India's domestic stainless steel consumption will grow to reach 20 million tonnes by 2047, SteelMint reports citing Global Stainless Steel Expo attendees.
The drivers will be the construction and manufacturing sectors of the Indian economy, and the implementation of infrastructure projects will also improve performance.
India is the second largest consumer of stainless steel and one of the fastest growing markets. The consumption of stainless steel per capita in the country is 2.6 kg (the world average is 5.7 kg), the plan for 2040 is an increase to 8-9 kg, for 2047 - up to 11-12 kg.
In India, steel production traditionally exceeds domestic consumption by 10 -15%.
The lion's share of steel production in India comes from integrated producers (state-owned companies SAIL and RINL, private Tata Steel, JSW Steel, JSPL and AM/NS India). At the same time, state-owned enterprises demonstrate the highest growth rates of steel production.
