+
Indian stainless steel consumption touches 2.5 kg per capita
Steel

Indian stainless steel consumption touches 2.5 kg per capita

Per capita consumption of stainless steel in India has touched a new peak of 2.5 kg in 2019, against 1.2 kg per capita in 2010, registering an increase of over 100 per cent in a period of just eight years. This milestone achievement was announced during the inaugural session of the 30th foundation anniversary celebration of the Indian Stainless Steel Development Association (ISSDA), attended by Minister of State, Ministry of Steel, Faggan Singh Kulaste. Henceforth, India ranks among top 15 countries in the world in terms of per capita consumption of stainless steel. This was accomplished through collaborative efforts of the domestic stainless steel industry led by ISSDA, along with the pro-industry policy initiatives of the Ministry of Steel. Stainless steel demand in diversified applications such as Architecture, Building & Construction (ABC), Automobile, Railways & Transport (ART), Process Industries and White Goods, apart from conventional use in kitchenware and utensils, led to this increase. Lauding this milepost, Minister of State, Ministry of Steel, Shri Faggan Singh Kulaste, added, “Growth rate of stainless steel demand in India is to the tune of 6-7 per cent CAGR, which is also amongst the highest in the world, as stainless steel demand is directly linked to the economic growth. Stainless steel not only has a low life-cycle cost, but improves overall quality of life. I compliment the industry for this achievement and assure support for future growth of the industry.”

Asserting the role of ISSDA in this achievement, President, ISSDA, KK Pahuja, said, “As the torchbearer for the Indian stainless-steel industry, ISSDA has been promoting new stainless steel applications across the spectrum of industries since its inception. With the achievement of 2.5 kg per capita consumption level in short span of time, India has reached an inflexion point and entered in the league of countries of where stainless-steel consumption is recorded on the higher side. India is now the fastest growing market for stainless steel. ISSDA expresses its gratitude to the domestic industry and the Government for their continued support.”

Rasika Chaube, Additional Secretary, Ministry of Steel; Anant Kumar, Additional Director General, CPWD; Dr Mukesh Kumar, Director SRTMI; Chairman and Managing Director, Jindal Stainless, Rattan Jindal, and other industry leaders were also present on this occasion.

The stainless steel sector has consistently evolved over the past three decades across all parameters, including production, R&D and consumption patterns. From less than 1 tonne production in the 1980s, India is currently the second largest producer and consumer of stainless steel in the world. Today, India has grown to be a stainless steel exporting nation from being a net importer in the 1980s. The mettle of Indian stainless steel is proven by the fact that domestic players are exporting stainless steel flat and long product to quality-conscious markets like the US and EU. Indian stainless-steel market is the fastest growing markets in the world with a CAGR of 8-9 per cent. High recyclability, resistance to corrosion, and a virtually maintenance-free life make stainless steel an indispensable metal for diverse sectors including railways, metro projects, bridges, nuclear, transportation, heavy machinery, process industries, kitchenware, etc.

Addressing the challenges faced by the domestic stainless steel industry will add to the growth of consumption. Amidst growing trade protectionist sentiment across the globe, the growing Indian market has become an easy target for dumping of the surplus production from ASEAN producers. Low entry barriers for goods due to operational FTAs with ASEAN, Japan and Korea distort the demand-supply dynamic and adversely impact the domestic manufacturers. Almost half of the industry in the MSME sector has been particularly hit by cheaper imports. Further, a higher input cost on account of import duty on key raw materials, like stainless steel scrap and Ferro nickel, makes the Indian product less competitive than its global peers. ISSDA has flagged these issues with the government and is working to remove the growth hurdles for domestic industry.

