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.