India Stainless Steel Market to Reach USD13.01 Billion By FY2026

1MARKET INTELLIGENCE . CONSULTING

www.techsciresearch.com

2015 – 2025

Published: December 2020

MARKET INTELLIGENCE . CONSULTING


2015 – 2025

Published: March 2021



Published: April 2021



QATAR MEDIUM VOLTAGE

SUBSTATION MARKET- FORECAST &

OPPORTUNITIES

2016 – 2026

Published: February 2021



INDIA STAINLESS STEEL MARKET

FORECAST AND OPPORTUNITIES

FY2016 – FY2026

2© TechSci Research

T a b l e o f C o n t e n t s

S. No. Contents

1. Product Overview

2. Research Methodology

3. Impact of COVID-19 on India Stainless Steel Market

4. Executive Summary

5. Voice of Customer

5.1. Brand Awareness and Brand Recall

5.2. Satisfaction Level

5.3. Factors Considered While Selecting a Supplier

6. India Stainless Steel Market Overview

7. India Stainless Steel Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Grade (200 series, 300 series, 400 series, Duplex, Others)

7.2.2. By Product (Flat and Long)

7.2.3.By Application (Consumer Goods, Building and Construction, Automotive and Transportation, Heavy Industry, Others)

7.2.5. By Region (North, West, East, South)

7.2.6. By Company (FY2020)

7.3. Product Market Map

8. North India Stainless Steel Market Outlook


8.1.1 By Value

2



S. No. Contents


8.2.1. By Grade

8.2.2. By Product Type

8.2.3. By Application

9. West India Stainless Steel Market Outlook


9.1.1. By Value


9.2.1. By Grade



10. South India Stainless Steel Market Outlook


10.1.1. By Value


10.2.1. By Grade



11. East India Stainless Steel Market Outlook


11.1.1. By Value

3



S. No. Contents


11.2.1. By Grade



4

12. Market Dynamics

13.1. Drivers

13.2. Challenges

13. Market Trends and Developments

14. Import and Export Analysis

15. Value Chain Analysis

16. Policy and Regulatory Landscape

17. India Economic Profile

18. Competitive Landscape

18.1. Jindal Stainless Steel Limited

18.2. Jindal Stainless (Hisar) Limited

18.3. Viraj Profiles Limited

18.4. Shah Alloys Limited

18.5. Shyam Ferro Alloys Limited

18.6. Steel Authority of India Limited

18.7. Tata Steel Limited

18.8. Ambica Steels Limited



18.9. Visa Steel Limited

18.10. Laxcon Steels Limited

19. Strategic Recommendations

20. About Us & Disclaimer

5

S. No. Contents Page No.

Product Overview


Product OverviewScope of Interest: Stainless Steel

Review Period

FY2016 – FY2019

Base Year

FY2020

Estimated Year

FY2021

Forecast Period

FY2022 – FY2026

Year RangeSTAINLESS STEEL MARKET

BY GRADE

• 200 series

• 300 series

• 400 series

• Duplex

• Others

BY PRODUCT

• Flat

• Long

BY REGION

• North

• South

• East

• West

Stainless steel is a group of iron-based alloys that contain a minimum of approximately 11%chromium, a composition that prevents the iron from rusting and, in some cases, nickel and othermetals. Different types of stainless steel include the elements carbon, nitrogen, aluminium, silicon,sulphur, titanium, nickel, copper, selenium, niobium and molybdenum.

Market SegmentationBY APPLICATION

• Consumer Goods

• Building and Construction

• Automotive and

Transportation

• Heavy Industry

• Others

7

Research Methodology



✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players, overall market size and

segmental market size in India stainless steel market.

In order to conduct industry experts’

interviews, TechSciformulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about India stainless steel market.

Data Collection

Data Filter& Analysis

Research &Intelligence

ActionableInsights

BusinessSolution

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor Presentations✓ Regulatory Body

Secondary ResearchPrimary Research

9



10

Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of the India stainless steel market. The team

has analyzed the outlook of various segments of this market, while considering the major influencing factors and speculated a

robust growth during the forecast period. The study includes market forecasting, which would enable our clients to take better

decisions while planning their strategy to achieve sustainability in the India stainless steel market.

Methodology Followed for Calculation of Market Size:

Market Size by Value: Market size, in terms of value, for the year FY2020 was calculated based on information collected

through exhaustive secondary research and primary surveys, with various key opinion leaders/stakeholders and industry

experts.

The team interviewed more than 20 companies, 50 industry experts and other value chain stakeholders in the India stainless

steel market to obtain the overall market size during FY2016-FY2020, which was validated by the Delphi technique. Taking

standard deviation into consideration, the market size was averaged out, to arrive at the market size data for FY2016-FY2020.



