India tooling market is projected to exhibit a growth rate (CAGR) of 8.5% during 2024-2025
Mumbai. Die Mould India, the event showcasing the latest advancements in the die and mould industry, is gearing up for its most monumental edition this year. Organized by the Tool and Gauge Manufacturers Association of India (TAGMA), the 2024 edition promises to be a groundbreaking event, setting new benchmarks in the industry.
The Indian tooling market is primarily driven by the robust expansion of the manufacturing sector in India. As industries such as automotive, aerospace and consumer electronics continue to grow, the demand for high-quality tools and dies also escalates, serving as a primary impetus for the tooling market. Moreover, government initiatives play a vital role in the market. Various incentives and policy reforms are encouraging both domestic and foreign investors to set up manufacturing units, which, in turn, amplifies the demand for tooling solutions.
Die Mould India 2024 is scheduled to take place from February 14th to 17th, at Bombay Exhibition Centre, Mumbai. The exhibition is poised to be the largest gathering of its kind, with over 300 exhibitors converging on a sprawling area exceeding 25,000 square meters. This impressive showcase will feature a diverse range of cutting-edge technologies, products, and solutions spanning various sectors of the die and mould industry.
Commenting on this year’s edition, DevarayaManjunathSheregar, President of TAGMA said, "Die Mould India 2024 represents a pivotal moment for the industry, providing a unique opportunity for stakeholders to explore the latest trends, exchange insights, and forge meaningful partnerships. As we witness unprecedented advancements in technology and manufacturing processes, Die Mould India continues to play a crucial role in driving innovation and progress. The Indian hand tools market, valued at $342.8 million in 2022, is projected to reach $416.2 million by 2029, growing at a CAGR of 4.3%” at during the inauguration of PlastFocus 2024 at YashobhoomiDwarka, New Delhi on 1st February 2024.
“India’s ambitious goal to achieve a $ 1 trillion manufacturing sector by 2030 is not just a numerical target; it’s a testament to the nation’s commitment to economic growth and industrial prowess. As this sector is poised to grow at a robust CAGR of 11% from 2020 to 2030, the hand tools and power tools market play a pivotal role in shaping this trajectory”, he further added.
Continual technological innovation is another cornerstone for market growth as the advent of computer numerical control (CNC) tooling, high-speed cutting tools, and advanced materials, such as tungsten carbide, is pushing the boundaries of what tooling can achieve. These technological strides result in more efficient, precise, and rapid manufacturing processes, further stimulating the market. Additionally, the increasing emphasis on quality and precision in manufacturing outputs is leading to higher standards for tools and dies.
Drawing interest from across the globe, Die Mould India anticipates welcoming representatives from more than 15 different industries, with a robust delegation of over 50 OEMs and public sector units expected to attend. This unprecedented turnout underscores the event's significance as a global platform for networking, collaboration, and innovation.
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