India Stainless Steel Market to Reach USD13.01 Billion By FY2026
Developing manufacturing sector,
rising demand from transportation and railway industry along with support from
government initiatives to drive India Stainless Steel Market through FY2026
According to TechSci Research report, “India Stainless Steel Market
By Grade (200 Series, 300 Series, 400 Series, Duplex Series and others), By
Product (Flat and Long), By Application (Consumer Goods, Building and
Construction, Automotive and Transportation, Heavy Industry and Others), By
Region, Competition, Forecast & Opportunities, FY2026”, India Stainless Steel Market was valued at USD9.67 billion
in FY2020 and is projected to grow at a CAGR of around 6.87% during FY2021 –
FY2026 predominantly due to increased demand from consumer goods and construction
sector. The growth of the Stainless Steel Market is mainly due to the growing construction
activities and urbanization in India. Moreover, growing advancements in automotive
and railways sector is further bolstering the growth of the India Stainless
Steel Market.
In
terms of grade, the India
Stainless Steel Market
is categorized into 200 series, 300 series, 400 series and duplex series. Among
these, the 200 series grade category accounted for majority in the India Stainless Steel Market in 2020 and
it is anticipated to remain as the largest category throughout the forecast
period as well. The growth of the category is majorly attributed to the fact
that 200 series stainless steel is less expensive as compared to the other
grades and used extensively in consumer goods. However, the higher grade (300
and 400 series) stainless steel is expected to grow at a faster rate than the 200
series grade owing to the increased demand from building, construction and
transportation sector. Also, the high grade stainless steel is suitable even in
unfavourable conditions, such as high pressure, high temperature, corrosive
environment, etc.
Browse over 27 market data Figures spread through 70 Pages and an in-depth TOC on"India Stainless
Steel Market"
https://www.techsciresearch.com/report/india-stainless-steel-market/7254.html
Based on the application of
stainless steel the market will be dominated by the consumer goods sector owing
to the rising urbanisation and increasing household income. Based on region,
the market will see anticipated growth in Northern region of the country and
will be the leader with majority of market share during the forecasted period
due to increasing investment in the construction as well as high population
growth in the region.
Jindal Stainless Steel
Limited, Jindal Stainless (Hisar) Limited, Viraj Profiles Limited, Shah Alloys
Limited, Shyam Ferro Alloys Limited, Steel Authority of India Limited, Tata
Steel Limited, Ambica Steels Limited., Visa Steel limited, Laxcon Steels
Limited., and others are some of the leading players operating in India
Stainless Steel Market. The companies operating in the market are using organic
strategies such as product launches, mergers and collaborations to boost their
share.
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“India
Stainless Steel Market is anticipated to grow at a steady pace during the
forecast period. However, the market saw a decline in production due to
lockdowns imposed, but the factors such as growing construction sector and
urbanization, demand from automotive and railways sector, and increased demand for
consumer durables in India among others are anticipated to boost the stainless steel
market across the country over the next five years.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India Stainless Steel Market By Grade
(200 Series, 300 Series, 400 Series, Duplex Series and others), By Product
(Flat and Long), By Application (Consumer Goods, Building and Construction,
Automotive and Transportation, Heavy Industry and Others), By Region,
Competition, Forecast & Opportunities, 2026” has
evaluated the future growth potential of India Stainless Steel Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges and opportunities in India Stainless Steel Market.
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