New Delhi, 05th September, 2018: The 58th Annual Convention will be organized in Delhi tomorrow by the Society of Indian Automobile Manufacturers (SIAM) focused on issues influencing Indian automotive industry’s competitiveness and its integration with the global economy. Speaking about the potential of stainless steel usage in the automotive industry, Head Sales, Jindal Stainless, Vijay Sharma said, “The Indian automobile sector is rising fast with an annual growth rate of 15% registered in FY18. Against this backdrop, Jindal Stainless registered an even stronger growth of 25% in this sector in the same financial year, by virtue of its continued investment in innovation and a focus on import substitution. The transformation of the Indian automobile industry is fascinating, considering that auto majors are reducing costs while maintaining the same quality as their international counterparts. While developed nations deploy 19% stainless steel in motor vehicles, developing countries consume it to the tune of 5%”. Currently, Jindal Stainless contributes around 60% to the country’s requirement of stainless steel in automotive sector.
The Indian passenger vehicle manufacturing industry became the fourth largest in the world, with sale increasing to 4.02 million units in 2017. Overall, auto sector consumes nearly 2 lakh tones of stainless steel in a year. This is pegged to grow at a rate of 15% per annum, providing enough scope of growth to domestic producers of stainless steel.
Jindal Stainless is eyeing the auto sector in a big way. The company plans to triple its supplies towards this segment in the next 5 years. According to the 2020 BSVI norms, stainless steel is the most preferred metal for exhausts, the weight of which will increase from 20 to 40 kgs in commercial vehicles.
Stainless steel is the ideal metal for meeting the demands of the automotive industry given its resistance to heat, pressure, and ageing. The aesthetic appeal of stainless steel is another added advantage. The high strength-to-weight ratio and improved slide-ability, higher weldability, and corrosion resistance, even in wet abrasive applications, make it an optimum choice for usage in this sector. It is used in vital components such as vehicle exhaust, disk brakes, catalytic converters and specialized parts of diesel turbochargers.
Apart from this, there is a huge playing field for stainless steel in fuel tanks and bus bodies. Owing to India’s long coast line, stainless steel is the best choice for making bus body frames and panels, ensuring longevity in these highly corrosive environments. Jindal Stainless has successfully developed and deployed stainless steel fuel tanks for commercial vehicles. The metal’s fire resistance (ability to withstand temperatures in excess of 900 degrees centigrade) and cost effectiveness due to it being light weight results in saving fuel costs. All major global bus body manufacturers, such as Volvo, Scania, Optare trust stainless steel, primarily to reduce weight and prolong battery life.