India's stainless steel demand to grow 7-8% annually over two to three years: ISSDA
- IBEF
- June 5, 2025
The demand for stainless steel in India is expected to grow by 7-8% YoY over the next two to three years, according to the Indian Stainless Steel Development Association (ISSDA). In FY25, the overall consumption of stainless steel reached 4.8 million tonnes, showing a YoY growth of about 8%. The per capita steel consumption in India is currently around 3.4 kg, compared to the world average of over 6 kg. ISSDA President Mr. Rajamani Krishnamurti highlighted these figures at the Global Stainless Steel Expo 2025, where around 10,000 industry leaders, policymakers, and experts gathered. He noted that India's low consumption relative to the world average presents a significant opportunity for the domestic industry, especially as the government continues to focus on infrastructure development. Key areas for potential growth include upcoming railways, tunnel projects, ports, airports, roads, and highways.
India is the second-largest consumer of stainless steel globally, with its melt production being the third-largest after China and Indonesia. The construction market in India is projected to reach 1.42 trillion by 2027, expanding at a CAGR of 17.26%. Green hydrogen is also emerging as a new area where stainless steel will find application. Krishnamurti emphasised that stainless steel is ideal for infrastructure projects due to its strength, zero maintenance, life cycle cost, and recyclability. The government's increased capex, with a capex to GDP ratio of 3.3% in FY24, further supports the growth prospects for the stainless steel industry.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
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