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”
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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