"Market Intelligence for High-Geared Performance"
The India metal forging market size was valued at USD 4.43 billion in 2022. The market 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.
Developed in the past, forging is a process of metal forming that has evolved through the integration of innovative techniques. In the process, a metal is deformed with the use of compressive forces such as hammering, rolling, and pressing in controlled conditions for giving the material a desired geometric change. The process produces high-quality metal parts, consisting of alloy steel, stainless steel, and aluminum alloys, with enhanced material strength. The forging process offers a wide range of forging components having different materials, shapes, finishes, and sizes.
In India, forging OEMs offer closed-die forged solutions that are used in the automotive
industry. India's market share in automotive forging is higher than other industries such as industrial machinery, railway, aerospace and defence, and others. The rising demand for the product is due to its application in construction, mechanical equipment, oil & gas, automotive, and aerospace, driving the market growth during the forecast period.
Declined Automotive Production and Sales Hampered the Market Growth
The COVID-19 pandemic had a massive impact on the Indian economy. The economic activities had contracted significantly due to the pandemic resulting in a negative demand shock across nearly all the forging products in India. According to the primary research, in India, roughly 60% of the demand for forged metal products comes from the domestic automotive industry. Therefore, the pandemic induced downturn in the automotive industry due to semiconductor chip shortage, supply chain disruption, and closed manufacturing facilities which hampered the growth of India's domestic automotive and forging industry. For instance, according to the International Organization of Motor Vehicle Manufacturers (OICA), in 2020, the total automotive production volume in India declined by 25% compared to 2019.
Rising Adoption of Automation in Manufacturing to Drive Market Growth
Increasing adoption of the ‘Industry 4.0’ by key players in India metal forging industry to improve efficiency is the ongoing trend in the market. Industry 4.0 is the latest phase in manufacturing digitalization that involves multiple innovations that can be utilized through enhanced connectivity, processing power, and data analysis.
The metal forging industry in India is not much developed in terms of advanced technologies. However, companies such as Bharat Forge, Sansera, and a few others have already adopted Industry 4.0 for their forging lines to boost efficiency.
In addition, collaborative research by partnering suppliers, end users, government, institutes, and other forging companies to enhance or develop significant existing and new technologies is an essential strategy adopted by different OEMs in the forging industry. The rising research and development activities by forging OEMs will aid the India metal forging market growth during the forecast period.
Request a Free sample to learn more about this report.
Increasing Demand for Forged Products in Power, Agriculture, Aerospace, and Defense to Drive Industry Expansion
Indian metal forging industry majorly caters to the high demand for forged products in the automotive sector. However, the recent slowdown in the automotive sector has diverted the focus of the leading metal forging key players on expanding their product portfolio for other non-automotive industries where the demand for forged products is increasing. These non-automotive industries include agriculture, power, and aerospace and defense. Hence, increasing investment and expansion of these sectors is positively influencing the market. The aerospace industry require various high-quality and lightweight metal forged parts. Therefore, increasing demand for critical forged products in the aerospace & defense industry is likely to drive the market growth.
Increasing Export of Forging Products to Drive Market Growth
Globally, India is considered one of the major forging production hubs. The increase in domestic manufacturing capacity and competitiveness is helping India’s exports grow rapidly. According to the Engineering Export Promotion Council of India (EEPC), the forging sector is one of the key sectors for export growth. In addition, government initiatives such as ‘Make in India’ has boosted the manufacturing industry in the region by creating a positive business environment. The key players operating in the Indian metal forging industry are bagging export orders from various economies, which is likely to drive the market growth in India.
Electrification in Automotive Industry to Slow Down the Market Growth
The domestic automotive industry in India is the leading customer for forged products and parts. Approximately more than 60% of the forging units in India are involved in automotive component manufacturing. Therefore, the Indian metal forging market is highly dependent on the domestic automotive industry. Currently, the automotive industry is going through once in a century revolution. Rising environmental concerns, government initiatives to promote green mobility, an increasing number of stringent emission regulations, and rising fuel prices are driving electrification in the automotive industry. Nearly all the leading automakers are focused on developing electric vehicles as future mobility solutions. However, electric vehicles have fewer moving parts and forged components compared to conventional vehicles. Thus, the developments in the domestic automotive industry are likely to hamper the growth of the India metal forging market during the forecast period.
Carbon Steel Segment Holds the Largest Market Share Owing to its Machinability, Good Strength, and Other Properties
Based on material, the India metal forging market is classified into carbon steel, alloy steel, stainless steel, aluminum, magnesium, titanium, and others.
The carbon steel segment holds the largest India metal forging market share owing to its machinability, good strength, and other properties. Carbon steel is mainly used as raw material in forging manufacturing. It is preferred over materials in the automotive industry for manufacturing control arms, rocker arms, and crankshafts. It provides cost-effectiveness for structural application, balancing strength and ductility, malleability, high strength, toughness, temperature resistance, good machinability, wear resistance, and corrosion resistance in a mild atmosphere. These benefits of carbon steel have created tremendous demand in the automotive sector.
