India’s stainless steel consumption will rise at a compounded annual growth rate of 9.7% to hit 3.4 million tons by 2015, exceeding the global consumption growth rate of 6% to 34.12 million tons, according to Mr. NC Mathur, the senior advisor of Jindal Stainless Limited (JSL).

He added that India’s low per-capita consumption of stainless steel was at 2.1 kg in the fiscal year 2011/12, reflecting a huge opportunity for the growth in this sector.

It is known that the country’s stainless steel consumption was driven mainly by the kitchen and catering sectors, consuming 71% of the total production, much higher than a world average of 33%.

Nevertheless, India’s industrial consumption of stainless steel was only at 8%, much lower than a world average of 27%. The country’s construction sectors acquired around 4% of the stainless steel consumption against a world average of 16%.

Mr. Mathur expected that India’s stainless steel consumption pattern is expected to change significantly during the country’s 12th Five Year Plan from 2012 through 2017.

He estimated that the domestic constriction industry’s stainless steel consumption would grow at 22% per year; the auto component sector is at 17% and the electronics sector is at 23%.

In related news, India’s per capita steel consumption reportedly reached 57 kg in 2011, surging significantly by 25% in comparison of 45.8 kg in 2007. However, the country’s per-capita steel consumption was still much lower than a world average of 214.7 kg and China’s of 459.8kg. In 2011, the per capita steel consumption in Asia was 238.8 kg; in the EU it was 310kg and in CIS it was 212.3 kg.