Stainless Steel Sector Projected To Grow At 8–9%, Says Abhyuday Jindal

01. Public Infrastructure Spending

As India’s GDP improves through increased investments and growing infrastructure expenditure, stainless steel usage is expected to rise. With the government’s focus on building long-lasting and low-maintenance infrastructure such as bridges and highways, the stainless steel sector is projected to grow at an annual growth rate of 8–9%.

02. Sustainability

As economies shift their focus towards building sustainable and long-lasting infrastructure, and evaluate cost of material over their lifetime, stainless steel emerges as a preferred choice due to its ability to withstand the ravages of time and climatic conditions. Made primarily from recycled scrap, stainless steel can be infinitely recycled, promoting circular economy.

03. Railways

With the focus on making mobility faster, lighter and safer, stainless steel emerges as a clear winner in the choice of material. Government policies such as National Rail Plan, PM Gati Shakti and targeted multi-modal connectivity projects will give a push to stainless steel significantly.

04. Atmanirbharta In Defence And Aerospace

As India strives for self-reliance through the Made in India initiative, emerging sectors such as aerospace and defence will become significant growth areas for stainless steel.

05. Process Industries

As Indian economy matures, its industries are bound to flourish. Being an inert material by inherent nature, stainless steel will be widely used in food and beverage processing, pharma and chemicals, renewable energy and emerging energy focus areas such as hydrogen and ethanol.