Unravelling the Indian casting and forging industries

Castings and Forgings are used to manufacture engines, transmissions and other parts. Moreover, 90% of all manufactured goods and machinery have casting applications. Here is a detailed insight into this industry and the Indian market.

- Sagar Gupta

India is on the threshold of major growth and transformation with a vision to be a $5 trillion economy by 2024-25. It is said that the barometer of an economy's progression is manufacturing. The sector uses metals to the maximum possible extent and among the metals steel, aluminium, iron and copper make up the majority of the metals used in this sector. Talking about metals, casting and forging come to play a significant role in the metals industry. They form two significant portions of the metal sector and can be found in almost every industry possible, from construction to transportation vehicles, medical equipment, aerospace, machinery and much more. Castings are also used to manufacture other components like gears. However, what exactly are Casting and Forging? Casting is the process in which a metal is heated in a furnace until molten. When it liquefies, the liquid metal is poured into a die or a mould to create a component shape.

Casting is highly beneficial for the mass production of a certain part as the same mould can be reused. Forging, on the contrary, is the process in which thermal and mechanical energy is applied to ingots to cause the alloy to change shape when in a solid state. Metal casting is typically done using non-ferrous metals such as Zinc, Copper, Aluminium, Magnesium, Lead, Tin-based alloys and the likes. Research indicates that the Indian metal casting industry reached $11,667.5 million in 2022, and is expected to reach $17,608.2 million by 2028 a 6.7% CAGR during 2023-2028. With a similar trend, the Indian metal forging market size was valued at $3.86 billion in 2021. The market is expected to grow from $4.32 billion to $8.0 billion by 2029, implying a 10.69% CAGR during the forecast period.

History and evolution