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The India dies and molds market size is estimated to grow by USD 2.47 billion at a CAGR of 10.87% between 2023 and 2028. Aluminum metal injection molding (MIM) is an innovative manufacturing process that offers numerous advantages, including the production of complex and intricate parts with high precision and excellent surface finish. This technique involves injecting molten aluminum into a mold under high pressure, resulting in components with superior strength and dimensional accuracy. Automation is increasingly being integrated into the die casting process, enhancing efficiency and reducing production costs. This technology enables the continuous operation of machines, minimizing downtime and improving overall productivity. Moreover, the construction industry's growing demand for dies and molds presents significant opportunities for MIM manufacturers. With the increasing focus on sustainable and energy-efficient construction materials, aluminum components produced through MIM are gaining popularity due to their lightweight, high strength, and excellent corrosion resistance properties. These factors make aluminum MIM an attractive option for various applications in the construction sector.
India Dies and Molds Market Forecast 2024-2028
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The market encompasses a wide range of products used in various industries for manufacturing components from soft clay to metal. Key product categories include plastic injection molds, blow molds, fiberglass molds, cold heading dies, and extrusion dies. Plastic injection molds are used to produce parts from plastic resin through the injection molding process. Blow molds create hollow parts by injecting molten plastic into a mold. Fiberglass molds are used for creating complex shapes in fiberglass and composite materials. Cold heading dies are utilized in the metal industry for forming and shaping metal components through cold working. Extrusion dies are used in the production of sheet metal and plastic products. The market caters to diverse industries such as the plastics industry, auto components industry, electricals industry, and machine tools industry. Materials used in dies and molds include metals like steels, carbon, and chromium, as well as high-speed steel. Companies like Epic Tool are significant players in the market, providing solutions for various industries. The demand for dies and molds is driven by the increasing production of automotive components, electrical appliances, and machinery. Our researchers studied the data for years, with 2023 as the base year and 2024 as the estimated year, and presented the key drivers, trends, and challenges for the market.
There is a growing use of structural steel across the construction industries. There is a significant increase in new applications of steel due to several technological advancements that have encouraged the dies and molds market to upgrade technology to meet the new requirements. Some of the main factors that are crucial in construction activities include reliability, durability, and safety of steel which can be ensured by the proper welding of the structural steel.
Moreover, one of the main sectors that consumes the most steel across the world is the construction industry. Several types of structures such as residential buildings, multi-level car parking, schools, and high rises, increasingly depend on steel to offer the necessary strength to the overall structure. Hence, such factors are expected to drive India's dies and molds market growth during the market growth analysis period.
There have been significant improvements and advancements in the dies and molds industry due to the integration of simulation technology into the casting process. traditionally the casting process optimization was largely dependent on trial and error which is expensive and time-consuming. However, the advent of simulation technology enables manufacturers to simulate and evaluate different casting scenarios prior to the commencement of production.
Moreover, there is increasing adoption of simulation across the casting process from design to tooling and production. For instance, the simulation is extensively used to determine potential defects and optimize the geometry of the cast to improve its quality. Furthermore, simulation is widely used to optimize the tooling process, as the design of the molds and dies has a major impact on the casting final quality. Hence, such factors are driving the India dies and molds market growth during the market report period.
There has been a significant revamping of industrial manufacturing units, with most traditional factory floor machines being replaced by CNC machines due to the growing demand for commodities. The main advantage of these machines is that they ensure high efficiency, and enhancement in the quality of products which, in turn, leads to customer satisfaction, within a stipulated time.
Moreover, there have been significant upgrades on the factory floor across the country with the adoption of automated machinery and equipment to improve productivity and efficiency. However, there is a shortage of skilled professionals with a certain level of knowledge, expertise, and awareness to operate on such technologies. Hence, such factors are negatively impacting the marekt. therefore, it is expected to hinder the India dies and molds market growth during the forecast period.
The casting segment is estimated to witness significant growth during the market research and growth period. One of the main sectors that significantly contributes to the economic growth of India as well as the key end-user of industrial castings is the manufacturing sector. The manufacturing sector has a significant impact on productivity, innovation, and trade than on employment. Additionally, there is an increasing focus by manufacturing sectors in India on cost-efficiency, coupled with low wage structures, to gain an advantage in the market.
