The global tooling industry, including the Indian market, has experienced steady growth post-pandemic. In 2021, the global tool room industry reached USD 80 billion. Within India, the tool room industry is estimated to have a market size of approximately INR 23,600 crore. The Indian Tool Room Industry Analysis, August 2023’ that’s been jointly compiled by TAGMA India and Nomura Research Institute, Ltd has provided some deep insights to it.
Interestingly, around 34% of India's tooling demand is met through imports, primarily from China, South Korea, Japan, and Taiwan, which account for about 80% of these imports. On the export front, India sends approximately 15% of its tooling production to major destinations such as the USA, Spain, Mexico, and Germany.
Commercial Tool Rooms (CTRs) in India have seen a significant growth rate of around 8.1%, while Captive Tool Rooms have grown at a more modest rate of 1.5%. In contrast, imports have remained relatively stable with only minor fluctuations.
As someone involved in the tooling industry, it's fascinating to observe India's progress. Recently, I came across an insightful article in TAGMA Times discussing the dynamic landscape of tooling.
For more details, go through the article on ToolingTales!
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