Press Release

India Stainless Steel Market is Dominated by 200-Grade Series Segment and is Projected to Grow at a Strong CAGR Through 2028

Highly Durable & Tensile Strength of Steel, followed by Government Investments in Infrastructure Projects are factors anticipated to drive the growth of India Stainless Steel Market.

According to TechSci Research report, “India Stainless Steel Market - By Region, Competition, Forecast & Opportunities, 2028F, the Stainless Steel market is expected to rise in the upcoming years, owing to rising investment in urban infrastructure by the government in the budget 2023, which amounts to approximately USD 2841 million. In addition, the high tensile & durability of stainless steel as compared to other materials is another significant factor investing itself in the market growth.

The fastest-growing market for stainless steel is the architectural, engineering, and construction (AEC) industry, which has sped up the development of residential, commercial, retail, entertainment, and hotel projects, along with other real estates. The demand for stainless steel for construction and reinforcing reasons is anticipated to rise as a result. For instance, India's per capita use of stainless steel increased by almost 100% in just eight years, from 1.2 kg in 2010 to a peak of 2.5 kg in 2019. This accomplishment was revealed at the opening ceremony of the Indian Stainless Steel Development Association's 30th foundation anniversary celebration (ISSDA). Additionally, stainless steel is often utilised in transit structures like airports and metro rapid mass transportation systems in a variety of places such bollards, ticket booths, seats, escalators, and canopies. On December 16, 2021, Jindal Stainless launched Jindal Infinity, India's first hot-rolled stainless steel chequered sheet, at the CII's International Railway Equipment Exhibition 2021. The finest quality of stainless steel currently available, 409M, is used to create this new stainless steel chequered sheet. Swimming pool liners, railings, ladders, structural parts, fasteners, furniture, diving structures, ornamental items, and ventilation systems are other items made of stainless steel that is utilised for both architectural and structural reasons in swimming pools.

In addition, government programmes like "Smart Cities mission," "Housing for All," and "Pardhan Mantri Awas Yojana - a national housing scheme" are thriving the residential and commercial building sectors, which is anticipated to play a crucial role in propelling the stainless steel market over the course of the forecast period.

The development of regional airports, the improvement of regional connectivity, and the reduction of air fare are all priorities for the Indian government. In the Union Budget, which was unveiled in February 2020, 100 more airports were recommended to be constructed by 2024, as part of the Center's Udan initiative.

Additionally, India's expanding building and infrastructure industries as well as the nation's growing real estate investments are fostering industry growth. The locations are likely to offer a lot of opportunities for market expansion, and the market's growth is expected to follow the expansion of the housing and real estate markets. According to India Investment Grid (IIG), residential real estate accounts for 40% of project development in the sector, public space development for 36%, commercial real estate for 21%, and industry parks/zones for 3%. Consequently, it is anticipated that demand for stainless steel would increase in the upcoming years.

Based on grade, the global stainless-steel market has been segmented into 200 series, 300 series, 400 series, duplex series, and others. Over the projected period, the revenue growth rate for the 200 series category is anticipated to be moderate. The austenitic stainless steels of the 200 series have a low nickel content and are remarkably corrosion-resistant. This item is well-known for its crucial properties of resistance to high temperatures and strong corrosion resistance and is extensively employed in the heavy industrial and automotive industries. Due to the higher nitrogen concentration, 200 series steels are often tougher and stronger than 300 series steels, exhibiting resilience and toughness even at extremely low and cryogenic temperatures. Due to their lower corrosion resistance, the range of applications for stainless steels in the 200 series is constrained in comparison to those for 300 series stainless steels.


Browse over xx market data Figures spread through xx Pages and an in-depth TOC on the "India Stainless Steel Market"

Key market players in the India Stainless Steel Market include:

  • Jindal Stainless Ltd
  • Jindal Stainless (Hisar) Ltd
  • Viraj Group Ltd
  • Shah Alloys Ltd
  • Shyam Ferro Alloys Ltd
  • Steel Authority of India Limited
  • Panchmahal Steel Ltd
  • Adhunik Metaliks Limited
  • Ambica Steel Ltd
  • BRG Group
  • Ferro Alloys Corporation Limited
  • Tata Steel Limited
  • Visa Steel Limited
  • Laxcon Steels Limited


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“The Stainless steel market is expected to boost in the upcoming years, owing to high tensile strength, high durability, to rising investment in the infrastructure development capex hiked by 33% in the 2023-2024 period, in budget 2023. Additionally, 11.7 crore households toilets are expected to construct under Swach Bharat Mission. As per the report launched, the domestic stainless steel demand is expected to reach 20 million tonnes (MT) by the fiscal year 2047. By 2023, India will require 60 million new households, and more than 90 smart cities are in the planning phase.” Therefore, the market growth of Stainless Steel in India is expected to rise in the upcoming years, said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.


India Stainless Steel Market By Grade (200 Series, 300 Series, 400 Series, Duplex Series and Others), By Product (Flat, Long), By Application (Consumer Goods, Building and Construction, Automotive and Transportation, Heavy Industry), By Region, Competition, Forecast & Opportunities, 2028F, has evaluated the future growth potential of India Stainless Steel Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India Stainless Steel Market.


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