Demand for stainless steel in India is growing at a CAGR of 8-9%, according to the Indian Stainless Steel Development Association. India’s lower per-capita consumption of stainless steel, ~2.5 kg against the world average of ~6 kg, highlights an immense untapped potential for stainless steel usage in India.

India became the second largest producer of steel in the world in 2018. Is the growth of stainless steel likely to outpace traditional steel? In what is the growth anticipated, and why? Tier 2 and Tier 3 cities are enhancing their consumption of stainless steel much faster.