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India Metal Forging Market Report Overview
The India Metal Forging Market reached a value of USD 5.88 Billion at 2025 and is projected to expand at a CAGR of around 9.90% during the forecast period of 2026-2035. With rising demand from automotive and electric vehicle manufacturing, growing aerospace and defense procurement, large-scale government infrastructure investment, and rapid adoption of Industry 4.0 technologies in forging operations, the market is expected to reach USD 15.11 Billion by 2035.
Market Size & Forecast
- Market Size in 2025: USD 5.88 Billion
- Projected Market Size in 2035: USD 15.11 Billion
- Compound Annual Growth Rate (CAGR) of 2026 to 2035: 9.90%
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| India Metal Forging Market Report Summary |
Description |
Value |
|
Base Year |
USD Billion |
2025 |
|
Historical Period |
USD Billion |
2019-2025 |
|
Forecast Period |
USD Billion |
2026-2035 |
|
Market Size 2025 |
USD Billion |
5.88 |
|
Market Size 2035 |
USD Billion |
15.11 |
|
CAGR 2019-2025 |
Percentage |
XX% |
|
CAGR 2026-2035 |
Percentage |
9.90% |
|
CAGR 2026-2035- Market by Region |
South India |
10.9% |
|
CAGR 2026-2035 - Market by Region |
East India |
10.5% |
|
CAGR 2026-2035 - Market by Raw Material |
Aluminum |
11.4% |
|
CAGR 2026-2035 - Market by Application |
Aerospace |
11.8% |
| 2025 Market Share by Region | North India |
27.7% |
Key Trends and Recent Developments
The India Metal Forging Market is undergoing rapid structural evolution, shaped by industrial policy tailwinds, transformative demand from emerging sectors, and technological modernisation.
In March 2025, Bharat Forge Limited signed the largest national defense contract in the company's history, securing an order for 184 domestically developed Advanced Towed Artillery Gun Systems (ATAGS) from the Ministry of Defense. The contract, valued at approximately 60% of the Ministry's total INR 6,900 crore acquisition, represents a landmark achievement for the Indian forging and defense manufacturing sector. Developed in collaboration with DRDO, the ATAGS is the most advanced 155/52 mm calibre artillery system developed indigenously. This contract underscores the growing role of Indian forging majors in high-value defense procurement under the Atmanirbhar Bharat and Make in India frameworks.
In January 2025, the Indian government announced plans to invest approximately USD 107 billion in infrastructure development, encompassing smart cities, transportation networks, railways, and energy projects. This substantial capital allocation is expected to significantly accelerate demand for forged metal components across construction equipment, rail systems, power generation machinery, and heavy engineering. For the Indian metal forging industry, which has an installed capacity of approximately 38.5 lakh MT, this infrastructure pipeline represents a major long-term demand stimulus, reinforcing the India metal forging market growth trajectory through the forecast period.
In August 2024, Hindalco Industries, one of India's largest aluminium producers, announced a USD 10 billion investment to expand its domestic operations and those of its US-based subsidiary, Novelis Inc. This major capital commitment is directly relevant to India's metal forging sector, as aluminium is a growing raw material for lightweight forged components in automotive, aerospace, and EV applications. Hindalco's expanded capacity is expected to improve the availability and cost competitiveness of aluminium feedstock for Indian forging companies catering to OEMs seeking to reduce vehicle weight and improve fuel efficiency and EV range performance.
In June 2024, Hilton Metal Forging Ltd. commenced production of domestic wagon axles for rail wagons under the Make in India and Atmanirbhar Bharat initiative, aimed at reducing India's dependence on imported railway components. The company reported 32.7% growth in total revenue, reaching INR 139.88 crore in FY2023-24, and announced plans to raise up to INR 100 crore through equity augmentation to fund business expansion. This development highlights the significant opportunity that India's rapidly expanding railway infrastructure presents for domestic forging manufacturers capable of meeting the technical specifications required for rolling stock components.
