India Stainless Steel Flat Products Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2023 – 2033

The India Stainless Steel Flat Products Market is segmented By Product (Hot Rolled Sheets, Cold Rolled Sheets, Coated Sheets, Steel Plates, Steel Strips), By Application (Automotive, Construction, Consumer Goods, Industrial Machinery, Energy & Power, Others), and By Geography (North, Northeast, East, Central, West, South).

  • Report ID : MD2971
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  • Pages : 220
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  • Tables : 47
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  • Formats :

The India Stainless Steel Flat Products Market shall reach a value of INR X Crores in 2033, growing with a CAGR of 4.7% during the forecast period of 2023 to 2033
The Market of Stainless-Steel Flat Products in India is an expeditiously growing segment in the Stainless-Steel Industry. India, being a developing economy, the manufacturing sector of the country is expanding at an exponential rate. The primary industries that utilize stainless steel Flat Products in India constitute Automotive, Construction, Consumer Goods, Industrial Machinery, and Energy & Power Industries. The market has been driven by factors like rising disposable income, changing lifestyle patterns, and government initiatives promoting infrastructure and residential development.


Government’s Initiatives to Support the Stainless-Steel Industry
The Indian Government has recently launched initiatives to promote the stainless-steel industry, including the National Steel Policy and the Make in India Initiative. The National Steel Policy launched in 2017, aims for a holistic development of the industry in the country. This lays down a framework for the companies to increase production capacity, promote healthy competition in the industry, increase employment opportunities, adopt environmentally sustainable practices, and encourage domestic consumption of steel, thereby reducing the dependence on imports.

The Make in India Initiative also lays its prime focus on the stainless-steel industry, to add to the country’s GDP. Government Funds and Schemes like Steel Development Fund launched with a corpus of Rs. 200 crores, promote the adoption of new technology and inculcate undertaking R&D activities. The Ministry of Steel of India and the Ministry of Economy, Trade, and Industry of Japan signed a Memorandum of Cooperation in FY 2021 to strengthen the steel sector through joint initiatives. Later, in the same year, India and Russia inked an MoU to collaborate on steel R&D and coking coal production (used in steelmaking).

Growing Demand from End-Use Industries
Stainless-steel Flat Products have the property of corrosion resistance making them suitable for application in underwater plants and areas with exposure to high moisture, especially in regions with continuous monsoons. According to the rating given by CARE, a profound rating agency in India showed that the application of stainless steel flat products accounted for an average of 48% of the total stainless-steel production in 2023. Flat steel products are used in the construction of beams, columns, trusses, and other structural elements in buildings, bridges, and infrastructure projects. Steel sheets are often used for roofing and cladding applications, providing durability, weather resistance, and aesthetic appeal. A vast majority of sports cars, executive cars, or utilitarian cars’ bodies are made of flat steel, making the automotive industry a consumer of over 10% of the total steel produced. Steel sheets are incorporated in the manufacturing of home appliances, such as refrigerators, washing machines, ovens, and dishwashers. Steel strips and plates are employed in the production of hand tools, power tools, cutting blades, and equipment parts. The construction of pipelines, storage tanks, offshore platforms, and processing equipment for the oil and gas industry, all require flat steel products. Steel plates are utilized in power plants, including thermal power, nuclear power, and renewable energy installations, for boiler components, turbine housings, and support structures. They are even used in the manufacturing of food and beverage cans, aerosol cans, drums, and other containers requiring strength, formability, and corrosion resistance.

Flat Steel leads the finished products steel market, catering to exports
India leads as the 8th steel exporter in the global market, accounting for a total of 17.1 MT in total steel exports, under which finished steel products account for approximately 10.8MT in 2021. The majority export of flat steel from India is to Italy, Belgium, UAE, Nepal, and Vietnam among others. Flat products account for over 50% of India’s Steel exports followed by semi-finished and long products. The market also expects that with the Russian invasion of Ukraine and subsequent sanctions on the former, a steel shortage in Europe is expected which should result in a price rise. Indian mills are stepping in to fill the supply gap, as JSPL’s total production, a known player in the market, is targeted toward the export market. Irrespective of the massive production in India some flat steel used for the automotive industry is imported. In the case of automobiles, high-grade steel which accounts for about 10% of the steel used in the production of automobiles is imported as it meets safety standards. In addition to this, quality, and consistency issues with domestically produced high-grade steel also leads to imports of this high-grade variety of steel.

