CASTING & FORGING COMPONENTS IN INDIA– MARKET TREND
India is heading towards major growth and transformation with a vision to be a $5 trillion economy by 2024-25. The indicator of an economy’s progression is straight reflection of its manufacturing sector. This sector uses metals to the maximum possible extent and among the metals steel, aluminium, iron, and copper make up most of the metals used. Casting and forging play a significant role in the metals industry.
India being the third-largest Casting producer in the world, will open further opportunities for castings and forging industries both for domestic needs & exports. The casting and forging manufacturing processes are known to give intricate shape to industrial components. The existence of both the processes have been ever since the beginning of the industrial revolution.
Casting and forging are one of the major engineering segments supplying various components to industries such as Automobile, Defence, Aerospace, Petrochemicals, Oil & Gas, Power, FMCG, Marine, Paper, Chemicals & Fertilisers and Mines. In the industry, Forging players are taking initiative to acquire technology, knowledge, experience, and expertise. The Indian Casting and
Forging industry have gone through up-gradation to be in synchronization with the international practices. Given the enormous potential, frontline domestic players have started building up world-scale capabilities by either putting up Greenfield projects or acquiring sick global facilities and turning them around as business solutions for setting up a foreignbusiness in India.
Casting is highly suitable for the mass production of a certain industrial component as the same mould can be reused. On the contrary, Forging is the manufacturing process involving the shaping of metal using localised compressive forces in which thermal and mechanical energy is applied to ingots to cause the alloy to change shape when in a solid state. Research indicates that the Indian metal casting industry is expected to reach $17,608.2 million by 2028 a 6.7% CAGR during 2023-2028. With a similar trend, the Indian metal forging market is expected to reach $8.0 billion by 2029, implying a 10.69% CAGR during 2023-2029.