PUBLISHER: Grand View Research | PRODUCT CODE: 1511812
PUBLISHER: Grand View Research | PRODUCT CODE: 1511812
The India metal stamping market is anticipated to reach USD 6.74 billion by 2030 and is projected to grow at a CAGR of 5.7% from 2024 to 2030, according to a new report by Grand View Research, Inc. The demand for metal stamping is driven by the growing need for construction components from India's construction industry. In June 2022, the Ministry of Road Transport & Highways, Government of India, launched 15 national highway projects totaling USD 1.7 billion in value. In addition, to incentivize investments in infrastructure and spur states for complementary policies, a 50-year-old interest-free loan issued to the State Governments a few years earlier has been continued for another year with an enhanced outlay of USD 16 billion.
The growing telecommunications industry in the country is a significant driving factor of market growth as metal stamping is used for tiny yet critical parts that go into devices such as cell phones, routers, main switching systems, and others. For instance, as per Invest India, the telecom industry in India is the second largest worldwide, with a subscriber base of 1.079 billion as of December 2023, and still has a largely untapped market offering tremendous revenue potential. The industry's rapid growth in the last few years has been mainly driven by affordable tariffs, expanding 3G and 4G coverage, wider availability, favorable consumer patterns, and supportive government initiatives.
The broad range of applications metal stamping has in numerous industries such as automobile, electronics, industrial, medical, furniture, hardware tools, aerospace, and energy fosters market growth substantially. These industries have a high demand for applications such as blanking, embossing, flanging, coining, and bending to fulfill their requirements for precision components.