 230 per cent higher than in 2015, while Ebitda exceeded $800 billion and average Ebitda margins reached 27 per cent.
However, global industry revenues grew by only around 1 per cent in 2025, with volumes largely flat, labour productivity unchanged and capital productivity declining, the report said.
