DUBLIN--(BUSINESS WIRE)--The "India Stainless Steel Market, By Grade (200 Series, 300 Series, 400 Series, Duplex Series and Others), By Product (Flat, Long), By Application (Consumer Goods, Building and Construction), By Region, Competition, Forecast & Opportunities, FY2026" report has been added to ResearchAndMarkets.com's offering.
The Indian Stainless Steel Market stood at USD9.67 billion in FY2020 and is forecast to grow at a CAGR of over 6.87% by 2026, owing to properties like corrosion resistance, tensile strength, and durability of stainless steel.
Rising demand for stainless steel from consumer goods, construction and transportation industry is likely to drive market growth. The properties of stainless steel like high toughness, ductility and low maintenance have resulted in the increased utilization of the product in consumer goods such as cookware, showpieces, and stoves, which in turn is anticipated to push product demand over the coming years.
Stainless Steel Market in India can be segmented based on the grade, product, application and region. Based on grade, the market can be segmented into 200 series, 300 series, 400 series, duplex, and others. 200 series grade leads the market owing to its increasing demand from consumer goods. 200 series grade is cost-effective as it comes at a reasonable price in comparison to other grades because in this grade nickel is replaced by nitrogen and manganese.
The yield strength of 200 series is about 50% higher than that of 300 series. Moreover, increasing demand for stainless steel from various end-use industries, such as chemical, oil and gas, plumbing, energy and construction is predicted to drive the demand for stainless steel during the forecast period.
The companies operating in the market are focusing on expansion and mergers & collaborations to increase their share in the market.
Some of the players in the Stainless Steel Market of India include
- Jindal Stainless Steel Limited
- Jindal Stainless (Hisar) Limited
- Viraj Profiles Limited
- Shah Alloys Limited
- Shyam Ferro Alloys Limited
- Steel Authority of India Limited
- Tata Steel Limited
- Ambica Steels Limited
- Visa Steel Limited
- Laxcon Steels Limited
Years considered for this report:
- Historical Years: FY2016-FY2019
- Base Year: FY2020
- Estimated Year: FY2021
- Forecast Period: FY2022-FY2026
Market, By Grade
- 200 Series
- 300 Series
- 400 Series
Market, By Product
Market, By Application
- Consumer goods
- Building and Construction
- Automotive and Transportation
- Heavy Industry
Market, By Region:
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