Rising Tides: Stainless Steel's Shining Future in India

Stainless steel demand in India is set to grow by 7-8% YOY till 2025, with consumption hitting 4.8 million tonnes. The Indian Stainless Steel Development Association highlights growth opportunities in infrastructure due to India's lower per capita steel use, amid a surge in government capex.

India's demand for stainless steel is projected to rise between 7% and 8% year-on-year over the next three years, according to the Indian Stainless Steel Development Association (ISSDA). The country's overall stainless steel consumption reached 4.8 million tonnes in FY25, marking an annual growth of approximately 8%, ISSDA President Rajamani Krishnamurti announced at the Global Stainless-Steel Expo 2025 (GSSE 2025).

Krishnamurti highlighted India's position as a global economic leader in GDP growth and emphasized the potential for increased stainless steel consumption, currently at 3.4 kg per capita compared to the world average of over 6 kg. Infrastructure development, especially in railways, tunnels, and airports, offers substantial growth opportunities for the domestic industry, he noted.

The government has significantly increased its capital expenditure, with the capex to GDP ratio reaching 3.3% for FY24. The construction market is anticipated to reach USD 1.42 trillion by 2027. Additionally, green hydrogen is emerging as a new sector for stainless steel application. India ranks second in global stainless steel consumption and third in melt production, following China and Indonesia.

(With inputs from agencies.)