India’s stainless steel demand expected to reach 20 million tons by FY47
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Update time : 2022-04-14 19:57:50
According to a report released at the Global Stainless Steel Expo (GSSE) 2022, the domestic stainless steel demand of India, the world’s second-largest consumer of stainless steel, was expected to reach 20 million tons in the fiscal year 2047.
The demand for stainless steel will rise to 4.6-4.8 million tons during the fiscal year 2022-2025, with a compound annual growth rate (CAGR) of 6.6-7.5%, and the main contributors will be the construction, infrastructure, and manufacturing industries.
The country's demand for stainless steel totaled 3.7-3.9 million tons in 2021-22, and the consumption was forecasted to grow to 12.5-12.7 million tons and 19-20 million tons by the fiscal years 2040 and 2047, respectively.
To reach the estimated demand, India has to achieve enough production capacities and raise its utilization.
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