In recent years, India has become one of the world’s largest markets for stainless steel forgings. With strong support and encouragement from the Indian government for the manufacturing industry, as well as relatively cheap labor and resources, India’s stainless steel forging industry has gained increasing attention worldwide.
However, due to this significant growth potential, India’s market share is also continuously expanding, affecting the export products of other countries, including China’s imports of stainless steel forgings.
First, let’s take a look at India’s supportive policies for the manufacturing industry. In recent years, the Indian government has launched a series of development plans for the manufacturing industry aimed at making the country an advanced manufacturing power. In these plans, the Indian government has provided manufacturing enterprises with a large number of preferential measures, including tax breaks and subsidies, making India’s manufacturing costs relatively low and more cost competitive. In addition, the Indian government has also provided construction and upgrades of infrastructure such as highways, ports, and electricity to promote India’s export trade.
Driven by national policies, India’s stainless steel forging industry has gradually moved towards rapid development. By the end of 2019, India’s stainless steel forging market size had reached 140 million US dollars, and this number is expected to grow to 320 million US dollars by 2025. Such market growth rates have had a significant impact on other countries’ imports of stainless steel forgings.
The most affected by the Indian market is China’s imports of stainless steel forgings, as China is currently one of India’s main competitors. The Indian government encourages local enterprises to produce and sell stainless steel forgings in various ways, which also leads to the fact that the prices of products produced by local manufacturers are more competitive than those of foreign companies.
Moreover, India also seeks to attract foreign-funded enterprises to invest in the Indian market through such policies, enabling local workers to master the technology of manufacturing stainless steel forgings and improve product quality and processing technology. These measures provide more opportunities and potential for the development of India’s forging industry.
Finally, we need to recognize that China’s imports of stainless steel forgings still play an important role in the Indian market. Although India’s market share is expanding continuously, Chinese products are still superior to Indian manufacturers in terms of price and quality. If China’s stainless steel forging industry can continue to maintain its high-level manufacturing technology and product quality, it still has the opportunity to perform well in the Indian market.
In summary, India’s stainless steel forging market, as an emerging market in the global manufacturing industry, has experienced rapid development under the promotion of national policies. Although India’s success has brought certain challenges to China, China’s stainless steel forging industry still has significant advantages in technology and production capacity, which provides opportunities for Chinese products to succeed in the Indian market.
