India Stainless Steel Market By Grade (200 Series, 300 Series, 400 Series, Duplex Series and Others), By Product (Flat, Long), By Application (Consumer Goods, Building and Construction, Automotive and Transportation, Heavy Industry), By Region, By Competition Forecast & Opportunities, 2018-2028F

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Summary

Report Description

Forecast Period

2023-2028

Market Size (2022)

USD 5.54 Billion

CAGR (2023-2028)

8.38%

Market Size (2028)

USD 9.20 Billion

Fastest Growing Segment

Automotive and Transportation

Largest Market

North India


India Stainless Steel Market has valued at USD 5.54 Billion in 2022 and is anticipated to witness an impressive growth in the forecast period with a CAGR of 8.38% through 2028.

Iron is used to make stainless steel, an alloy that resists rust and corrosion. It has at least 11% chromium and may also include additional nonmetals, metals, and components like carbon to get other desirable qualities. Chromium, which creates a passive coating to shield the metal and self-heal in the presence of oxygen, is responsible for stainless steel's resistance to corrosion.

Government Initiatives in the Infrastructure and Construction Sector

India has an unprecedented demand for infrastructure. In an effort to accelerate the development of India's infrastructure, the government has granted Real Estate Investment Trust (REIT) authorization to assist investors in entering the real estate market there. As a result, during the upcoming years, the Indian market presents an opportunity of USD 19.65 billion. Through the Global Housing Technologies Challenge, the government hopes to update the construction industry's technology.

The government has allocated USD 29.2 billion for the Smart-Communities initiative, which aims to create world-class and sustainable communities. With investments of USD 16.5 billion, 75% of the projects were finished by June 2020. The national government has allotted USD 16.5 million for the HRIDAY initiative, which promotes the growth of historic cities. AMRUT and PMAY, among other government initiatives, and these are anticipated to have a significant positive impact on the infrastructure and construction sectors (Pradhan Mantri Awas Yojana, a national housing programme). In addition, Union Finance Minister Nirmala Sitharaman stated in her Budget address for 2023–2024 that the Central Government planned to establish urban Infrastructure Development Fund for building infrastructure in Tier-2 and Tier-3 cities, across the nation worth USD 1,221.78 million annually. The National Capital Region Transport Corporation, which is bringing the Delhi-Meerut fast transit project into action, is one of the projects the government is expecting to fund with USD 2831.48 million in 2023–2024. The stainless-steel market in India is expected to benefit in a variety of ways from this, and it is anticipated that the market’s CAGR would remain high.

Current Scenario of Stainless Steel in India

Stainless steel imports are currently increasing in India. The 300 series is where the bulk of stainless-steel imports come from, and most of them come from Chinese company factories in Indonesia. After the Indian government-imposed import charges on Chinese enterprises, they began to travel through ASEAN nations that are part of the Free Trade Agreement (FTA), such as Indonesia, Malaysia, and Vietnam. Due to their free trade agreements with Indonesia, China, Japan, and Korea would have extra capacity that they aim to dump on India. The Indonesian stainless steel landing price is between USD 100 and USD 200, which is less expensive than the Indian price.

Due to Chinese companies expanding their capacity in Indonesia, the import of stainless steel from Indonesia into India increased by almost nine times, from 8,000 tonnes in 2017–18 to 67,000 tonnes in 2018–19 (on an annualised basis). In fact, from January to September 2018, Indonesian stainless HRC exports reached a total of 877,990 tonnes, up 171% over the 324,108 tonnes exported during the same period in 2017. In 2022, after the Union budget, one of the industry body named as FICCI, requested to union government to decline the basic custom duty on ferronickel to zero and impose a higher duty around 12.5% on the import of stainless steel flat products. 

Recent Developments in India’s Stainless-steel industry

Recently, demand is growing sharply by some of the end-users of the Stainless-Steel industry. Some of them are mentioned below:

Railways: There are multiple areas in railways itself where the demand for Stainless steel is increasing.

Station Infra: The foot-over and rail-over bridges are among the areas where Railways plan to update its infrastructure. Demand for the Ferritic series would particularly surge as a result.

Coaches: Retention tanks, sidewalls, roof arches, and other coach sub-assemblies are made of stainless steel. The LHB (Linke Hofmann Busch) type coaches and various variations are expected to make use of these components. In the next four to five years, Railways intends to construct 10,000 stainless steel coaches every year.

Additionally, By FY20, all new passenger coaches must employ SS, according to railroad regulations. Additionally, it aims to increase the number of coaches it ordered, from 2,500 in FY18 to 5,000 yearly in FY20.

