Heavy Engineering Can Spur Demand in Metal Forming

Heavy engineering sector is lauded as one of the sectors which is closely proximate to manufacturing and infrastructure sectors and is strategically important for India’s economy. It forms the backbone of industrial development as it manufactures machines and equipment for various industries. It is no big secret that machine tool sector relies on demand from heavy engineering sector and vice-versa.

Representing a multi-disciplinary field with numerous end-use applications the sector serves user industry segments such as defence, oil and gas, refinery, nuclear energy, mining, steel, power, petro chemicals, ship building, heavy electric equipment (turbines and boilers), railway coaches, transport equipment, automobile, aircraft, construction equipment, and many more. The sector contributes immensely to the country’s economy in the form of taxes and levies and its growth will no doubt spiral an increase in demand from machine tool industry particularly for sheet metal forming.

The industry is automating core processes and also using robots for material handling to improve quality and stay competitive. The sector provides attractive opportunities as infrastructure investments are expected to increase to Rs.50.2 trillion (US$778.90 billion) in FY18-22**. Innovations and research are changing the landscape of heavy engineering business in India. This bodes well for machine tool industry and especially metal forming sector will be in spotlight as demand from heavy engineering sector kicks in.

** Source : IBEF, Ministry of Commerce & Industry, Government of India