India’s Stainless-Steel Consumption Rises by 4.36% CAGR: Synergy Steels

Synergy Steels, a leading producer of stainless-steel long products in India, has welcomed the recent government data showing a Compound Annual Growth Rate (CAGR) of 4.36% in stainless-steel consumption over the past five financial years. This growth underscores the increasing demand across sectors, driven by the material's sustainability, durability, and cost-effectiveness.

Subhash Chand Kathuria, Managing Director of Synergy Steels, highlighted the shift in demand drivers since FY 2021, with process industries accounting for 25-27%, architecture 18-20%, and automotive and railway sectors 8-10%. He noted that the rise in stainless-steel consumption reflects the industry's resilience and its expanding role in various applications. Kathuria expressed optimism about the government's review of the National Steel Policy (NSP) 2017 and the potential development of a dedicated stainless-steel and green steel policy, which could further boost the industry's competitiveness and economic contribution.

Anubhav Kathuria, Director of Synergy Steels, emphasized the impact of government initiatives like the Production Linked Incentive (PLI) Scheme for specialty steel and the Domestically Manufactured Iron & Steel Products (DMI&SP) Policy in driving industry growth. Looking ahead, he projected that India's stainless-steel market could grow at a CAGR of 8.80% from 2024 to 2032, fueled by cleaner technologies, a shift towards electric vehicles (EVs), and rising demand in the automotive sector. With expected investments in process and digital technologies reaching USD 2.7 billion by 2030, Kathuria anticipated continued momentum in production and demand, supported by a favorable policy environment.