India’s stainless steel demand is projected to grow by 7-8pct annually over the next two to three years, driven by infrastructure development and expanding industrial applications, according to the Indian Stainless Steel Development Association (ISSDA).
Speaking at the Global Stainless-Steel Expo 2025, ISSDA President Rajamani Krishnamurti said stainless steel consumption in FY2024-25 rose 8pct YoY to 4.8 mln tons. Despite this growth, India’s per capita consumption remains at around 3.4 kgs, well below the global average of over 6 kgs, highlighting room for expansion.
Krishnamurti emphasized that sectors such as railways, tunnels, ports, airports, roads, and highways will be key drivers of demand. He noted that the government’s capital expenditure reached 3.3pct of GDP in FY24, supporting infrastructure-led growth.
India’s construction market is forecast to reach USD 1.42 trillion by 2027, with a CAGR of 17.26pct, further boosting stainless steel demand. Emerging sectors like green hydrogen will also create new application areas, he added.
India is currently the world’s second-largest stainless steel consumer and ranks third in stainless steel production, following China and Indonesia.
