Machine Tool Manufacturing Market in India Grows At Fantastic Rates
The Indian machine tool industry has positioned itself on the world market. The current market size for 2016/2017 is estimated at around $ 1.78 billion, of which domestic production accounts for around 47 % of total consumption. The industry recorded a growth of 23 % in the fiscal year 2016/2017, the Association of Machine Tool Manufacturers (IMTMA) reports.
According to the latest Gardner Research Survey 2017, India ranks 12th in global production and 8th in consumption. Politics are driving the industry: in 2014, the Indian government launched its Make in India initiative to boost the manufacturing industry. Under the leadership of Prime Minister Narendra Modi, India attracted companies from around the world by making certain concessions to them.
Defense, Electronics and Automotive Companies Invest in India
The security and aerospace company Lockheed Martin signed an agreement with Tata Advanced Systems Ltd (TASL) for the production of the F-16 Block 70 single-engine fighter jet in India. This is intended to develop India's private production capacity for aviation and defense. The electronics sector has also created a stir. The Chinese smartphone manufacturer Xiaomi recently announced the construction of four new smartphone production plants in the country. In the automotive industry, many global players have set up production plants in India to export their vehicles to other countries. Volkswagen plans to invest around € 1 billion in the coming years to develop six new models.
According to IMTMA President P Ramadas, exports of machine tools from India reached around $ 55.3 million in fiscal 2017. According to him, Indian machines are offered at competitive prices within their segment and can therefore be successfully exported. Some Indian machine tool manufacturers also export to Germany, Turkey, China, the Middle East, Russia and South Korea.
Indian Machine Tool Segment Grows Even More
In the fiscal year 2017/18 (until 31 March), the industry probably grew even faster. "We expect a growth of 25 to 30 %," Ramadas said in an interview with the Internet platform MM International. This trend is expected to continue in the coming years, he continued, provided that the government maintains its supportive policies. "For the coming years, the Indian market is very optimistic about the development of the machining sector," explained the IMTMA president.
As the latest trend in the machine tool sector, Ramadas identified CNC control as the key technology, and more and more sensors are coming into play. Another trend is increasing automation. "Most machine tools work 50 to 60 % of the time in real terms, and we have to make progress in order to make better use of the machines. This will be a trend for the coming years," said the President of the Machine Tool Association.
Ramadas does not see any serious risks for the industry in India in the near future. Electric cars are expected to replace those with combustion engines. "But electric motors also need parts that are manufactured by machine tools. In this respect, the type of machine tools will change in the future, but demand will not change significantly," he predicts. In addition, the machine tool industry serves many other industries, such as defense, road construction, infrastructure, tool and mold making, and aerospace. "All in all, we see no major threat to the machine tool industry in the near future," affirmed the association president.
The latest edition of Amtex, the largest machine tool fair in India, which took place from 6 to 9 July 2018 in New Delhi, was also a success. According to MM International, nearly 20,000 people visited the 450 exhibiting companies. The fair takes place annually and alternates between Mumbai and New Delhi.
This article was first published by MaschinenMarkt
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