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The casting segment was the largest segment and was valued at USD 1.11 billion in 2018. In addition. there is a rise in investment by the Indian government in developing the manufacturing sector to achieve sustainable economic growth which is significantly fuelling the growth of the casting segment. For instance, there is an increase in demand for manufacturing goods which is fuelling the growth of the overall market for dies and molds in various end-user segments. Another significant end-user of the casting segment is the construction industry. Substantial investments in projects planned by the government are expected to fuel the growth of the construction sector and associated activities which, in turn, will fuel the growth of the casting segment. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the India dies and molds market growth during the market forecast period.
Based on end-user, the segment is classified into automotive, construction, electronics, machine tools, and others. One of the main contributors to the automotive sector in terms of production as well as consumption is the Indian automotive industry. The Indian auto industry is fuelled by various factors such as the young population, low-cost skilled manpower, and dominance in automotive digital technology. Some of the prominent automotive market players in India include Suzuki and Honda offering two-wheelers and four-wheelers. The increasing demand and availability of expertise and potential markets will fuel a rise in local manufacturing activities associated with the automotive industry. Therefore, it will fuel the demand for the production of various components essential for the automotive sector. This, in turn, will fuel the automotive segment which will drive the India dies and molds market during the market forecasting period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Alfa Plast Mould: The company offers dies and molds such as plastic injection molds, compression molds, blow molds, blow molds with D flashing unit and hot runner molds.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
Acme Toolings, Classic Die Tools, CMD Precision Products Pvt Ltd, DIETECH India (P) Ltd., Eltec engineering, G. M. Industries, Godrej and Boyce Manufacturing Co. Ltd., Greatoo Intelligent Equipment Inc., Hongyi JIG Rapid Technologies Co. Ltd., Jekmin Industries, JPM Group, NAGATA AUTO PARTS Co. Ltd., Tooltech Global Engineering Pvt. Ltd., Vikas Industries, Janki Die and mould solutions, Leo Precision Pvt Ltd., Precision Moulds and Die Pvt. Ltd., Sahil Tech Ltd., and Sanco Dies and Moulds Pvt. Ltd.
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Companies are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
The Dies and Molds market encompasses a wide range of products used in various industries for manufacturing components from different materials. Soft clay dies are utilized in the production of ceramic items, while Plastic injection molds are essential for creating parts from resin in the plastics industry. Concrete items, including SUV bodies and other automotive components, are formed using metal stamping dies. Blow molds and fiberglass molds are used for producing containers and car parts made of carbon fiber products. In the metalworking sector, SelfLube dies are employed for metal stamping and forming processes, reducing the need for lubrication. Cold heading dies and thread dies are used for producing fasteners and other components from metals like steel rods. Die Casting is a process that uses molten metal to create complex parts using dies. Metal stamping dies and metal stamping processes are used in the automotive, auto components, electricals, machine tools, construction, and other industries. Epic Tool, a leading player in the market, offers a wide range of dies for various applications, including Plastic injection molds, Extrusion dies, and Die Casting dies. The market for dies and molds is expected to grow significantly due to the increasing demand for automotive components, SUVs, and other machinery. Rapid tooling systems, such as Automotive Mould and Tire Mould, are also gaining popularity due to their quick turnaround time and cost-effectiveness. Adval Tech Holding and other key players are investing in research and development to improve the efficiency and durability of dies and molds, further fueling market growth.
Industry Scope |
|
Report Coverage |
Details |
Page number |
133 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.87% |
Market growth 2024-2028 |
USD 2.47 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.53 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acme Toolings, Alfa Plast Mould, Classic Die Tools, CMD Precision Products Pvt Ltd, DIETECH India (P) Ltd., Eltec engineering, G. M. Industries, Godrej and Boyce Manufacturing Co. Ltd., Greatoo Intelligent Equipment Inc., Hongyi JIG Rapid Technologies Co. Ltd., Janki Die and mould solutions, Jekmin Industries, JPM Group, Leo Precision Pvt Ltd., NAGATA AUTO PARTS Co. Ltd., Precision Moulds and Die Pvt. Ltd., Sahil Tech Ltd., Sanco Dies and Moulds Pvt. Ltd., Tooltech Global Engineering Pvt. Ltd., and Vikas Industries |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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