New Delhi, Dec 10 (UNI) India’s per capita consumption of stainless steel has increased to 3.1 kilogram in 2023-24 from 2.25 kgs five years ago that is in 2018-19, even as the industry continues to grapple with challenges posed by the persistent dumping of substandard stainless steel, particularly from China, adversely impacting domestic manufacturers.
According to the Indian Stainless Steel Development Association (ISSDA), the consumption of stainless steel in India has increased from 4.02 million tonnes (MT) in FY23 to 4.46 MT in FY24, a growth of about 11 percent over FY23. This includes both flats and longs, the association said in a release.
The figures imply the rising preference for stainless steel in sectors such as the infrastructure sector, processing industry, and railways sector, to name a few owing to the metal’s overall sustainability properties, corrosion resistance, durability, and formidability. As India aspires to become a USD 40 trillion economy by 2047, sectors such as construction, infrastructure, and manufacturing – key contributors to the gross domestic product – are expected to drive stainless steel demand growth.
Commenting on this growth, President, ISSDA, Rajamani Krishnamurti said, "The Indian stainless steel industry has achieved significant progress, with an 11 percent growth in consumption reflecting the nation’s growing reliance on sustainable input materials. Over the past two decades, demand for stainless steel has diversified across multiple sectors, although the country’s per capita consumption remains below the global average of 6.5 kg.”
India boasts an installed capacity of 7.5 million tonnes, capable of producing a diverse range of products that adhere to both national and international standards. Our research in collaboration with CRISIL indicates that India’s stainless steel consumption is projected to reach 12.5–12.7 million tonnes by FY2040 and 19–20 million tonnes by FY2047. This growth will be fueled by infrastructure development and industrial applications in sectors such as automotive, construction, renewable energy, and emerging areas like the green economy, blue economy, defence, and aerospace.
Moreover, government initiatives such as Make in India, Production-Linked Incentives (PLI), favorable trade policies, and a strong emphasis on sustainable growth are expected to propel this momentum further. However, the industry continues to grapple with challenges posed by the persistent dumping of substandard stainless steel, particularly from China, adversely impacting domestic manufacturers.
With current operational capacity utilisation at just 60 percent, we strongly urge the government to ensure a level playing field, empowering domestic producers to operate at their full potential and further strengthen India’s position in the global stainless steel landscape.”
The applications of stainless steel include architecture, building, construction (ABC); automobile, railways, transport (ABC); processing industry, and consumer durables, which are evolving. According to ISSDA, the demand for stainless steel is expected to further increase, with a projection of per capita consumption of up to 4.5-5.5 kilograms by FY30, which will be driven by emerging applications in alternative energy, ethanol production, water storage, and other key areas of national development.
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