Domestic stainless steel demand is expected to reach 20 million tonne (MT) by fiscal yr 2047, in accordance to a report.
In 2021-22, the nation’s demand for stainless steel was 3.7-3.9 MT, as per the ‘Stainless Steel Vision Document 2047’ launched right here on Wednesday.
The report was launched by Additional Secretary, Steel, Rasika Chaube on the ongoing Global Stainless Steel Expo (GSSE) 2022.
The three-day occasion, which started on Tuesday, is organised by (*20*) of Steel, Jindal Stainless Ltd (JSL) and Virgo Communications.
The report stated it expects, “stainless demand to register a compound annual progress charge (CAGR) of 6.6-7.5 per cent over fiscals 2022-2025 and reach 4.6-4.8 MT.”
Further, sectors like building, infrastructure, and manufacturing — key contributors to the GDP — are expected to drive the expansion.
Thus, the consumption is expected to reach 12.5-12.7 MT and 19-20 MT by fiscal years 2040 and 2047, respectively.
As of March 2022, India’s put in stainless steel capability is at 6.6-6.8 MT. The capability utilisation is estimated to have improved from 50 per cent in 2021 fiscal yr to 58-60 per cent in 2022, it stated.
The report additional stated India wants to develop sufficient capacities whereas enhancing the utilisation to meet the estimated demand.
India is the second largest client of stainless steel and one of many quickest rising markets. The nation’s per capita stainless steel consumption has greater than doubled to 2.5 kg in 2022 fiscal from 1.2 kg in 2010.
The per capita consumption of stainless steel will reach 8-9 kg by 2040 and 11-12 kg by 2047, it stated.
The progress is ready to leap by leaps and bounds owing to the federal government spending throughout varied sectors the place steel is used, Chaube stated in her tackle.
Over 1,500 individuals from all around the world are attending the occasion which is being held for the primary time for the stainless steel trade.
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