2032 Forecast: India Metal Forging Market Share & Industry Trends

Acording to Fortune Business Insights the India metal forging market size was valued at USD 4.43 billion in 2022 and is expected to grow from USD 5.08 billion in 2023 to USD 9.75 billion by 2030, exhibiting a CAGR of 9.8% during the forecast period. The India metal forging market is experiencing robust growth driven by rising demand from the automotive, aerospace, defense, and construction sectors. Forging, a manufacturing process involving the shaping of metal using localized compressive forces, is a critical component in producing high-strength and durable metal parts. Forging is a metal forming process that uses compressive forces like hammering, rolling, or pressing to shape materials under controlled conditions. Evolving with advanced techniques, it produces high-strength components from materials such as alloy steel, stainless steel, and aluminum alloys in various shapes, sizes, and finishes. Get a Free Sample PDF Brochure: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/106788

India Metal Forging Market Segmentation:

By Material:
The market is segmented into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others. Carbon steel dominates the market due to its strength, machinability, cost-effectiveness, and widespread use in automotive parts like crankshafts and control arms. By Technique:
Divided into closed die, open die, and ring forging. Closed die forging leads the segment, driven by its precision, consistency, and suitability for complex components requiring tight tolerances. By Installation Capacity:
Segmented into small (100–12,500 MT), medium (12,500–30,000 MT), and heavy (above 30,000 MT). Small capacity units hold the largest share, widely used for producing automotive parts such as yoke ends and connecting rods.

Competitive Landscape:

The India metal forging market is moderately fragmented with a mix of large players and numerous small and medium enterprises (SMEs). Key players focus on expanding capacity, technology adoption, and overseas expansion.

List of the Key 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)

Key Market Drivers:

• Rising Automotive Production: India's expanding automobile sector continues to be a major consumer of forged components, especially crankshafts, connecting rods, and transmission parts.
• Government Infrastructure Push: Investment in highways, railways, and defense equipment boosts demand for forged parts.
• Shift to Renewable Energy: Wind turbines and related components are driving new demand.
• Export Opportunities: India is becoming a key exporter of forged products to North America, Europe, and Southeast Asia.
• Technological Advancements: Adoption of closed-die forging, 3D simulations, and process automation enhances productivity and efficiency.

Key Industry Developments:

May 2022 – Mahindra & Mahindra entered into a partnership with Volkswagen to explore the integration of Volkswagen’s electric vehicle components—such as motors, battery systems, and cells—into Mahindra’s EVs. The collaboration aims to accelerate growth in the electric mobility segment.

May 2022 – Ramkrishna Forgings Limited secured a multi-year contract valued at USD 13.5 million annually from a leading U.S.-based manufacturer of chassis-related systems and components for trailers, trucks, and buses.

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