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Report Overview

The India metal forging market size was valued at USD 5.35 Billion in 2024. The industry is expected to grow at a CAGR of 9.90% during the forecast period of 2025-2034 to reach a valuation of USD 13.75 Billion by 2034.

The rising investment in research and development is driving innovations in the India metal forging market. Companies are focusing on the development of advanced alloys and high-strength materials to cater to the growing demand for components in high-performance applications, such as electric vehicles and aerospace. In December 2022, few Indian scientists developed an advanced alloy that helps produce extremely high-value Nd-Fe-B magnets for use in electric vehicles. Research efforts are also directed towards the launch of eco-friendly forging solutions to minimise waste, improve energy efficiency, and reduce environmental impacts.

The integration of Industry 4.0 technologies, such as Internet of Things (IoT)-enabled predictive maintenance, artificial intelligence (AI)-driven quality control, and 3D metal forging simulations, is revolutionising the India metal forging industry growth. In February 2024, a research study introduced DeepForge, a method combining Model Predictive Control with a machine learning model for predicting microstructure changes during closed-die hot forging. Such instances are enhancing efficiency, reducing costs, and improving the quality of forged products. Companies are further investing in automation and digital manufacturing to streamline production processes and meet global standards.

2024

Base Year

2018-2024

Historical Period

2025-2034

Forecast Period

Compound Annual Growth Rate

9.9%

Value in USD Billion

2025-2034


*this image is indicative*

India Metal Forging Market Report Summary

Description

Value

Base Year

USD Billion

2024

Historical Period

USD Billion

2018-2024

Forecast Period

USD Billion

2025-2034

Market Size 2024

USD Billion

5.35

Market Size 2034

USD Billion

13.75

CAGR 2018-2024

Percentage

XX%

CAGR 2025-2034

Percentage

9.90%

CAGR 2025-2034- Market by Region

South India

10.9%

CAGR 2025-2034 - Market by Region

East India

10.5%

CAGR 2025-2034 - Market by Raw Material

Aluminum

11.4%

CAGR 2025-2034 - Market by Application

Aerospace

11.8%

2024 Market Share by Region North India

27.7%

Key Trends and Recent Developments

India Metal Forging Industry Segmentation

The EMR’s report titled “India Metal Forging Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:

Breakup by Raw Material

  • Carbon Steel
  • Alloy Steel
  • Aluminum
  • Magnesium
  • Stainless Steel
  • Titanium
  • Others

Key Insight: Carbon steel dominates the India metal forging industry, primarily due to its affordability, high tensile strength, and suitability for mass production. This steel is extensively used in the automotive sector across crankshafts, connecting rods, and axles in commercial vehicles and tractors. Additionally, the expansion of India's infrastructure and railways sectors is incresing the utilisation of carbon steel forgings for structural components, making it the most widely used forged material in India. According to industry reports, the Indian Railways recorded an improved operating ratio of 98.32% during FY 2024-25.

Breakup by Application

  • Automotive
  • Aerospace
  • Oil and Gas
  • Construction
  • Agriculture
  • Others

Key Insight: The automotive segment leads the India metal forging market, driven by rising usage of commercial vehicles, two-wheelers, and passenger cars. India is the third-largest automobile market globally, driving consistent demand for forgings. Companies, such as Bharat Forge, Amtek Auto, and Ramkrishna Forgings play leading roles in supplying to major OEMs, such as Tata Motors and Maruti Suzuki. The growth of electric vehicles is also creating new opportunities for lightweight aluminium forgings, ensuring that this segment remains dominant and evolving. According to industry reports, electric vehicles accounted for 7.7% of overall automobile sales in 2024, compelling manufacturers to invest in specialised forging technologies to meet the unique needs of electric drivetrains.

Breakup by Region

  • North India
  • South India
  • East India
  • West India

Key Insight: West India is the industrial powerhouse of the India metal forging market, led by Maharashtra and Gujarat, which contribute a major share of the country’s forging output. Pune is home to major players, such as Bharat Forge, Kalyani Group, and Ramkrishna Forgings, making it the largest forging cluster in India. In March 2025, Indian metal forging company Bharat Forge Ltd. disclosed plans of manufacturing indigenous advanced towed artillery gun systems at its manufacturing facility in Jejuri, Pune.

