India’s stainless steel consumption continues to rise steadily, reflecting growing demand across key sectors like infrastructure, manufacturing, and railways, asserts ISSDA.

According to the Indian Stainless Steel Development Association (ISSDA), consumption increased by 11 per cent from 4.02 million tonnes (MT) in FY23 to 4.46 MT in FY24, encompassing both flat and long products, as reported by Business World.

The country’s per capita stainless steel consumption has also shown notable progress, increasing from 2.25 kg in FY19 to 3.1 kg in FY24. This trend underscores stainless steel’s popularity due to its durability, corrosion resistance, and sustainability. Despite this improvement, India’s per capita consumption remains below the global average of 6.5 kg, presenting significant growth potential.

ISSDA President Rajamani Krishnamurti highlighted the industry’s installed capacity of 7.5 MT, capable of producing high-quality products that meet global standards. ISSDA projects that India’s stainless steel consumption could reach 12.5–12.7 MT by FY2040 and 19–20 MT by FY2047.

However, domestic manufacturers face challenges such as the dumping of substandard imports, particularly from China, which hampers local production. Krishnamurti urged the government to ensure a level playing field, enabling domestic producers to achieve optimal capacity utilisation and support India’s vision of becoming a US$ 40 trillion economy by 2047.