Trends India: Mapping the Market
The estimated market size of the Indian tooling industry for the year 2014/15 is 151,000 mn, with imports contributing to 22 per cent or 33,220 mn, according to a report from Tagma.
The report from the Tool & Gauge Manufacturers Association India (Tagma) further states that the total estimated demand for plastic molds is 40 per cent, for sheet metal 35 per cent, for forging dies 13 per cent and for die casting dies 12 per cent. Through this, it is evident that the die and mold segment plays a vital role in the tooling industry and there is a need to encourage this sector further in order to make ‘India—manufacturing hub by 2020’ a reality.
The strengths of this industry are its flexibility to cope up with changes; manufacturing a wide range of tooling, catering to the needs of various industries; low cost labour, especially engineers and designers; skilled in producing high precision and relatively complex dies and moulds and expertise and experience of years in the tooling segment.
Whereas, its weakness is inadequate production capacity to meet growing domestic demand; poor Infrastructure—limited number of machines and limited try out facility; scarcity of skilled people and their retention; high lead time taken to execute orders; lacking consistency in design creativity and dimensions of tools, standardization; poor financial condition and unavailability of funds to invest in infrastructure and try out facilities, etc.
In terms of opportunity, the increasing entry of MNCs in India in order to make India as a manufacturing hub for their products; consistency in GDP growth; increasing per capita income leading to increased demand for consumer products and thus tooling; increasing international business opportunities; decreasing product life cycles and import substitution opportunity. Threats of this industry are the increasing penetration of imports; increasing in-house toolroom facilities at user end; government unawareness and clueless resulting in unfavorable policies; increasing input costs may impact margins, etc.
Diemould India 2016
It is in this background that Tagma India recently organized Diemould India 2016 in Bengaluru. The four day event showcased the latest technologies and products for its target audience. It is attracted the who’s who of the industry. The 10th edition of this event acted as the perfect business opportunity for all the segments related to the tooling industry and was a grand success.