The stainless steel consumption in India increased from 4.02 million tonnes in FY23 to 4.46 MT in FY24, registering a growth of about 11 percent over FY23, including both flats and longs. The country’s per capita consumption of stainless steel increased from 2.25 kg in FY19 to 3.1 kg in FY24.
Dec 16, 2024
The stainless steel consumption in the country increased from 4.02 million tonnes in FY23 to 4.46 MT in FY24, registering a growth of about 11 percent over FY23, including both flats and longs. Besides, India’s per capita consumption of stainless steel increased from 2.25 kg in FY19 to 3.1 kg in FY24.
The figures were shared by the Indian Stainless Steel Development Association (ISSDA).
Speaking on the positive development, Mr. Rajamani Krishnamurti, President of ISSDA, said the upswing reflected 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.
As per Mr. Krishnamurti, India had an installed capacity of 7.5 million tonnes, making it capable of producing a diverse range of products that adhered to both national and international standards. The research of ISSDA, in collaboration with CRISIL, indicated that the country’s stainless steel consumption was projected to reach 12.5–12.7 million tonnes by FY2040 and 19–20 million tonnes by FY2047.
He said the growth would 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.
Government initiatives such as Make in India, Production-Linked Incentives (PLI), favorable trade policies and a strong emphasis on sustainable growth were expected to propel this momentum further.
The ISSDA chairman also listed some of the challenges currently being faced by the industry, including the persistent dumping of substandard stainless steel, particularly from China, which was adversely impacting the domestic manufacturers.
Noting that the country’s current operational capacity utilisation was just 60 percent, Mr. Krishnamurti urged the Government of India 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.
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As per ISSDA, the demand for stainless steel was expected to increase further, with a projection of per capita consumption of up to 4.5-5.5 kg by FY30, driven by emerging applications in alternative energy, ethanol production, water storage and other key areas of national development.
