India Metal Forging Market 9.8 CAGR Growth Outlook 2024-2030

 Key Insights

The India Metal Forging Market size was valued at USD 4.43 USD Billion in 2023 and is projected to reach USD 8.52 USD Billion by 2032, exhibiting a CAGR of 9.8 % during the forecast period. In India, the shaping of metal processes mainly has its process which involves the simultaneous formation as well as the shape of the components generally in an extensive temperature by the use of compressive force which may be generally applied to impart the metal with the presumable strength and durability. The magnificent results of forging metal are broadly utilized in the manufacturing of automotive, airspace, defense, and production fields where the parts should be very accurate in manufacturing. In most cases, the spare parts are the crankshafts, gears, axles, and engine features. The recent times quite a revolution has been coming in the India’s metal forging sector, where the modernization, the automatization and the digitalization are the most recent trends that are all targeted at improving efficiency and quality. Indigenous die-forging elements which are present in the working of the product include dies, presses, hammers, and furnaces that facilitate the formation of superior quality forged parts. The expanded and diverse industrial sector in India coupled with the increasing modernization of the domains builds a solid foundation for the expected rise in the demand of the steel forging market segments since allocated parts made of metal are broadly used in different areas of the industry to make sure these segments run smoothly and have a long life and efficient performance.

India Metal Forging Trends

• Increasing adoption of metal forging in the automotive sector for the production of components such as crankshafts, connecting rods, and gears.
• Growing demand for metal forging in the industrial sector for the production of components such as valves, pumps, and flanges.
• Adoption of advanced forging techniques such as closed die forging and open die forging to improve the quality and efficiency of the forging process.

Driving Forces: What's Propelling the India Metal Forging Market

• Growing automotive production in India.
• Increasing investments in infrastructure and construction projects.
• Government initiatives to promote the manufacturing sector.
• Adoption of advanced technologies in the forging industry.

Challenges and Restraints in India Metal Forging Market

• Dependence on imported raw materials.
• Fluctuating prices of raw materials.
• Competition from global manufacturers.

Emerging Trends in India Metal Forging

• Adoption of Industry 4.0 technologies to improve efficiency and productivity.
• Development of new forging alloys and composites.
• Growing demand for lightweight forged components.

Growth Catalysts in India Metal Forging Industry

• Government initiatives to promote the use of local content in the automotive sector.
• Increasing emphasis on research and development in the forging industry.
• Growing demand for forged components in the aerospace and defense sectors.

Market Segmentation: India Metal Forging Analysis

Material:

• Carbon Steel
• Alloy Steel
• Stainless Steel
• Others (Titanium, Aluminum Alloys, and Nickel)

Technique:

• Closed Die Forging
• Open Die Forging
• Ring Forging

Installation Capacity:

• Small (100 MT to 12,500 MT)

Leading Players in the India Metal Forging Market

• Bharat Forge Limited (India)
• CIE Automotive India (India)
• MM Forging LTD (India)
• Amtek Group (India)
• CHW Forge PVT. Ltd. (India)
• Bill Forge Private Limited (India)
• Western India Forgings Pvt. Ltd. (India)
• Unique Forging PVT. LTD. (India)
• Chennai Forge Products PVT. LTD (India)
• Ramkrishna Forgings Limited (India)

Significant developments in India Metal Forging Sector

• May 2022 - Mahindra and Mahindra signed a partnership agreement with Volkswagen to explore equipping its electric cars with motors, battery system components, and cells made by the German automaker. The partnership was aimed on achieving faster growth in the segment.
• May 2022- Ramkrishna Forgings Limited received a multi-year contract order worth USD 13.5 million per annum from the leading manufacturer of chassis-related systems and components primarily for trailers and trailers, trucks, and buses in the U.S.
• April 2022 - Ramkrishna Forgings Limited won an export order with an estimated business value of USD 4.35 million over five years from Europe's leading Tier-1 axle manufacturer for the Front Axle Business.
• April 2022 - Ramkrishna Forgings Limited and Euroasian OEM signed a contract with a valuation of USD 17.8 million or the Heavy Duty Commercial Vehicle Crank Shafts Business to be executed in the next five years.
• February 2022 - Bharat Forge Limited announced that it had agreed to acquire JS Autocast Foundry India. The acquisition would enable Bharat Forge to expand its product portfolio in the industrial sector, customer base, and manufacturing presence in South India. Bharat Forge would acquire JS Auto for an upfront consideration plus a fixed deferred payment at the end of 3rd year.

Comprehensive Coverage India Metal Forging Market Report

The "India Metal Forging Market - Forecast and Analysis 2023-2032" report provides a detailed analysis of the market, including market size, growth trends, drivers, challenges, and key players. The report also provides a comprehensive analysis of the competitive landscape, including company profiles and market shares.

Regional Insight

The India Metal Forging Market is segmented into the following regions:

• North India
• South India
• East India
• West India

Consumer Side Analysis

The consumer side analysis includes the following:

• Consumer buying behavior
• Consumer preferences
• Consumer demographics

 Demand Side Analysis

The demand side analysis includes the following:

• Demand drivers
• Demand trends
• Demand forecasts

Import And Export Analysis

The import and export analysis includes the following:

• Import trends
• Export trends
• Trade balance

Pricing Strategies

The pricing strategies analysis includes the following:

• Pricing models
• Pricing trends
• Competitive pricing

Segmentation

The segmentation analysis includes the following:

• Market segmentation by product
• Market segmentation by geography
• Market segmentation by end-use industry