In April 2024, Ramkrishna Forgings announced its entry into the US electric vehicle sector, securing a significant supply agreement to provide powertrain components for the largest EV manufacturer in the United States. This milestone marked a strategic pivot for the Kolkata-based forging company, leveraging its precision forging capabilities to address the growing demand for high-performance components in the rapidly expanding global EV supply chain. The development reflects the broader transformation underway in India's metal forging industry, as domestic manufacturers pivot from traditional internal combustion engine parts to next-generation EV components.
EV Manufacturing Boom Reshaping India's Metal Forging Demand Mix
India's fast-emerging electric vehicle industry is creating a structural shift in the country's metal forging demand, accelerating the adoption of lightweight, high-strength forged components made from aluminium and titanium. EV manufacturers require precision-forged parts for battery casings, motor housings, suspension systems, and powertrain assemblies that differ significantly from traditional ICE vehicle components. In April 2024, Ramkrishna Forgings secured a supply agreement for EV powertrain components with the largest EV manufacturer in the US, signalling that Indian forging companies can compete at global EV supply chain levels. Hindalco's USD 10 billion expansion announced in August 2024 is expected to significantly improve aluminium feedstock availability, further enabling India's forging ecosystem to scale up EV-grade lightweight component production. These dynamics are a key driver of the India metal forging market growth over the 2025 to 2034 forecast period.
Aerospace and Defense Procurement Drives High-Value Forging Orders
India's growing defence self-sufficiency agenda and its expanding domestic aerospace manufacturing capability are generating high-value forging contracts for leading Indian manufacturers. Bharat Forge's landmark March 2025 award for 184 ATAGS artillery systems, valued at approximately 60% of the Ministry of Defense's INR 6,900 crore acquisition, exemplifies the scale of defense-related forging demand. Parallel to this, India's commercial aerospace sector is growing as global OEMs increasingly source precision titanium and alloy steel forgings from Indian suppliers to benefit from cost advantages and the country's developing aerospace manufacturing standards. These high-complexity, high-margin applications are reshaping the India metal forging market trends toward advanced alloys and tight-tolerance production.
Government Infrastructure Pipeline Sustains Carbon Steel Forging Demand
India's National Infrastructure Pipeline and the broader government infrastructure agenda remain among the most powerful structural demand drivers for the metal forging industry. The January 2025 announcement of a USD 107 billion government infrastructure investment spanning smart cities, transportation, energy, and railway networks will sustain long-term demand for carbon steel and alloy steel forgings used in construction machinery, rail components, and power generation equipment. In June 2024, Hilton Metal Forging commenced wagon axle production under Make in India, capturing domestic railway demand previously served by imports. This India metal forging market outlook points to sustained volume growth in commodity forgings driven by public sector infrastructure capital expenditure through the forecast period.
Industry 4.0 and CNC Automation Upgrading Indian Forging Production Quality
Indian forging manufacturers are increasingly integrating advanced manufacturing technologies to improve dimensional accuracy, reduce material waste, and enhance production throughput. In May 2024, Mitsubishi Electric India introduced the M80LA CNC model, targeting India's growing industrial base with improved precision machining capabilities. Additive manufacturing is also entering the ecosystem, with 3D Monotech introducing the Markforged FX10, the world's first industrial 3D printer capable of producing both metal and high-end composites, into India in November 2024. The India metal forging market forecast increasingly factors in the efficiency gains from IoT-enabled predictive maintenance, AI-driven process optimization, and robotics adoption, which are enabling Indian forging companies to meet the stringent quality benchmarks of global aerospace, defence, and premium automotive customers.
