India's stainless steel consumption will rise in the next few years

The consumption of stainless steel in India will reach a compound annual growth rate of 9.7% in 2015, and the consumption in 2015 will reach 3.4 million metric tons, which is faster than the global stainless consumption of 6% to 34.12 million metric tons in 2015. The lower average consumption of stainless steel per capita of 2.1 kg in India in the first half of the year shows that India has great opportunities for development in the stainless steel industry.

Stainless steel consumption in India has been mainly driven by the kitchen and catering segment, consuming 71% of all production, well above the world average of 33%. However, the Indian stainless steel industry consumes only 8%, which is significantly lower than the world average of 27%. The use of stainless steel in the Indian construction industry accounts for only 4% of the country’s stainless steel consumption, which is also lower than the world average of 16%. On the other hand, the current consumption pattern of stainless steel in India is expected to change during the 12th five-year plan of the country (significant changes have taken place in 2012-2017, during which the domestic construction industry is expected to increase by 22% year-on-year, the auto parts industry will increase by 17%, and the electronics industry will increase by 23% annually. %, the above factors will lead to a greater use of stainless steel, so that India out of the kitchen catering segment consumes most of the stainless steel situation.