India’s Stainless Steel Demand Grows 11%
Demand for stainless steel in India is projected to increase significantly, driven by industries such as manufacturing, infrastructure, and construction. The use of stainless steel grew by 11% from 4.02 million tonnes in FY23 to 4.46 million tonnes in FY24, with per capita consumption reaching 3.1 kg in FY24, as reported by the Indian Stainless Steel Development Association (ISSDA). This growth is fueled by the material’s durability, strength, corrosion resistance, and sustainability, which are essential for sectors like processing, infrastructure, and railroads. As India aims to become a US$ 40 trillion economy by 2047, the demand for stainless steel is expected to rise further.
ISSDA President Rajamani Krishnamurti praised the industry’s progress, highlighting the growing reliance on sustainable materials, which has diversified demand across multiple sectors. Although India’s per capita consumption is still below the global average of 6.5 kg, the country’s installed stainless steel capacity stands at 7.5 million tonnes, with plans to increase it to 12.5–12.7 million tonnes by FY2040 and 19–20 million tonnes by FY2047. These developments will be supported by government initiatives, favorable trade policies, and a continued focus on sustainable growth.