According to the Indian Stainless Steel Development Association (ISSDA), India's stainless steel consumption reached 4.85 million tons in the fiscal year 2024-25, a year-on-year increase of 8%. The association said the country's stainless steel market remains strong and is one of the fastest-growing globally, despite various challenges.

Rajamani Krishnamurti, President of ISSDA, stated that the current production capacity is 7.5 million tons, with 60% utilization. He said there is substantial production growth potential with supportive policies and continued demand.

ISSDA forecasts stainless steel consumption to climb to 12.5-12.7 million tons by the fiscal year 2040 and 19-20 million tons by the fiscal year 2047, driven by expanding uses in sectors such as green energy, water storage, defense, and aerospace.