In the next 25 years, India domestic stainless steel demand is expected to grow by more than five times, according to a new report.
The "Stainless Steel Vision Document 2047" was released earlier this week by India's Ministry of Steel. It predicts that in fiscal year 2047, the country's demand for stainless steel will reach 20 million tonne (MT), up from the current 3.7-3.9 MT.
According to the report, the key drivers of this growth will be sectors like construction, infrastructure, and manufacturing—all major contributors to the country's GDP. As these sectors expand, it is estimated that consumption of stainless steel will reach 12.5-12.7 MT and 19-20 MT by fiscal years 2040 and 2047 respectively.
The Indian stainless steel industry is witnessing steady growth. The installed capacity of the country's stainless steel mills has grown steadily from 5.5 MT in 2021 to 6.6-6.8 MT as of March 2022, according to a report by industry body India Stainless Steel Development Association (ISSDA).
The increased capacity—along with improved utilisation from 50 per cent in 2021 fiscal to 58-60 per cent in 2022—has allowed India to meet the growing demand for stainless steel and improve its standing as the second largest consumer of stainless steel, and one of the fastest growing markets in the world.
Amitabh Chaube, president, ISSDA said that "the growth is set to jump by leaps and bounds owing to the government spending across various sectors where steel is used."
India's per capita consumption of stainless steel has more than doubled since 2010, reaching 2.5 kg as of 2022 fiscal year. The ISSDA estimates that this number will reach 8-9 kg by 2040 and 11-12 kg by 2047.
Over 1,500 participants attended an event held by the ISSDA at which this report was released. The event was the first of its kind for the stainless steel industry.
Source: The Economic Times
The materials and information on this article have been prepared or assembled by Viet Nam Steel and are intended for informational purposes only.
