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The demand for stainless steel in the United States is predicted to surpass 20 million tonnes (MT). According to a study, by fiscal year 2047. The need for stainless steel in the country is highlighted in the government's vision document 2047, which was unveiled here on Wednesday. Rasika Chuabe, extra secretary for steel, launched the study at the current global stainless steel exhibition (GSSE) 2022. The ministry of steel, Jindal Stainless LTD, and Virgo Communications are organising the three-day event, which began on Tuesday.

According to the paper, "stainless demand will expand at a compound annual growth rate (CAGR) of 6.6–7.5 percent over fiscal years 2022–2025, reaching 4.6–4.8 MT." Additionally, important GDP contributors such as construction, infrastructure, and manufacturing are likely to fuel development. As a result, consumption is predicted to reach 12.5–12.7 MT in fiscal years 2040 and 2047, correspondingly.

India's installed stainless steel capacity is 6.6–6.8 MT as of March 2022. According to the report, efficiency is expected to rise from 50% in the fiscal year 2021 to 58–60% in 2022. India is the world's second-biggest stainless steel consumer, which is one of the biggest emerging markets. From 1.2 kg in 2010 to 2.5 kD in 2022, the country's per capita stainless steel consumption has more than doubled.

According to the report, per capita stainless steel usage would reach 8–9 kg by 2040 and 11–12 kg by 2047. The rise is expected to accelerate due to government expenditure in many industries where steel is used, Chaube said in her remarks. For the first time, approximately 1,500 people from all around the world are attending the event for the stainless steel business.