The alloy steel segment holds the second-largest market share. The segmental growth is attributed to its high strength and durability. These properties make it suitable for applications where robustness and resistance to wear are crucial, such as in automotive, aerospace, and industrial equipment.
Close Die Segment Dominants Due to its High Precision and Consistency
Based on technique, the India metal forging market is classified into closed die, open die, and ring forging.
The closed die segment holds the maximum market share; it is also called impression die forging. The segmental growth is attributed to its high precision and consistency. Closed die forging allows for high precision and consistency in the production of complex shapes and intricate details. This makes it suitable for manufacturing components that require tight tolerances.
Open die forging is the second-largest technique in the market. This process is increasingly preferred owing to less material waste, better fatigue resistance, valuable cost-saving, reduced chance of error or hole, improved microstructure, continuous gain flow, and finer gain size.
Small (100 MT to 12,500 MT) Segment Leads Installation Capacity Due to Rising Demand for Small Forging Parts
Based on installation capacity, the market is segmented into small (100 MT to 12,500 MT), medium (12,500 to 30,000 MT), and heavy (above 30,000 MT).
The small (100 MT to 12,500 MT) segment holds the largest market share. The small installation capacity segment comprises forging units with a capacity of 100 MT to 12,500 MT. Most of the automotive parts are produced with the help of small installation capacity-based solutions. The rising demand for small forged parts such as connecting rods, yoke ends, rocker arms, control arms, and others boost the growth of the small installation capacity segment.
The medium (12,500 to 30,000 MT) installation segment is anticipated to witness the fastest growth rate during the forecast period. This is due to the inclining focus of players to diversify their product portfolio for non-automotive industries such as industrial machinery, aerospace, mining equipment, and others.
Automotive to be Fastest Growing End-User Due to Rising Growth of Electric Vehicles
Based on end-user, the market is categorized into automotive, aerospace and defense, railway, industrial machinery, marine, and others (agriculture, power, mining, and construction).
The automotive segment is the dominant segment and fastest-growing end-user in the market. The automotive segment comprises all the forging applications in the automotive industry, including demand for all the automotive forging parts such as connecting rods, camshafts, crankshafts, and others. The industry is growing considerably owing to the increasing demand for commercial and passenger vehicles and the growing adoption of electric vehicles. Hence, the rising automotive industry will propel the demand for forged parts and boost market growth.
The aerospace and defence segment holds the second-largest market share. Increasing demand for lightweight aluminum and stainless steel forged parts in the aerospace and defense sector is driving the segment growth.
To know how our report can help streamline your business, Speak to Analyst
Companies Focus on a Wide Range of Product Offerings to Gain Competitive Edge
Major market players include Bharat Forge Limited, CIE AUTOMOTIVE LIMITED, and Ramkrishna Forgings LTD. Manufacturers of metal forging focus on providing forged products for various applications worldwide, such as aerospace, automotive, and other sectors. The companies have a significant presence in various industries, including steel production and forging for automotive and industrial applications.
Bharat Forge Limited is one of the leading metal forging organizations. The company supplies services including automotive, railways, aerospace, marine, oil & gas, power, construction, and mining. The company has a transcontinental presence across ten manufacturing locations spread across India, Germany, Sweden, France and North America. Bharat Forge Limited has the largest repository of metallurgical knowledge in the region and delivers full-service supply capacity to its geographically spread marquee customers from concept to product design, engineering, manufacturing, testing and validation
The report provides a detailed metal forging market analysis and focuses on key aspects such as leading market players, competitive landscape, and vehicle type. Besides, the report includes insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market growth in recent years.
To gain extensive insights into the market, Request for Customization
CAGR of 9.8% from 2023 to 2030
Value (USD Billion)
By Installation Capacity
As per the Fortune Business Insights study, the market size was USD 4.43 billion in 2022.
The market is set to grow at a CAGR of 9.8% over the forecast period (2023-2030)
The automotive segment is the leading segment in the market due to the adoption of passenger vehicles.
Bharat Forge Limited, CIE AUTOMOTIVE LIMITED, and RAMKRISHNA FORGINGS LIMITED are some of the top key players in the market.
Close die forging technique segment held the largest share of the market in 2022.
“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”- U.S.-based biotechnology company focussing on treatment of chronic pain.
“Kudos to your team. Thank you very much for your support and agility to answer our questions.”- Europe-based provider of solutions to automate data centre operations.
“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”- India-based manufacturer of industrial and specialty intermediates with a strong global presence.
“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”- One of the largest cosmetics company in the world.
“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”- U.S. based startup operating in the cultivated meat market.
“We received the below report on the U.S. market from you. We were very satisfied with the report.”- Global hearing aids manufacturer.
“I just finished my first pass-through of the report. Great work! Thank you!”- U.S. based solar racking solutions provider.
“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”- World’s leading advisory firm.
“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”- Germany based machine construction company.
“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”- Japanese manufacturing company of stationery products.
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry