Industry News

India’s stainless steel demand expected to reach 20 million tons by FY47

Views : 125
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.
Related News
Read More >>
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
May .29.2025
Enhancing the durability of aluminium profiles with Alborz Pasargad’s nanostructured coatings
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
May .29.2025
NASA’s supersonic aircraft clears ‘aluminium bird’ testing, setting up the runway for its first flight
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
May .29.2025
GAC’s 2Mt bauxite pile-up in Guinea: What built it, what’s blocking it, and what could break the deadlock
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL
May .29.2025
Russia’s largest aluminium foil mill eyes 12% output growth following investment from RUSAL