West India also benefits from a well-developed automotive supply chain, presence of OEMs, and port connectivity for exports.

CAGR 2025-2034 - Market by

Region
South India

10.9%

East India

10.5%

West India

XX%

North India

XX%

India Metal Forging Market Share

Higher Application Scope to Drive Alloy Steel Forging Demand in India

Alloy steel is an essential segment in the India metal forging industry on account of its superior mechanical properties, such as higher wear resistance, toughness, and fatigue strength. The railways and defence sectors are significant consumers of alloy steel forgings. Several companies are using alloy steels in high-strength applications, including armoured vehicle parts and railway bogies. In April 2024, Ramkrishna Forgings received an order worth Rs 270 crore from a BHEL-led consortium for supplying bogie frames of Vande Bharat train sets. As India modernises its rail network and boosts defence manufacturing, the alloy steel demand will continue to rise steadily.

Titanium is an emerging segment in India’s forging market, driven by increasing demand in aerospace, defence, and medical sectors to offer excellent corrosion resistance, high strength-to-weight ratio, and biocompatibility. India's growing participation in aerospace manufacturing, through programs, such as HAL’s Tejas fighter jet and ISRO’s satellite components, is creating new demand for titanium forgings.

LNG Imports to Fuel Metal Forging Uptake in Oil and Gas Sector in India

The oil and gas segment in the India metal forging market is likely to gain traction due to higher application in exploration, drilling, and pipeline transport. As India expands its energy infrastructure and increases its LNG terminal capacities, the need for high-performance forged components is growing. According to industry reports, India was the fourth-largest LNG importer worldwide in 2024, accounting for about 7% of the global LNG imports. The push towards self-reliance in oilfield equipment and investments in refinery modernisation is also boosting the forging demand.

India’s agriculture sector is crucial to the forging market, particularly for tractors, harvesters, tillers, and other farm machinery. India is among the largest tractor manufacturers globally, with companies, such as TAFE, Mahindra & Mahindra, and Escorts driving the demand for forged components. The higher government push for mechanised farming and subsidies on agri-equipment is also leading to the rising demand for durable forged components, especially among small and medium forging enterprises that serve the rural economy.

India Metal Forging Market Regional Analysis

Increased Expansion to Boost South India Metal Forging Adoption

South India metal forging market share is likely to expand due to its robust automobile, aerospace, and defence industries. Chennai and Bangalore are increasingly hosting global OEMs and Tier-1 suppliers, further necessitating precision and high-strength forgings. Tamil Nadu, the second-largest auto manufacturing state, is supporting forging companies that supply to Hyundai, Ashok Leyland, and TVS. In January 2024, Bharat Forge signed an MoU with the government of Tamil Nadu for investing Rs 1,000 crore over a period of five years for expanding manufacturing footprint in the state. Karnataka is also growing rapidly, with aerospace forging linked to HAL and ISRO projects.

East India is gaining traction in metal forging due to the rise in mineral-rich states and the presence of large integrated steel plants to supply raw materials crucial for forging. In March 2025, Kolkata-based Ramkrishna Forgings Limited emerged as India's second largest forging firm to supply parts and machined components. The Make in India initiative has also spurred investment in local forging units supporting heavy industries and mining equipment.

Competitive Landscape

Key players in the India metal forging market are focusing on technological innovation, capacity expansion, and export growth. Leading companies are investing in advanced forging technologies, such as precision forging, closed-die forging, and automation to enhance product quality and meet global standards. These innovations reduce waste and improve energy efficiency, which aligns with growing environmental and cost concerns. Capacity expansion is another major strategy, with firms scaling up production facilities to meet rising demand from sectors like automotive, aerospace, and defence. Diversification of product offerings and customized solutions are being used to cater to niche markets and high-value segments. Indian forging companies are increasingly forming strategic alliances, joint ventures, and acquiring firms overseas to access new markets and advanced technologies. Additionally, many players are focusing on enhancing export capabilities by complying with international quality certifications and leveraging trade agreements. These strategies are improving competitiveness, reducing dependence on imports to position India as a global forging hub.