1.    Train18 / Vande Bharat Express: Rajdhani and Shatabdi are expected to be replaced by Train 18, which can travel at a peak speed of 160 kmph. This train's carriages are expected to be made out of stainless steel.

2.    Wagons: Wagons now make up 20% of the railways' annual Stainless-Steel expenditure, which totals USD 304.22 million and includes the cost of wagons, coaches, and metro coaches. In FY20, this figure was predicted to rise from USD 400 million to 490 million. . 100,000 wagons is expected to needed overall during the next five years, and depending on the type and design, each one require between 8 and 10 tonnes of stainless steel..

Housing: The use of stainless steel will rise with various initiatives like "housing for all," as stainless steel is commonly utilised in appliances and furnishings for the house.

Kitchenware: Even now, the Cookware and Durables market still accounts for almost 50% of the use of stainless steel. The demand for kitchenware is anticipated to increase as millions more Indians gain discretionary money.

 

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Auto: The consumption in commercial vehicles would rise from 15 to 20 kg to 40 kg per vehicle after the Bharat-VI regulations are implemented. 120,000 TPA is the current stainless-steel demand for the car sector. In the car industry, consumption is anticipated to increase by 30 to 35%.

Market Segmentation

The India Stainless Steel Market is divided into Grade, Product and Application. Based on grade, the market is divided into 200 Series, 300 Series, 400 Series, Duplex Series and Others. Based on product, the market is segmented into flat and long. Based on application, the market is segmented into Consumer Goods, Building and Construction, Automotive and Transportation, and Heavy Industry.

Market Players

Major market players in India’s Stainless-Steel market are Jindal Stainless Ltd, Jindal Stainless (Hisar) Ltd, Viraj Group Ltd, Shah Alloys Ltd, Shyam Ferro Alloys Ltd, Steel Authority of India Limited, Panchmahal Steel Ltd, Adhunik Metaliks Limited, Ambica Steel Ltd, BRG Group, Ferro Alloys Corporation Limited, Tata Steel Limited, Visa Steel Limited, and Laxcon Steels Limited.

Attribute

Details

Base Year

2022

Historic Data

2018– 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2024-2028

Report Coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

Grade

Product

Application

Regional scope

North Region, South Region, West Region, and East Region

Key companies profiled

Jindal Stainless Ltd, Jindal Stainless (Hisar) Ltd, Viraj Group Ltd, Shah Alloys Ltd, Shyam Ferro Alloys Ltd, Steel Authority of India Limited, Panchmahal Steel Ltd, Adhunik Metaliks Limited, Ambica Steel Ltd, BRG Group, Ferro Alloys Corporation Limited, Tata Steel Limited, Visa Steel Limited, and Laxcon Steels Limited.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

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Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the India Stainless Steel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • India Stainless Steel Market, By Grade:

o   200 Series

o   300 Series

o   400 Series

o   Duplex Series

o   Others

  • India Stainless Steel Market, By Product:

o   Flat

o   Long

  • India Stainless Steel Market, By Application:

o   Consumer Goods

o   Building and Construction

o   Automotive and Transportation

o   Heavy Industry

  • India Stainless Steel Market, By Region:

o   North India

o   South India

o   West India

o   East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Stainless Steel Market.

Available Customizations:

Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Stainless Steel Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Impact of COVID-19 on the India Stainless Steel Market

4.    Executive Summary

5.    Voice of Customers

6.    India Stainless Steel Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Grade (200 Series, 300 Series, 400 Series, Duplex Series and Others)

