MUMBAI: Domestic stainless steel demand is expected to reach 20 million tonne (MT) by fiscal year 2047, according to a report.
In 2021-22, the country's demand for stainless steel was 3.7-3.9 MT, as per the 'Stainless Steel Vision Document 2047' released here on Wednesday.
The report was launched by Additional Secretary, Steel, Rasika Chaube at the ongoing Global Stainless Steel Expo (GSSE) 2022.
The three-day event, which began on Tuesday, is organised by Ministry of Steel, Jindal Stainless Ltd (JSL) and Virgo Communications.
The report said it expects, "stainless demand to register a compound annual growth rate (CAGR) of 6.6-7.5 per cent over fiscals 2022-2025 and reach 4.6-4.8 MT."
Further, sectors like construction, infrastructure, and manufacturing -- key contributors to the GDP -- are expected to drive the growth.
Thus, the consumption is expected to reach 12.5-12.7 MT and 19-20 MT by fiscal years 2040 and 2047, respectively.
As of March 2022, India's installed stainless steel capacity is at 6.6-6.8 MT.
The capacity utilisation is estimated to have improved from 50 per cent in 2021 fiscal year to 58-60 per cent in 2022, it said.
The report further said India needs to develop enough capacities while improving the utilisation to meet the estimated demand.
India is the second largest consumer of stainless steel and one of the fastest-growing markets.
The country's per capita stainless steel consumption has more than doubled to 2.5 kg in 2022 fiscal from 1.2 kg in 2010.
The per capita consumption of stainless steel will reach 8-9 kg by 2040 and 11-12 kg by 2047, it said.
The growth is set to jump by leaps and bounds owing to the government spending across various sectors where steel is used, Chaube said in her address.
Over 1,500 participants from all over the world are attending the event which is being held for the first time for the stainless steel industry.