The India Stainless Steel Market is segmented By Grade (200 Series, 300 Series, 400 Series, Duplex Series and Others), By Product (Flat, Long), By Application (Consumer Goods, Building and Construction, Heavy Industry, Automotive and Transportation) and By Region (Northern Region, North-Eastern Region, Eastern Region, Central Region, Western Region, Southern Region)
The India Stainless Steel Market was estimated at US$ XX Billion in 2022 and is expected to reach US$ XX Billion by the end of 2032 with a CAGR of XX% during the forecast period.
Stainless steel is an alloy steel that includes 10-30% chromium. When combined with low carbon content, chromium provides exceptional corrosion and heat resistance. Some elements, such as nickel, molybdenum, titanium, aluminium, niobium, copper, nitrogen, sulphur, phosphorus, or selenium, improve corrosion resistance in specific settings, improve oxidation resistance, and provide unique features. Stainless steels are melted in an electric arc furnace or a basic oxygen furnace and polished in various steelmaking vessels, mostly to reduce carbon content. A mixture of oxygen and argon gas is added to the liquid steel during the argon-oxygen decarburization process. It has a number of advantageous features, including high strength, good flexibility, and ease of production.
Rapid Expansion in the Automotive Sector will Entice Consumers to Purchase Seatbelt Springs and Hose Clamps
The increasing growth of the automotive industry will drive product consumption. Stainless Steel is great for corrosion resistance, high strength, and heat resistance. This makes it an excellent alternative for a variety of vehicle parts, such as seatbelt springs and hose clamps. Stainless steel, according to the World Steel Organization, will be used in suspension, chassis, fuel tanks, bodywork, and catalytic converters in the future. Furthermore, expanding technological advancements in the automobile sector, as well as rising innovation in electric vehicles, will aid in product acceptance. As a result, increased product demand from vehicle manufacturers will fuel the expansion of the stainless steel market.
Rising Technological Development of Steel to Drive India Stainless Steel Market
The expanding technical innovation to manufacture sustainable stainless steel is thriving the market expansion throughout the forecast timeline. Some of the major reasons driving the market are rising mobility, urbanisation, population and economic development, and rising climate change. Furthermore, rising CO2 emissions ly prompted several steel companies to design a sustainable option that would be durable and reusable at the end of its existence. As a result, such factors, together with rising customer desire for steel-based products, will propel the India steel market to new heights.
Growing Product Consumption in the Construction Industry to Drive Market Growth
There will be profitable prospects for the market to expand significantly thanks to rising product consumption in the construction industry. Due to its high cost, this type of steel was initially rarely used for structural purposes in buildings. But during the past ten years, technical improvements have increased the availability and affordability of this steel and enhanced its durability and corrosion resistance. The need for the product is growing to meet construction needs, provide improvements for buildings, and make them more appealing. The construction industry will also flourish as a result of the rising number of commercial and residential structures and the increased commissioning of infrastructure projects. As a result, these variables will raise product demand.
Access to Alternative Products will Hamper Market Growth
Product adoption is hampered by the availability of substitute items such as aluminium, galvanised steel, carbon steel, and engineered plastics. Furthermore, as compared to these options, it is hefty and not water-resistant. This limits its use in products that require lightweight properties. Such factors constrain the market and reduce product uptake across a variety of sectors, including consumer goods, engineering, and electronics.
Top Companies and Recent Strategic Developments
Key players including Essar Steel, Jindal Steel and Power Ltd, Shyam Steel and JSW Steel Ltd. have consolidated the Indian market. Moreover, the rise in domestic market players focusing on developing India Stainless Steel is focusing on providing competitive pricing, which is further estimated to cater to the increasing demand among developing markets across the globe.
• In December 2022, Odisha Chief Minister Naveen Patnaik lay the groundwork for Indias first stainless steel park, which would be created in the state by Jindal Stainless Limited (JSL) at a cost of Rs 1,500 crore.
• In November 2022, Steel Authority of India Limited opened its very own Salem Stainless Shoppe in Chennai. It aims to promote environmentally friendly strategies to reduce carbon footprint by replacing plastic items with 100% recyclable stainless steel kitchenware/tableware collections. It will also make it easier to reach out to residential customers.
• In October 2022, JSL announced that its defence vertical, Jindal Defence & Aerospace, has signed a Memorandum of Understanding (MoU) with the state-owned Yantra India Ltd for the engineering, development, and manufacturing of defence goods with their respective competencies. The action is consistent with the governments aim for public-private partnerships to support the Indian armed forces.
• In September 2022, Tata Power-backed subsidiary Tata Power Renewable Energy (TPREL) announced a partnership with the renowned Indian Stainless Steel manufacturer Viraj Profile to build a 100 MW captive solar facility.
• In September 2022, Jindal Stainless Limited (JSL) is implementing a number of steps to decrease carbon emissions from its current and projected capacities, including the installation of renewable energy capacity, according to Managing Director Abhyuday Jindal. JSL lowered its carbon emissions by 3,100 metric tonnes in FY22 and began a transition from a thermal energy-intensive production setting to renewable energy alternatives such as solar and wind power.
• In July 2022, Jindal Stainless announced that it will provide 3,500 tonnes of stainless steel for the Udhampur-Srinagar-Baramulla Railway Link tunnel project.
• In February 2022, Jindal Stainless Limited (JSL), Indias largest stainless-steel company, and the famed Indian Institute of Technology (ISM) today signed a Memorandum of Understanding (MoU) to collaborate on several projects.
• In January 2022, JSL provides 2,000 tonnes of stainless steel for the Kanpur Metro Project, which was inaugurated by Prime Minister Narendra Modi.
• In December 2021, Aperam completed its acquisition of ELG, a leader in the recycling of stainless steel and superalloys.
• In December 2021, Jindal Stainless debuted the countrys first branded stainless steel variety of chequered sheets on Thursday, hoping to generate an additional Rs 500 crore in sales over the next three years.
Years considered for this report
• Historical Years: 2019-2021
• Base Year: 2021
• Forecast Period: 2022-2032
India Stainless Steel Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
• Data breakdown for application Industries (2022 - 2032)
• Integration and collaboration analysis of companies
• Capacity analysis with application sector breakdown
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategies adopted by emerging companies
Industry Segmentation and Revenue Breakdown
Product Analysis (Revenue, USD Million, 2022 - 2032)
Grade Type Analysis (Revenue, USD Million, 2022 - 2032)
• 200 Series
• 300 Series
• 400 Series
• Duplex Series
Application Analysis (Revenue, USD Million, 2022 - 2032)
• Consumer Goods
• Building and Construction,
• Automotive and Transportation
• Heavy Industry
Region Type Analysis (Revenue, USD Million, 2022 - 2032)
• Northern Region
• North-Eastern Region
• Eastern Region
• Central Region
• Western Region
• Southern Region
• Jindal Stainless Steel Limited
• Shah Alloys Limited
• Shyam Ferro Alloys Limited
• Steel Authority of India Limited
• Tata Steel Limited
• Jindal Stainless (Hisar) Limited
• Viraj Profiles Limited
• Ambica Steels Limited
• Visa Steel Limited
• Laxcon Steels Limited
Available Versions of Stainless Steel Market Report:
United States Stainless Steel Market Research Report
Europe Stainless Steel Market Research Report
Asia Pacific Stainless Steel Market Research Report
Global Stainless Steel Market Research Report
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