11

Respondents were asked about the current and future market growth rates, as well as market shares by grade, by product, by

application, by region, and by company. Removing the outlier responses, the geometric mean of growth estimates and

manufacturer wise revenue shares generated across various segments were considered, to arrive at the final revenue shares.

Revenue shares generated across various segments were further triangulated based on data collected through secondary

research and responses received from other stakeholders specific to each segment.

Methodology Followed for Calculation of Market Shares:

Market shares by grade, by product, by application, by region, and by company were calculated based on the responses

received through primary surveys with industry experts, in which the respondents were asked about the market shares of the

leading distribution transformers players. The final shares were calculated by taking the geometric mean of the responses

gathered from key opinion leaders after eliminating the outliers. Moreover, respondents were asked about the leading

companies operating in the India stainless steel market.

Methodology Followed for Forecasting:

TechSci Research performed periodical checks on data collected through the surveys with logical checks and analyzed the

survey results in SPSS/Tableau Software.



12

Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast

the India stainless steel market, TechSci Research used various forecast techniques such as:

o Moving Average

o Time Series Analysis

o Regression Analysis

o Econometric and Judgmental Analysis

TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions.

TechSci Research also used the impact analysis during short, medium and long term period to estimate and analyze market

demand scenario.

Partial List of Companies Interviewed

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

Partial List of Secondary Sources

Company Annual Reports, Press Releases, Industry Magazines, Industry Reports, Company

Websites, TechSci Research Proprietary Database & Knowledge Repository, etc.

*Note: (a) The data given for any year represents the market during the period i.e. 1st April of the previous year to 31st

March of that year. eg: For 2021E, the data represents the period, 1st April 2020 to 31st March 2021.

(b) Sum of some shares may not be 100% due to round off till two decimal places.


Industry Brief

13

According to TechSci Research report, “India Stainless Steel Market By Grade (200 Series, 300 Series, 400 Series, Duplex Series

and others), By Product (Flat and Long), By Application (Consumer Goods, Building and Construction, Automotive and

Transportation, Heavy Industry and Others), By Region, Competition, Forecast & Opportunities, FY2026”, India Stainless Steel

Market was valued at USD9.67 billion in FY2020 and is projected to grow at a CAGR of around 6.87% during FY2021 – FY2026

predominantly due to increased demand from consumer goods and construction sector. The growth of the Stainless Steel Market is

mainly due to the growing construction activities and urbanization in India. Moreover, growing advancements in automotive and

railways sector is further bolstering the growth of the India Stainless Steel Market.

In terms of grade, the India Stainless Steel Market is categorized into 200 series, 300 series, 400 series and duplex series. Among

these, the 200 series grade category accounted for majority in the India Stainless Steel Market in 2020 and it is anticipated to remain

as the largest category throughout the forecast period as well. The growth of the category is majorly attributed to the fact that 200

series stainless steel is less expensive as compared to the other grades and used extensively in consumer goods. However, the

higher grade (300 and 400 series) stainless steel is expected to grow at a faster rate than the 200 series grade owing to the

increased demand from building, construction and transportation sector. Also, the high grade stainless steel is suitable even in

unfavourable conditions, such as high pressure, high temperature, corrosive environment, etc.

Based on the application of stainless steel the market will be dominated by the consumer goods sector owing to the rising

urbanisation and increasing household income. Based on region, the market will see anticipated growth in Northern region of the

country and will be the leader with majority of market share during the forecasted period due to increasing investment in the

construction as well as high population growth in the region.

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., and

others are some of the leading players operating in India Stainless Steel Market. The companies operating in the market are using

organic strategies such as product launches, mergers and collaborations to boost their share.

“India Stainless Steel Market is anticipated to grow at a steady pace during the forecast period. However, the market saw a decline in

production due to lockdowns imposed, but the factors such as growing construction sector and urbanization, demand from

automotive and railways sector, and increased demand for consumer durables in India among others are anticipated to boost the

stainless steel market across the country over the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research,

a research based global management consulting firm.


Sample Data - Snapshot

14

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Value (USD Million)

India Stainless Steel Market Size, By Value (USD Million), 2016-2026F

CAGR 2016-2020By Value: xx%

CAGR 2021E-2026FBy Value: xx%

South India Stainless Steel Market Share, By Grade, By Value, 2016-2026F

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

200 series 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00% 50.00%

300 series 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00% 20.00%

400 series 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00%

Duplex series 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00%

Others 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%

East India Stainless Steel Market Share, By Product, By Value, 2016-2026F

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Flat 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00% 40.00%

Long 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00% 60.00%


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Report Name: INDIA STAINLESS STEEL MARKET

FORECAST AND OPPORTUNITIES

FY2016 – FY2026

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evaluation of the opportunities available in the market.

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