In 2021-2022, the country’s demand for stainless steel was 3.7-3.9 MT, according to the “Stainless Steel Vision Document 2047” released here on Wednesday.
The report was launched by Additional Secretary, Steel, Rasika Chaube, during the ongoing Global Stainless Steel Expo (GSSE) 2022.
The three-day event, which started on Tuesday, is organized by the Ministry of Steel, Jindal Stainless Ltd (JSL) and Virgo Communications.
The report says it expects “stainless steel demand to grow at a compound annual growth rate (CAGR) of 6.6 to 7.5% over the fiscal years 2022-2025 and reach 4.6 to 4.8MT”.
In addition, sectors such as construction, infrastructure and manufacturing – major contributors to GDP – are expected to boost growth.
Thus, consumption is expected to reach 12.5-12.7 MT and 19-20 MT by FY2040 and FY2047, respectively.
As of March 2022, India’s installed stainless steel capacity was 6.6-6.8 MT. Capacity utilization is estimated to have improved from 50% in fiscal 2021 to 58-60% in 2022, he said.
The report further states that India needs to develop enough capacity while improving utilization to meet the estimated demand.
India is the second largest consumer of stainless steel and one of the fastest growing markets. The country’s per capita consumption of stainless steel more than doubled to 2.5 kg in FY2022 from 1.2 kg in 2010.
Per capita stainless steel consumption will reach 8-9 kg by 2040 and 11-12 kg by 2047, he said.
Growth is expected to leap in leaps and bounds due to government spending in various sectors where steel is used, Chaube said in his speech.
More than 1,500 participants from all over the world attend this event organized for the first time for the stainless steel industry.
