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- The Growth of Stainless Steel Shim Manufacturing in India: Trends & Insights
India's stainless steel shim production industry is witnessing increased growth driven by industrial growth, development of infrastructure and escalating international demand for precise parts.
Market Growth & Forecast
India's metal shim market contributed around USD 5.1 million in revenues in 2023 with stainless steel shims being the highest revenue-generating product. The market is expected to touch USD 7.3 million in 2030 with a growth between 2024 to 2030 of 5.3% CAGR.
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Key Growth Drivers
Infrastructure & Industrialization: Schemes such as 'Make in India', Smart Cities Mission, and Gati Shakti are fast-tracking infrastructure projects, which is increasing demand in construction, transport, and energy segments for stainless steel shims.
Future Market Insights
Export Opportunity: Being competitive in manufacturing costs and having a skilled workforce places India in a prominent position to export stainless steel shims to markets that demand a balance of cost and quality.
Technological Developments: Indian producers are embracing cutting-edge technologies to manufacture highly accurate shims that conform to strict international standards and improve product quality.
Future Outlook As the capacity of the stainless steel industry is likely to rise from 9.3–9.5 million tonnes in 2030 to 19–20 million tonnes in 2047, demand for stainless steel shims is likely to increase likewise. This growth process hints at the possibility of making India a hub in the production of stainless steel shims and presents the opportunity for local players and foreign investors
