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India’s stainless consumption expected to hit 3.4 million tons by 2015
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It’s reported that India’s stainless steel consumption will rise at a compounded annual growth rate of 9.7% to hit 3.4 million tons by 2015, exceeding the global consumption growth rate of 6% to 34.12 million tons, according to Mr. NC Mathur, the senior advisor of Jindal Stainless Limited (JSL).
He added that India’s low per capita consumption of stainless steel was at 2.1 kilogram in the fiscal year 2011/12, reflecting a huge opportunity for the growth in this sector.
It’s known that the country’s stainless steel consumption was mainly driven by the kitchen and catering sectors, consuming 71% of the total production, much higher than a world average of 33%.
Nevertheless, Indian’s industrial consumption of stainless steel was only at 8%, much lower than a world average of 27%. The country’s construction sectors acquired around 4% of the stainless steel consumption against a world average of 16%.
Mr. Mathur expected that India’s stainless steel consumption pattern is expected to change significantly during the country’s 12th Five Year Plan from 2012 through 2017.
He estimated that the domestic constriction industry’s stainless steel consumption would grow at 22% per year; the auto component sector is at 17% and the electronics sector is at 23%.
News Date
6/7/2012 1:18:41 PM
reported by
Nann Cheng
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