The die and mould industry plays an eminent role in India’s growing manufacturing sector especially in the country’s rising automotive segment. Machine Market International offers an insight into the business opportunities present in the Asian country for the local die and mould industry.
The estimated market size of the Indian tooling industry for the year FY 2016-17 was around 2,070 million dollars, according to Tool and Gauge Manufacturers Association (TAGMA) report. This industry comprises of press tools, plastic moulds, die casting dies, forging dies, rubber moulds, jigs & fixtures and checking gauges. From this, one can understand that the die and mould segment plays a vital role in the Indian tooling industry and there is a need to further develop this sector for the growth of the country's manufacturing industry.
The die and mould industry caters to a range of sectors such as auto components, automobiles, industrial machinery, defence, railways, medical equipment, etc. When it comes to the automobile sector, India has overtaken Germany to become the fourth largest automobile market in the world, according to the latest global data. India is also poised to be known as an emerging global hub for sourcing auto components and this scenario has changed the dynamics of the country’s die and mould industry.
Geographically, India proves to be the ideal country to become a manufacturing hub as it is closer to key automotive markets such as ASEAN, Japan, Korea and Europe, and hence, vehicles can be exported conveniently. For instance, the automobile major Volkswagen recently rolled out its 1 millionth car from its Chakan plant near Pune in Maharashtra, India. From this facility, cars models such as Ameo, Polo, Vento and Skoda Rapid are built and exported to more than 50 countries!
Recently, the luxury car maker Mercedes Benz has also announced that it will export its mid-size SUV, the GLC to the USA from India owing to the trade war between the USA and China. This move will make Mercedes-Benz, the maiden luxury car manufacturer in India to export its vehicles to the USA. However, there are other automotive companies such as Ford that has plans to withdraw independent operations in the Indian market and instead plans to form a new joint venture company with India-based automobile firm, Mahindra & Mahindra. With this scenario of the market, it’s a win-win situation for the Indian die and mould industry.
On a global scale, the die and mould industry has great significance and this can be witnessed at many trade shows dedicated to this sector. One such exhibition is Moulding Expo, an international trade fair for tool, pattern and mould making that is scheduled to be held in Stuttgart, Germany. If you belong to the die and mould industry, do visit the show.