New Delhi, India
India’s domestic stainless steel consumption reached 4.8 million tonnes in FY25, marking an 84% increase over the past five years, according to data from the Indian Stainless Steel Development Association (ISSDA). Consumption grew from 3.94 million tonnes in FY23 to 4.49 million tonnes in FY24, before reaching 4.8 million tonnes in the year ending March 31, 2025, a year-on-year rise of approximately 8%.
ISSDA President Rajamani Krishnamurti attributed the growth mainly to strong demand from building and construction, infrastructure projects, structural and rebar applications, process industries, railways and transport. Per capita stainless steel consumption in India has risen 36% over five years, from 2.5 kg in FY21 to 3.4 kg in FY25, still well below the global average of over 6 kg per capita.
Capacity and Utilisation
India’s installed stainless steel production capacity currently stands at 7.5 million tonnes, with capacity utilisation at around 60%, according to the ISSDA. Krishnamurti said there is significant potential to increase production, provided the right policy environment and sustained demand momentum.
Growth Projections
ISSDA projects domestic stainless steel demand will reach 6.8 million tonnes by FY30, with per capita consumption expected to rise to a range of 4.5–5.5 kg by that year. Longer-term, the association forecasts consumption climbing to 12.5–12.7 million tonnes by FY2040 and 19–20 million tonnes by FY2047, aligned with India’s broader goal of becoming a $40 trillion economy. Emerging application areas cited by ISSDA include green hydrogen, biofuels, renewable energy, electric vehicles, coastal infrastructure, logistics and nuclear energy.
Import Competition and Policy Concerns
ISSDA has raised concerns over underpriced stainless steel imports, particularly from China and Vietnam, and has urged the government to introduce trade remedial measures to protect domestic manufacturers, especially MSMEs. The association has called for a dedicated National Stainless Steel Policy to strengthen raw-material security and support long-term sector growth, alongside continued investment in research, digitalisation and industry-academia partnerships.
Statement
“With consumption projected to cross 20 million tonnes by 2047 and likely more, we must continue to develop the stainless steel ecosystem through a three-pronged strategy,” Krishnamurti said, calling for a level playing field for the domestic industry alongside continued innovation and global competitiveness.
Sector Applications
Growth in domestic consumption has been concentrated in infrastructure-linked applications, including railways, metro networks, airports, water treatment and distribution systems, and process industries such as the food, pharmaceuticals and chemicals sectors, where corrosion resistance and long service life are typically factored into material specification given the multi-decade operating life of the underlying assets.