India’s stainless steel industry is set for substantial growth, with its market value projected to surge from USD 17,452.5 million in 2024 to USD 31,905.2 million by 2034. This expansion is driven by a robust compound annual growth rate (CAGR) of 6.2%, highlighting the sector’s emerging prominence as a highly profitable arena for manufacturers. As demand for stainless steel continues to rise, driven by advancements in construction, automotive, and industrial applications, India is poised to become a key player in the global stainless steel market, offering significant opportunities for investment and development.
Austenitic stainless steel remains popular in India owing to its features like flexibility, versatility, and cost-effectiveness. The target segment is set to account for a volume share of 72.9% in 2024. On the other hand, the precipitation-hardening stainless steel segment is forecast to grow at a robust CAGR of 7.1% through 2034.
The stainless steel industry in India is witnessing robust growth. This is due to the growing demand for stainless steel from various end-use industries, including construction, aerospace, and automotive.
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Stainless steel is widely used in the building and construction industry for building facades, railing, and roofing. Thus, expansion of residential and construction sectors will provide impetus for sales growth between 2024 and 2034.
The flourishing automotive sector in India is set to positively impact stainless steel sales. This can be attributed to the growing adoption of stainless steel for making various vehicle parts and components. Similarly, the rising usage of stainless steel in electric vehicles will provide an additional thrust to the industry.
Another key factor propelling stainless steel demand in India is the escalating popularity of stainless steel kitchenware. To benefit from these opportunities, key manufacturers of stainless steel are focusing on developing new products with enhanced features.
Key Takeaways from the Report
- Stainless steel in India is forecast to grow at 6.2% CAGR through 2034.
- By type, austenitic stainless steel demand is forecast to generate revenue worth US$ 8,589 million by 2034.
- By end-use, the industrial machinery & components segment is set to hold a value share of 72.6% in 2024.
- West India is forecast to account for a significant share of about 43.0% in 2034.
- Sales in Maharashtra are picking up pace, with total valuation set to reach US$ 2433.4 million in 2034.
“The Indian stainless steel industry is set to witness healthy growth, driven by expanding industrial and commercial sectors and favorable government policies. ” – says a lead analyst at Future Market Insights (FMI).
Who is Winning?
Top stainless steel manufacturers and suppliers listed in the report include Arcelor Mittal, Jindal Stainless Limited, Nippon Steel Corporation, Steel Authority of India Limited, and Tata Steel Limited.
Key companies are focusing on developing high-grade products and reducing prices to expand their customer base in India and other regions. They also use strategies like supply chain expansions, acquisitions, partnerships, mergers, distribution agreements, and collaborations to increase their revenue.
Recent Development:
- In March 2024. Jindal Stainless Limited supplied around 1000 tons of stainless steel for India’s first stainless steel diagrid frame building.
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India Stainless Steel Industry Segmentation
By Type:
- Austenitic Stainless Steel
- Ferritic Stainless Steel
- Duplex Stainless Steel
- Martensitic Stainless Steel
- Precipitation Hardening Stainless Steel
By Form:
- Flat Products
- Long Products
By Grade:
- 200 Series
- 300 Series
- 400 Series
- Other Grades
By End-use:
- Building & Construction
- Industrial Machinery & Components
- Automotive & Transportation
- Consumer Goods
- Medical & Surgical Tools
- Aerospace & Defense
- Marine
- Oil & Gas
- Other End-uses
By Region:
- North India
- East India
- West India
- South India
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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