India Metal Forging Industry Segmentation
The Expert Market Research's report titled "India Metal Forging Market Report and Forecast 2026 to 2035" offers a detailed analysis of the market based on the following segments:
Market Breakup by Raw Material
- Carbon Steel
- Alloy Steel
- Aluminum
- Magnesium
- Stainless Steel
- Titanium
- Others
Key Insight: Carbon Steel is the dominant raw material in the India Metal Forging Market, valued for its combination of affordability, high tensile strength, machinability, and suitability for large-scale mass production. It is the material of choice for automotive crankshafts, connecting rods, and axles across commercial vehicles and tractors, as well as structural components for railways and infrastructure. The Indian Railways recorded an improved operating ratio of 98.32% in FY 2024-25, reflecting the scale of the sector's demand for forged components. Aluminium is the fastest-growing raw material segment, driven by the EV industry's focus on lightweighting. Hindalco's USD 10 billion expansion commitment in August 2024 signals significant upstream capacity building to support this demand trajectory.
Market Breakup by Application
- Automotive
- Aerospace
- Oil and Gas
- Construction
- Agriculture
- Others
Key Insight: The Automotive segment is the largest application category in the India Metal Forging Market, accounting for the majority of forged component demand across crankshafts, axles, gears, connecting rods, and transmission parts. India's rapidly growing automotive industry, with a projected CAGR of 10% to 12%, is a primary demand anchor. The Aerospace segment is the fastest-growing application, as India expands domestic aircraft manufacturing capabilities and defence procurement under the Atmanirbhar Bharat initiative. Bharat Forge's March 2025 defense contract for 184 ATAGS artillery systems and Ramkrishna Forgings' April 2024 entry into US EV powertrain supply exemplify this dual-sector transformation. Construction and agriculture also represent significant and stable application segments.
Market Breakup by Region
- North India
- South India
- East India
- West India
Key Insight: South India is the dominant forging region, accounting for approximately 40% of the India Metal Forging Market share. Tamil Nadu and Karnataka anchor this dominance through their robust automotive manufacturing ecosystems, hosting global OEMs including Hyundai, Ford, and Renault, alongside a high density of forging clusters and Tier 1 component suppliers. West India, particularly Maharashtra and Gujarat, hosts several major forging companies including Bharat Forge's primary production facilities in Pune, making it the second most significant region. North India benefits from proximity to railway, construction, and agricultural equipment demand centres, while East India is an emerging growth zone driven by the steel industry and infrastructure investment.
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India Metal Forging Market Share
By Raw Material
Carbon Steel accounts for the dominant share of the India Metal Forging Market by raw material, driven by its extensive use in automotive and infrastructure applications across the country's vast manufacturing base. The material's cost-effectiveness relative to alloyed alternatives and its proven suitability for high-volume production of structural and drivetrain components sustains its leadership position. Aluminium is the fastest-growing raw material segment, supported by India's growing EV industry and the automotive sector's push toward lightweighting. Hindalco's August 2024 announcement of a USD 10 billion investment in expanded aluminium capacity is expected to provide the feedstock supply infrastructure needed to support the industry's shift toward aluminium forgings in EV and aerospace applications.
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By Application
The Automotive segment holds the largest market share in the India Metal Forging Market by application, a position anchored by India's global significance as an automotive production hub. With forged components accounting for critical parts of every commercial vehicle, passenger car, and two-wheeler manufactured domestically, the segment commands a majority of India's total forging output. Aerospace is the fastest-growing application category, powered by rising domestic aircraft procurement, expanding defense manufacturing, and growing global sourcing of precision forgings from India. The March 2025 ATAGS artillery contract and April 2024 EV powertrain supply deal by Ramkrishna Forgings illustrate how Indian forging companies are capturing high-complexity, high-value segments across both defense and commercial aerospace verticals.