6.2.2.    By Product (Flat and Long) 

6.2.3.    By Application (Consumer Goods, Building and Construction, Automotive and Transportation, and Heavy Industry)

6.2.4.    By Region (North, East, West, South)

6.3.  By Company (2022)

6.4.  Market Map

7.    North India Stainless Steel Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Grade

7.2.2.    By Product

7.2.3.    By Application

8.    South India Stainless Steel Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Grade

8.2.2.    By Product

8.2.3.    By Application

9.    East India Stainless Steel Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.      By Grade

9.2.2.    By Product

9.2.3.    By Application

10.  West India Stainless Steel Market Outlook

10.1.   Market Size & Forecast

10.1.1. By Value

10.2.   Market Share & Forecast

10.2.1. By Grade

10.2.2. By Product

10.2.3. By Application

11.  Market Dynamics

11.1.   Drivers

11.2.   Challenges

12.  Market Trends & Developments

13.  Policy & Regulatory Landscape

14.  Company Profiles (Top 10)

14.1.   Jindal Stainless Ltd

14.1.1. Business Overview

14.1.2. Key Revenue and Financials (If Available)

14.1.3. Recent Developments

14.1.4. Key Personnel

14.1.5. Key Product/Services

14.2.   Jindal Stainless (Hisar) Ltd

14.2.1. Business Overview

14.2.2. Key Revenue and Financials (If Available)

14.2.3. Recent Developments

14.2.4. Key Personnel

14.2.5. Key Product/Services

14.3.   Viraj Group Ltd

14.3.1. Business Overview

14.3.2. Key Revenue and Financials (If Available)

14.3.3. Recent Developments

14.3.4. Key Personnel

14.3.5. Key Product/Service

14.4.   Shah Alloys Ltd

14.4.1. Business Overview

14.4.2. Key Revenue and Financials (If Available)

14.4.3. Recent Developments

14.4.4. Key Personnel

14.4.5. Key Product/Service

14.5.   Shyam Ferro Alloys Ltd

14.5.1. Business Overview

14.5.2. Key Revenue and Financials (If Available)

14.5.3. Recent Developments

14.5.4. Key Personnel

14.5.5. Key Product/Services

14.6.   Steel Authority of India Limited

14.6.1. Business Overview

14.6.2. Key Revenue and Financials (If Available)

14.6.3. Recent Developments

14.6.4. Key Personnel

14.6.5. Key Product/Services

14.7.   Panchmahal Steel Ltd

14.7.1. Business Overview

14.7.2. Key Revenue and Financials (If Available)

14.7.3. Recent Developments

14.7.4. Key Personnel

14.7.5. Key Product/Services

14.8.   Adhunik Metaliks Limited

14.8.1. Business Overview

14.8.2. Key Revenue and Financials (If Available)

14.8.3. Recent Developments

14.8.4. Key Personnel

14.8.5. Key Product/Services

14.9.   Ambica Steel Ltd

14.9.1. Business Overview

14.9.2. Key Revenue and Financials (If Available)

14.9.3. Recent Developments

14.9.4. Key Personnel

14.9.5. Key Product/Services

14.10. BRG Group

14.10.1.               Business Overview

14.10.2.               Key Revenue and Financials (If Available)

14.10.3.               Recent Developments

14.10.4.               Key Personnel

14.10.5.               Key Product/Services

14.11. Ferro Alloys Corporation Limited

14.11.1.               Business Overview

14.11.2.               Key Revenue and Financials (If Available)

14.11.3.               Recent Developments

14.11.4.               Key Personnel

14.11.5.               Key Product/Services

14.12. Tata Steel Limited

14.12.1.               Business Overview

14.12.2.               Key Revenue and Financials (If Available)

14.12.3.               Recent Developments

14.12.4.               Key Personnel

14.12.5.               Key Product/Services

14.13. Visa Steel Limited

14.13.1.               Business Overview

14.13.2.               Key Revenue and Financials (If Available)

14.13.3.               Recent Developments

14.13.4.               Key Personnel

14.13.5.               Key Product/Services

14.14. Laxcon Steels Limited

14.14.1.               Business Overview

14.14.2.               Key Revenue and Financials (If Available)

14.14.3.               Recent Developments

14.14.4.               Key Personnel

14.14.5.               Key Product/Services

15.  Strategic Recommendations

16.  About Us & Disclaimer

The data given for any year represents the market during the period, i.e., 1st April of the former year to 31st March of latter year. Eg: For FY2023E, the data represents the period, 1st April 2022 to 31st March 2023.

Figures and Tables

Frequently asked questions

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Jindal Stainless Ltd, Jindal Stainless (Hisar) Ltd, Viraj Group Ltd, Shah Alloys Ltd, Shyam Ferro Alloys Ltd, Steel Authority of India Limited, Panchmahal Steel Ltd, Adhunik Metaliks Limited, Ambica Steel Ltd, BRG Group, Ferro Alloys Corporation Limited, Tata Steel Limited, Visa Steel Limited, and Laxcon Steels Limited are one of the leading players in the India Stainless Steel Market.

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The 200 series grade steel is expected to rise in the upcoming years owing to the austenitic stainless steels of the 200 series having a low nickel content and being remarkably corrosion-resistant. Additionally, this item is well-known for its crucial properties of resistance to high temperatures and strong corrosion resistance and is extensively employed in the heavy industrial and automotive industries.

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The main factors driving the India Stainless Steel market are ease in the development of government investment in infrastructure projects and durability & lifelong material.

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The scarcity of raw materials and them being very expensive & difficult to clean are the major challenges faced by the India Stainless Steel Market.

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Srishti Verma

Business Consultant
Press Release

India Stainless Steel Market is Dominated by 200-Grade Series Segment and is Projected to Grow at a Strong CAGR Through 2028

Apr, 2023

Highly Durable & Tensile Strength of Steel, followed by Government Investments in Infrastructure Projects are factors anticipated to drive the growth of India Stainless Steel Market.

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