Bharat Forge Limited

Founded in 1961, Bharat Forge Limited is headquartered in Pune, India and is a leading global provider of forged and machined components for automotive, aerospace, railways, defence, and energy. The company offers crankshafts, connecting rods, axle beams, and precision components through advanced forging technologies.

CIE Automotive India

CIE Automotive India, part of the Spain-based CIE Automotive Group, was founded in 1996 and is headquartered in Mumbai. The company provides a wide range of forged, cast, and machined components primarily for the automotive sector with a wide portfolio of crankshafts, camshafts, gears, and suspension components.

MM Forgings Ltd.

Founded in 1946, MM Forgings Ltd is based in Chennai, India and specializes in the manufacture of closed-die steel forgings for the automotive and industrial sectors. The company produces steering knuckles, axle beams, crankshafts, and other precision-forged parts for both domestic and international markets.

Amtek Group

Amtek Group, founded in 1985 and headquartered in New Delhi offers a broad portfolio of automotive components, including forged, machined, and assembled parts. The group serves various sectors, such as automotive, railways, and defense, with products like gear blanks, connecting rods, and cylinder heads.

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players in the India metal forging market are CHW Forge PVT. Ltd., Bill Forge Private Limited, Western India Forgings Pvt. Ltd., Unique Forging PVT. LTD., Chennai Forge Products PVT. LTD, RAMKRISHNA FORGINGS LIMITED and others.

Key Features of the India Metal Forging Market Report

  • Comprehensive quantitative analysis of market size, value, and volume trends
  • Detailed segmentation by material type, end-use industry, and regional performance
  • Competitive landscape covering major players, market shares, and strategies
  • Forecasts up to 2034, highlighting emerging opportunities and industry challenges
  • Analysis of technological advancements, including IoT and eco-friendly forging techniques
  • Insights into policy impacts, trade flows, and investment trends in metal forging

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Call to Action

Unlock valuable insights with our India Metal Forging Market Report. Understand current dynamics, explore industry challenges, and capitalize on growth opportunities with our expert-backed data. Whether you're tracking India metal forging market trends 2025 or identifying emerging sectors like EVs and aerospace, this report is your essential guide. Download your free sample report now to make informed, future-ready business decisions in the metal forging industry.

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

In 2024, the market reached an approximate value of USD 5.35 Billion.

The market is projected to grow at a CAGR of 9.90% between 2025 and 2034.

The key players in the market report include Bharat Forge Limited, CIE Automotive India, MM Forging LTD, Amtek Group, CHW Forge PVT. Ltd., Bill Forge Private Limited, Western India Forgings Pvt. Ltd., Unique Forging PVT. LTD., Chennai Forge Products PVT. LTD, RAMKRISHNA FORGINGS LIMITED and others.

The automotive segment is expected to dominate the market, driven by rising usage of commercial vehicles, two-wheelers, and passenger cars.

The key strategies boosting the market include the growing automotive production, higher technological adoption and focus on energy efficiency.

Report Summary

Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.

Key Highlights of the Report

Please note that the figures mentioned in the description serve as estimates and may vary from the actual figures presented in the final report.

REPORT FEATURES DETAILS
Base Year 2024
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Raw Material
  • Application
  • Region
Breakup by Raw Material
  • Carbon Steel
  • Alloy Steel
  • Aluminum
  • Magnesium
  • Stainless Steel
  • Titanium
  • Others
Breakup by Application
  • Automotive
  • Aerospace
  • Oil and Gas
  • Construction
  • Agriculture
  • Others
Breakup by Region
  • North India
  • South India
  • East India
  • West India
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Supplier Selection
  • Key Global Players
  • Key Regional Players
  • Key Player Strategies
  • Company Profiles
Companies Covered
  • Bharat Forge Limited
  • CIE Automotive India
  • MM Forging LTD
  • Amtek Group
  • CHW Forge PVT. Ltd.
  • Bill Forge Private Limited
  • Western India Forgings Pvt. Ltd.
  • Unique Forging PVT. LTD.
  • Chennai Forge Products PVT. LTD
  • RAMKRISHNA FORGINGS LIMITED
  • Others

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