Report Description

India stainless steel water tanks market is expected to expand significantly during the forecast period due to the increasing construction activities, the rising government’s focus on improving water quality, and the increasing awareness of the benefits of stainless steel water tanks among consumers.

The growth of the stainless steel water tank market in India is ascribed to the development of the need for potable water all around the country fueled by the surge in population. A stainless steel water tank is a necessary item in households and institutional applications to keep the supply of water constant throughout the day. Application of stainless steel water tanks in areas, such as construction, agriculture, and aquaculture, has led to the consistent sale of stainless steel water tanks all around the country and, hence, has made way for the rise of the stainless steel water tanks market in India.

On the contrary, the increase in the use of stainless steel water tanks for underground water storage for conservation and the surge in the demand for portable water tanks is expected to provide lucrative opportunities for the India stainless steel water tank market growth in the coming years.

A stainless steel water tank is a container used for storing water for many applications, such as agriculture farming, drinking purpose, fire suppression, food preparation, and chemical manufacturing. Likewise, stainless steel water tanks provide greater resistance to crevice corrosion, cavitation, and wear and tear in pure and contaminated waters. This material is also heat resistant and does not get affected when exposed to harmful radiation. Moreover, stainless steel tanks are less likely to crack, rust, or freeze.

India Stainless Steel Market: Drivers & Trends

Increasing Demand for Safe and Healthy Drinking Water

The cumulative awareness of the importance of safe and healthy drinking water is a foremost driving factor for the growth of the stainless steel water tank market in India. This knowledge is being urged by several factors, including the increasing incidence of waterborne diseases, as waterborne diseases are a key public health problem in India, and they are affected by the consumption of contaminated water. These diseases can have serious health concerns, including cholera, diarrhea, and typhoid.

Moreover, the Indian government is focusing on refining water quality. It has been working to improve water quality in the country, which has led to an increased awareness of the importance of safe and healthy drinking water. The government has implemented several programs to improve water quality, including the National Rural Drinking Water Programme (NRDWP) and the Jal Jeevan Mission, which is likely to increase the demand for stainless steel water tanks all across the country over the next few years.

Furthermore, the availability of affordable stainless steel water tanks has also contributed to the growth of the market. Stainless steel water tanks are a more expensive option than other types of water tanks. However, they are also more durable and resistant to corrosion. Hence, due to all these factors the India stainless steel market is likely to expand during the forecast period.

Rising Construction Activities

The major sectors that fall under the Indian construction industry are residential, commercial, industrial, infrastructure construction, and institutional construction. All these sectors seem to have grown in forecast tenure due to various factors. One such factor is that the Indian government is focusing on the development of infrastructure construction through targeted policies, such as open FDI norms, large budget allocation, and the smart city mission. Hence, with increasing construction activities, the demand for stainless steel water tanks is also rising as stainless steel water tanks are the major product that is used during and after the construction for many purposes, including drinking water, harvesting rainwater, storing stock water to be used later, and providing additional water sources for plumbing apart from the water main.

Some other major investments/policies in the construction industry introduced by the Government of India are:

  • Raised 100% of the FDI cap for real estate projects in Special Economic Zones (SEZs).
  • It is anticipated that India's real estate market will generate USD 1 trillion in revenue by 2030 and makeup 13% of the country's GDP by 2025.
  • The mission of smart cities is to advance urban areas that offer basic services, fair living conditions for residents, a healthy environment, and the use of smart technologies.

Increasing Focus on Wastewater Management

In many areas of India, water shortages have been a persistent issue. Over 10% of Indians, according to the Centre for Science and Environment, experience severe or acute water scarcity. The issue is exacerbated by a lack of access to safe drinking water, insufficient sanitary infrastructure, ineffective management of urban resources, and a lack of knowledge about water conservation. To address this issue, the Indian government is improving water infrastructure (groundwater wells, dams, storage tanks, pipelines, etc.), which will not only help to minimize the amount of clean water squandered but also the number of people who are continually looking for clean water on a daily basis.

In addition, the government implements on-site systems under Urban Wastewater Management (UWM) to collect sludge, water tanks, and wastewater near the toilet in a pit. As a result of the growing wastewater management operations taking place throughout the country, the need for stainless steel water tanks is anticipated to rise in the near future.

Some major wastewater management initiatives/schemes/goals, which are augmenting the stainless-steel water tanks demand in India:

  • Sustainable Development Goals (SDG) Target 6.3 is focused on wastewater and aims to halve the proportion of untreated wastewater discharged into the water bodies and substantially increase recycling and safe reuse globally.
  • Under the Swachh Bharat Mission (Urban) 2.0, launched in October 2021, USD 193.01 crore has been allocated to States/UTs for wastewater/used water management, including setting up of sludge treatment plants (STPs) and fecal sludge treatment plants (FSTPs).

Rising Government Support

The government can play a role in augmenting the India stainless steel water tank market by implementing the following policies:

Provide financial incentives: The government can provide financial incentives to stainless steel water tank manufacturers. This could help reduce the cost of these tanks and make them more affordable for consumers.

Relax import duties: The government can relax import duties on stainless steel, which would make importing these tanks in the country more affordable. This would create competition for local manufacturers.