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The demand for stainless steel in the country is expected to grow in the range of 7-8 per cent Y-O-Y over the next three years, the Indian Stainless Steel Development Association (ISSDA) said on Wednesday.

The overall consumption of stainless steel reached 4.8 million tonnes in FY25, registering a Year-On-Year (Y-O-Y) growth of about 8 per cent, ISSDA President Rajamani Krishnamurti said at the Global Stainless-Steel Expo 2025 (GSSE 2025).

Around 10,000 industry leaders, policy makers and experts from India and abroad, as well as government representatives, are attending the event.

"India is likely to retain the highest GDP growth among economies of the world. The stainless steel demand is expected to grow by 7-8 per cent in the next 2-3 years," Krishnamurti told participants at the three-day conference.

The per capita steel consumption in India stands at around 3.4 kg as against the world average of over 6 kg, he added.

Low consumption as against the world average provides a great opportunity to the domestic industry as the government's focus remains on infrastructure development in the country, ISSDA President said.

"The areas where opportunities are at the upcoming railways, tunnel projects, ports, airports, roads, highways, and other similar projects. You can target these opportunities," Krishnamurti said to the stakeholders.

The government has significantly boosted its capex. The capex to GDP ratio surged to 3.3 per cent for FY24.

He said the construction market in India is expected to reach USD 1.42 trillion by 2027, expanding at a CAGR of 17.26 per cent up to 2027. Green hydrogen is also a new area where stainless steel will find application, he added.

Speaking further on India's position, he said the country is the second largest consumer of stainless steel in the world, and its melt production is the third largest in the world after China and Indonesia.

On the properties of stainless steel, he said, it is safe for infrastructure projects because of its strength, zero maintenance and life cycle cost, and it is recyclable. 

(This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)