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India Metal Forging Market Regional Analysis
South India
South India is the nerve centre of India's metal forging industry, accounting for approximately 40% of the total market share and projected to grow at a healthy CAGR through the forecast period. Tamil Nadu stands out as the most significant forging state, driven by its dense automotive manufacturing base. Global OEMs including Hyundai, Ford, and Renault operate large-scale production facilities in the state, generating sustained high-volume demand for engine components, chassis parts, and transmission systems. Chennai and its industrial corridors host a network of Tier 1 and Tier 2 forging suppliers that have built internationally certified production capabilities. Karnataka complements Tamil Nadu through its aerospace and defence manufacturing base, with suppliers producing precision alloy steel and titanium forgings for aircraft and missile programs. South India's concentration of automotive and aerospace demand, combined with a well-trained engineering workforce and access to port infrastructure for export, makes it the most competitive forging hub in the country. Companies like Chennai Forge Products PVT. LTD and Bill Forge Private Limited are headquartered in this region, reflecting its sustained attractiveness for forging investment.
West India
West India, anchored by Maharashtra and Gujarat, is the second most significant metal forging region in India and home to the country's most globally recognised forging companies. Pune, in particular, serves as India's forging capital, housing Bharat Forge Limited's flagship production complex, which is one of the largest forging facilities in Asia. West India's forging ecosystem benefits from its proximity to India's largest automotive cluster in Pune and Mumbai, which supplies components to virtually every major OEM operating in India. Gujarat hosts a growing number of forging facilities serving the oil and gas, petrochemical, and heavy engineering sectors, capitalising on proximity to major industrial ports and refineries. The India metal forging market outlook for West India is further brightened by the January 2025 government infrastructure investment announcement, which is expected to drive significant demand for structural forgings used in road, bridge, and metro rail construction projects.
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Competitive Landscape
The India Metal Forging Market is moderately fragmented, with a small number of large, vertically integrated forging majors competing alongside a broader ecosystem of mid-sized and specialised regional players. Bharat Forge Limited, the largest player, commands a globally recognised position across automotive, aerospace, and defence forgings. The competitive landscape is evolving as leading players pivot toward higher-value segments including EV components, defence systems, and aerospace forgings, while mid-sized companies focus on niche automotive and agricultural equipment supply chains. Competitive advantages are driven by installed capacity scale, metallurgical expertise, export relationships, and the ability to secure government defense and railway contracts.
Increased adoption of precision forging, CNC machining, and automation is reshaping the competitive field by enabling smaller players to reach the quality standards required by global OEMs and defence agencies. The Make in India and Atmanirbhar Bharat programmes are creating fresh incentive structures for domestic investment, further encouraging capacity expansion and technology upgrades among Indian forging companies aiming to capture import substitution opportunities.
Bharat Forge Limited
Founded in 1961 and headquartered in Pune, India, Bharat Forge Limited is one of the world's largest forging companies and India's undisputed market leader. The company produces a wide range of forged components for automotive, aerospace, defence, oil and gas, and power generation applications. Its March 2025 landmark defense contract for 184 ATAGS artillery systems and its established global export presence across Europe and the United States reflect Bharat Forge's ability to compete at the highest levels of precision forging for both commercial and strategic applications.
CIE Automotive India
CIE Automotive India, the Indian subsidiary of Spain-based CIE Automotive Group, is a leading manufacturer of automotive components including metal forgings, stampings, and machined parts. Operating multiple plants across India, the company serves major global and domestic automotive OEMs with forged components for passenger vehicles, commercial vehicles, and two-wheelers. Its integration into CIE Automotive's global supply chain provides access to international best practices in manufacturing, quality management, and lean production, giving it a strong competitive position in India's growing automotive forging segment.
RAMKRISHNA FORGINGS LIMITED
RAMKRISHNA FORGINGS LIMITED, headquartered in Kolkata, India, is a rapidly growing forging company specialising in precision closed-die forgings for automotive, railway, and industrial applications. The company's April 2024 entry into the US electric vehicle sector, supplying powertrain components to the world's largest EV manufacturer, marked a strategic inflection point, demonstrating the company's capability to produce next-generation EV-grade forged components to global quality standards. RAMKRISHNA FORGINGS' ongoing investment in precision forging technology and CNC machining capabilities positions it as a key beneficiary of India's EV manufacturing expansion.
