The domestic forging industry in India could experience growth of 10-12% due to rising interest rates and an increase in input costs, according to the Association of Indian Forging Industry (AIFI). The association added that the industry might end up with 2.5-2.6 million metric tons of production in 2011. The total production in 2009-10 was 1.8 million metric tons. The Indian forging industry’s goal is to reach production of 4 million metric tons by 2014.
AIFI said that demand from the auto industry, which consumes
approximately 70% of the domestic forging industry’s total production, has
slowed down. The industry has also been negatively affected by sluggish demand
from European markets and cheaper imports from China.
Indian Forging Industry May Grow 10-12%
September 13, 2011