GSSE is an apt platform that attracts participation of India’s leading stainless steel producers who come together to showcase sustainable business solutions to end-user industries. The event will further augment usage of the metal mainly in India which is the second largest consumer of stainless steel consumer in the world. The platform presents an exclusive opportunity for manufacturers & suppliers of stainless steel products to meet with potential customers representing 200+ product applications from India and across the globe. It has fast developed as the largest dedicated stainless steel industry stakeholder platform that helps end-user industries to source and network!
Explaining the importance of the event, Vijay Sharma, Director, Jindal Stainless, said, “As the exclusive Title Partner for GSSE, we are looking forward to yet again interacting with fellow stakeholders in the stainless steel ecosystem, including suppliers, users, traders, associations, regulators, and fabricators. Together with these partners, we intend to leverage this event to discuss issues pertinent to the growth of India’s stainless steel industry, and solutions needed to raise the bar for the whole country.”
India is the second largest consumer of stainless steel and one of the fastest growing markets. The country’s per capita stainless steel consumption has more than doubled to 2.5 kg in 2022 fiscal from 1.2 kg in 2010. In 2021-22, the country’s demand for stainless steel was 3.7-3.9 MT and as of March 2022, India’s installed stainless steel capacity is at 6.6-6.8 MT. The capacity utilization is estimated to have improved from 50 per cent in 2021 fiscal year to 58-60 per cent in 2022. The industry is further expected to register a compound annual growth rate (CAGR) of 6.6-7.5 percent over fiscals 2022-2025 and reach 4.6-4.8 MT. Further, the consumption is expected to reach 12.5-12.7 MT and 19-20 MT by fiscal years 2040 and 2047 respectively. Sectors like Construction, Infrastructure and Manufacturing are expected to drive the industry’s growth and become key contributors to the country’s GDP.
The report highlighted that India needs to develop enough capacities while improving the utilisation to meet the estimated demand. The per capita consumption of stainless steel will reach 8-9 kg by 2040 and 11-12 kg by 2047. The growth is set to jump by leaps and bounds owing to the government spending across various sectors where stainless steel is mainly used.
The potential of India market to grow from the current per capita consumption of 2.5 kg of stainless steel to the global standards of 6 kg is enormous considering the vast application in the fast growing sectors in India that includes, ART, ABC, large infrastructure projects, defence, nuclear, energy generation and off course kitchen and consumer segment.
India has shown the fastest CAGR of 8-9% for stainless steel demand over last few decades, which is highest among other global markets. The wide range of applications and India’s consumption requirements will help the stainless steel market to grow exponentially in the coming years and also contribute to the economic growth of this country.
GSSE 2023: Highlights
o B2B Exhibition
o 150+ Exhibitors
o Overseas Participation
o 10000+ trade visitors
o 100000 sq. ft. area
o Buyer Seller Meet
o CEO Round Table
o Industry and Technical Conference
o 12+ Knowledge Sessions
o 50+ Industry Speakers
GSSE 2022: Visitor Footfalls
If you want to explore and learn about the advantages of stainless steel for your business, then GSSE 2023 is a must visit for you to witness the latest advances and updates in the stainless steel industry. Visitor Registrations is Open for GSSE 2023. For more information, visit www.gssexpo.com or scan the QR code for simple online visitor registration.
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