MM Forging LTD
MM Forging LTD is a leading Indian manufacturer of high-quality forged components, primarily serving the automotive and engineering sectors. The company operates large-scale forging facilities in Tamil Nadu, positioning it at the heart of South India's automotive manufacturing cluster. MM Forging exports a significant share of its output to global automotive OEMs in Europe and North America, reflecting the international competitiveness of its manufacturing processes. The company's proximity to South India's automotive hubs and its established export track record make it a key player in India's automotive forging supply chain.
Other key players in the market are Amtek Group, CHW Forge PVT. Ltd., Bill Forge Private Limited, Western India Forgings Pvt. Ltd., Unique Forging PVT. LTD., Chennai Forge Products PVT. LTD, and Others.
*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.*
Key Findings from the India Metal Forging Market Report
- Comprehensive quantitative and qualitative analysis of the India Metal Forging Market with historical and forecast data spanning 2019 to 2035, covering market size, growth trajectory, key demand drivers, and competitive evolution.
- Detailed segmentation by raw material (Carbon Steel, Alloy Steel, Aluminum, Magnesium, Stainless Steel, Titanium, Others) and application (Automotive, Aerospace, Oil and Gas, Construction, Agriculture, Others), with regional analysis across North India, East India, South India, and West India.
- In-depth competitive landscape profiling major players including Bharat Forge Limited, CIE Automotive India, MM Forging LTD, Amtek Group, CHW Forge, Bill Forge, Western India Forgings, Unique Forging, Chennai Forge Products, and RAMKRISHNA FORGINGS LIMITED.
- Assessment of the electric vehicle-driven transformation in raw material demand, with specific analysis of aluminium and titanium forging growth and the enabling role of Hindalco's USD 10 billion capacity expansion announced in August 2024.
- Analysis of India's defence and aerospace forging opportunity, including Bharat Forge's landmark March 2025 ATAGS artillery contract and the Atmanirbhar Bharat initiative's growing influence on domestic forging procurement.
- Evaluation of government infrastructure investment impact on forging demand, including the USD 107 billion infrastructure pipeline announced in January 2025 and Make in India railway component manufacturing initiatives.
- SWOT analysis, Porter's Five Forces, value chain analysis, key demand and price indicators, and strategic recommendations for companies evaluating entry, expansion, or investment in India's metal forging sector.
Why Choose Expert Market Research?
- Relied upon by global industrials, private equity firms, and strategic buyers for precise, evidence-based market intelligence and long-range forecasts that support high-stakes commercial and investment decisions.
- Research developed by experienced manufacturing and industrials analysts with deep sector expertise, validated through primary research, industry consultations, and rigorous data triangulation.
- Actionable, decision-ready insights directly informing capacity planning, supply chain strategy, M&A evaluation, and government engagement in India's dynamic manufacturing sector.
- Flexible customisation options that allow geographic focus, segment depth, and company coverage to be tailored to specific business or investment objectives.
Call to Action
Access the full India Metal Forging Market report for 2026 and position your business ahead of the industry's most significant growth cycle. From EV-driven aluminium forging demand to defence procurement opportunities and government infrastructure tailwinds, this report gives you the data and intelligence to make confident strategic decisions. Whether you are expanding capacity, entering new application segments, or evaluating sourcing partnerships in India's forging ecosystem, download your free sample today and uncover the opportunities shaping this rapidly evolving market.
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*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.*
Key Questions Answered in the Report
In 2025, the market reached an approximate value of USD 5.88 Billion.
The market is projected to grow at a CAGR of 9.90% between 2026 and 2035.
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.
| REPORT FEATURES | DETAILS |
| Base Year | 2025 |
| Historical Period | 2019-2025 |
| Forecast Period | 2026-2035 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Raw Material |
|
| Breakup by Application |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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