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The India - dies and molds market size is estimated to grow at a CAGR of 9.65% between 2022 and 2027. The market size is forecast to increase by USD 1,958.95 million. The growth of the market depends on several factors, such as the new opportunities with aluminum metal injection molding, the automation in the die-casting process, and the high demand for dies and molds from construction activities.
This report extensively covers market segmentation by application (casting, forging, and injection molding) and end-user (automotive, construction, electronics, machine tools, and others). It also includes an in-depth analysis of drivers, trends, and challenges.
India Dies and Molds Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
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 forecast 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 forecast 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 forecast 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. Additonally, 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 1,030.18 million in 2017. 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 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 forecast 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 India dies and molds market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
India Dies And Molds Market Scope |
|
Report Coverage |
Details |
Page number |
136 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.65% |
Market growth 2023-2027 |
USD 1,958.95 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
9.07 |
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., 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. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the 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 Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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