Regional Analysis
The market of Flat Steel Products in India is spread across various states of the country. The demand for the products depends on the key infrastructural projects, industrial development, and residential projects. In the northern region, key states of Delhi, Punjab, Haryana, Uttar Pradesh, Uttarakhand, Rajasthan, and Jammu and Kashmir have witnessed dramatic growth in the automotive and infrastructure development industry. The eastern region is home to some major flat steel manufacturers including SAIL, Essar, and TATA Steel. The Southern region of India is expecting tremendous growth in infrastructure projects along with government initiatives like the development of Metro systems, ports, and urban development initiatives. Key producers in South India are JSW Steel Limited and Salem Steel Plant (SAIL).


Competitive Landscape
The Stainless-Steel Market in India is highly competitive with both large and small players. The key market players make the industry highly dynamic in nature. JSW Steel Ltd, SAIL, TATA Steel Group, Essar Steel Group, RINL, and Jindal Steel and Power Ltd are a few of the top flat steel producers in India. These top 6 producers account for more than 50% of total production. SAIL is one of the largest state-owned steel producers in India and has a significant presence in the infrastructure, construction, and automotive sectors. Tata Steel leads the private sector steel market and has a strong domestic and international presence, supplying flat steel products to various industries and countries, including automotive, construction, and infrastructure. Essar Steel caters to various industries, including automotive, infrastructure, and consumer goods. JSPL is a private-sector steel producer with a presence in the flat steel segment. It operates steel plants in Chhattisgarh and Odisha, manufacturing a range of flat steel products, including hot-rolled coils, plates, and sheets.

Recent Strategic Developments

  • The commerce ministry recommended the continuation of 18.95% countervailing duty (CVD) on certain flat-rolled steel products imported from China for five years to guard domestic manufacturers against subsidized imports; April 2023.
  • A rise of sustainable and intelligent packaging solutions is surging the demand for Stainless Steel Water Bottles, fueling the market to reach US$ 2,330 million by 2033.
  • According to the CRISIL Ratings Report, Stainless steel demand in India, which accounted for 4 million tons in 2022, is projected to experience a healthy CAGR of 9% in the years 2023-2025.
  • Indian mills have hiked their hot rolled coil export offers on the back of strong sentiment in the European market and price hike expectations from Chinese mills, Jan 2023.
  • India’s finished steel exports more than halved during the first 10 months of the fiscal year that began in April 2022.

Years considered for this report

  • Historical Years: 2021 - 2022
  • Base Year: 2022
  • Forecast Period: 2023-2033


India Stainless Steel Flat Products Market Research Report Analysis Highlights

  • Historical data available (as per request)
  • Estimation/ projections/ forecast for revenue and unit sales (2022 - 2032)
  • Data breakdown for application Industries (2022 - 2032)
  • Integration and collaboration analysis of companies
  • Capacity analysis with application sector breakdown
  • Gross Margin and Profitability Analysis of Companies
  • Business trend and expansion analysis
  • Import and Export Analysis
  • Competition analysis/market share
  • Supply chain analysis
  • Client list and case studies
  • Market entry strategies adopted by emerging companies


India Stainless Steel Flat Products Market Segments

By Shape (Revenue, INR Crores, 2023 - 2033)

  • Hot Rolled Sheets
  • Cold Rolled Sheets
  • Coated Sheets
  • Steel Strips
  • Steel Plates
    • Mild Steel Plates
    • Checkered Plates
    • Boiler Plates
    • Hight Tensile/SAILMA Plates

By Application (Revenue, INR Crores, 2023 - 2033)

  • Automotive
  • Industrial Construction
  • Residential Construction
  • Commercial Construction
  • Food Processing and Catering Facilities
  • Kitchenware and Appliances
  • Industrial Machinery
  • Oil and Gas Industry
  • Energy and Power Generation
  • Chemical and Petrochemical Industry
  • Others

By Geography (Revenue, INR Crores, 2023 – 2033)

  • North
  • Northeast
  • East
  • Central
  • West
  • South

India Stainless Steel Flat Products Market Players

  • TATA Steel
  • SAIL
  • Ambica Steel Ltd
  • Essar Steel
  • Company 5
  • Company 6
  • Company 7
  • Company 8
  • Company 9
  • Company 10

Available Versions of Stainless-Steel Flat Products Market Report:
Global Stainless Steel Flat Products Market Research Report
US Stainless Steel Flat Products Market Research Report
GCC Stainless Steel Flat Products Market Research Report
APAC Stainless Steel Flat Products Market Research Report
Europe Stainless Steel Flat Products Market Research Report

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