About the Castings, Forgings and Fasteners Sector
The castings, forgings, and fasteners sector comes under the light engineering products category. This sector forms a crucial part of the manufacturing ecosystem. It contributes immensely to various industries, such as automotive, construction, and infrastructure. Castings involve shaping molten metal into a desired form, while forgings are produced by shaping hot metal through compressive forces. Fasteners, including screws and bolts, play a vital role in assembling components.
In FY 2021-22, the engineering goods sector witnessed remarkable growth, with a substantial year-on-year increase of 50.4%, reaching $795.63 million compared to $529 million in 2019-2020. This surge was noteworthy, especially as light engineering goods were declared the "Product of the Year" by the government during the same period. By November 2022, India's engineering goods exports amounted to US$ 8.07 billion, contributing to the total engineering exports of US$ 112.10 billion in the last fiscal year
Future Outlook of the Castings, Forgings and Fasteners Sector in India
During April-June 2023, engineering goods exports reached US$ 26.81 billion, marking a significant trajectory. By 2030, the sector aims to achieve US$ 200 billion in exports.
Things To Consider Before Investing in the Castings, Forgings and Fasteners Sector
- Overview of the industry: Examine the current condition of the castings, forgings and fasteners sector, including recent growth trends, major players, and any notable technological advancements.
- Market demand: Assess the demand for these light engineering products. You must check both domestic and global demand for the sector’s products. Consider factors such as government initiatives, and global economic conditions of the sector.
- Regulatory environment: Stay informed about the regulatory landscape governing the sector. Regulation changes can influence manufacturing practices, product standards, and environmental compliance, impacting the overall operations and profitability of companies in the sector.
- Technology and innovation: Stay informed about market trends, especially those related to smart technology integration. This must be followed by an understanding of the level of technological innovation within companies, as those embracing new technologies are likely to be more competitive and resilient in the long run.
How To Invest in Castings, Forgings and Fasteners Stocks?
Investing in castings, forgings and fasteners stocks via Angel One is easy. Simply follow these steps:
- Log in to your Angel One account.
- Click on the search icon and look for your desired castings, forgings and fasteners stock.
- Now, place your buy order. Simply click on the ‘Buy’ button, enter your desired quantity, and select the order type.
- To complete your transaction, click on the ‘Buy’ button.
If you don’t have a Demat account with Angel One, you can open one for free online within minutes.