Per capita consumption of stainless steel in India has touched a new peak of 2.5 kg in 2019, against 1.2 kg per capita in 2010, registering an increase of over 100 per cent in a period of just eight years. This milestone achievement was announced during the inaugural session of the 30th foundation anniversary celebration of the Indian Stainless Steel Development Association (ISSDA), attended by Minister of State, Ministry of Steel, Faggan Singh Kulaste. Henceforth, India ranks among top 15 countries in the world in terms of per capita consumption of stainless steel. This was accomplished through collaborative efforts of the domestic stainless steel industry led by ISSDA, along with the pro-industry policy initiatives of the Ministry of Steel. Stainless steel demand in diversified applications such as Architecture, Building & Construction (ABC), Automobile, Railways & Transport (ART), Process Industries and White Goods, apart from conventional use in kitchenware and utensils, led to this increase. Lauding this milepost, Minister of State, Ministry of Steel, Shri Faggan Singh Kulaste, added, “Growth rate of stainless steel demand in India is to the tune of 6-7 per cent CAGR, which is also amongst the highest in the world, as stainless steel demand is directly linked to the economic growth. Stainless steel not only has a low life-cycle cost, but improves overall quality of life. I compliment the industry for this achievement and assure support for future growth of the industry.” Asserting the role of ISSDA in this achievement, President, ISSDA, KK Pahuja, said, “As the torchbearer for the Indian stainless-steel industry, ISSDA has been promoting new stainless steel applications across the spectrum of industries since its inception. With the achievement of 2.5 kg per capita consumption level in short span of time, India has reached an inflexion point and entered in the league of countries of where stainless-steel consumption is recorded on the higher side. India is now the fastest growing market for stainless steel. ISSDA expresses its gratitude to the domestic industry and the Government for their continued support.” Rasika Chaube, Additional Secretary, Ministry of Steel; Anant Kumar, Additional Director General, CPWD; Dr Mukesh Kumar, Director SRTMI; Chairman and Managing Director, Jindal Stainless, Rattan Jindal, and other industry leaders were also present on this occasion. The stainless steel sector has consistently evolved over the past three decades across all parameters, including production, R&D and consumption patterns. From less than 1 tonne production in the 1980s, India is currently the second largest producer and consumer of stainless steel in the world. Today, India has grown to be a stainless steel exporting nation from being a net importer in the 1980s. The mettle of Indian stainless steel is proven by the fact that domestic players are exporting stainless steel flat and long product to quality-conscious markets like the US and EU. Indian stainless-steel market is the fastest growing markets in the world with a CAGR of 8-9 per cent. High recyclability, resistance to corrosion, and a virtually maintenance-free life make stainless steel an indispensable metal for diverse sectors including railways, metro projects, bridges, nuclear, transportation, heavy machinery, process industries, kitchenware, etc. Addressing the challenges faced by the domestic stainless steel industry will add to the growth of consumption. Amidst growing trade protectionist sentiment across the globe, the growing Indian market has become an easy target for dumping of the surplus production from ASEAN producers. Low entry barriers for goods due to operational FTAs with ASEAN, Japan and Korea distort the demand-supply dynamic and adversely impact the domestic manufacturers. Almost half of the industry in the MSME sector has been particularly hit by cheaper imports. Further, a higher input cost on account of import duty on key raw materials, like stainless steel scrap and Ferro nickel, makes the Indian product less competitive than its global peers. ISSDA has flagged these issues with the government and is working to remove the growth hurdles for domestic industry.

Next Story
Real Estate

Shriram Properties Launches ‘Codename: The One’ in Bengaluru

Shriram Properties (SPL), a leading real estate developer focused on the mid-market and mid-premium segments, has announced the launch of its latest residential project under the banner “Codename: The One” in Bengaluru’s Electronic City corridor. This feature-rich gated community will offer 340 spacious 2- and 3-BHK residences, with a total saleable area of approximately 5 lakh square feet and an estimated revenue potential of over Rs 3.5 billion. The project is expected to be developed over a span of more than three years.  Strategically located near the Bommasandra Metro stat..

Next Story
Resources

India Warehousing Show 2025 Closes with Strong Global Presence

The 14th edition of the India Warehousing Show (IWS) 2025 concluded successfully at Yashobhoomi (IICC), Dwarka, drawing participation from over 300 exhibitors across 15 countries and welcoming 15,000+ visitors. Recognised as India’s leading platform for warehousing and logistics excellence, IWS 2025 offered a comprehensive display of cutting-edge automation, sustainable warehousing solutions, and next-gen supply chain technologies. The show was inaugurated by Shri Pankaj Kumar, Joint Secretary – Logistics, DPIIT, Ministry of Commerce and Industry, Government of India. In his opening a..

Next Story
Equipment

MHIET Launches 450kW Gas Cogeneration System with H₂ Co-Firing

Mitsubishi Heavy Industries Engine & Turbocharger (MHIET), part of the Mitsubishi Heavy Industries Group, has launched a new 450kW gas cogeneration system, the SGP M450, jointly developed with Toho Gas Co.,. The system supports hydrogen co-firing at up to 15 vol per cent, with no loss in performance or reliability.  The system is currently available in the Japanese market, and has been developed from the existing GS6R2 city gas engine platform. Key modifications were made to the fuel gas and engine control systems to enable hydrogen co-firing.   Verified through de..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?