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Phillips Machine Tools to bring titanium and hi-tech materials to India
Industry News- Dec 04,24
To facilitate the initiative, PMT plans to obtain an import license within six months, a process requiring demonstrable R&D capabilities and specialised equipment.
Phillips Machine Tools (PMT), a subsidiary of the US-based Phillips Corporation, is set to launch a 3D materials division in India to address the country’s scarcity of advanced consumables and raw materials like aerospace-grade titanium. This move is aimed at supporting industries such as defence, aerospace, renewable energy, electronics, healthcare, and clean energy, according to Terrence Miranda, Managing Director.
To facilitate the initiative, PMT plans to obtain an import license within six months, a process requiring demonstrable R&D capabilities and specialised equipment. The new division will operate from a 20,000-square-foot facility in Chakan, Pune. PMT is also sourcing titanium from international markets, including the US and Germany, while exploring regional export opportunities to streamline procurement.
Currently, the company operates facilities in Bengaluru, Pune, and Vadodara, and extends its reach to South Asia, the Middle East, and Malaysia, specialising in metal additive manufacturing. Miranda noted that while India’s consumption of certain alloys is increasing, it remains modest by global standards. PMT aims to position itself as a leader in advanced manufacturing technologies by managing the full cycle of importing, storing, and distributing materials.
“This expansion opens avenues for industries like clean energy, healthcare, robotics, and space exploration,” Miranda said.
India’s precision tool market is projected to grow to $102 billion by 2027, with a CAGR of 9.4% between 2023 and 2028, according to consulting firm Technova. Beyond titanium, PMT plans to introduce advanced 3D-printable materials such as Inconel and high-performance aluminium alloys to support aerospace and defence startups facing import challenges.
PMT is also advancing defence manufacturing capabilities, including the establishment of a forging line for 155mm artillery shells in partnership with a South Korean manufacturer. This initiative, starting this month, will enhance India’s capacity to meet rising global demand for precision defence components.
The installation is part of PMT’s broader collaboration with private-sector companies across Pune, Uttar Pradesh, Bangalore, Gaya, Indore, and Hyderabad. Currently generating $80 million in annual revenue in India and $100 million across South Asia, PMT is targeting a significant scale-up, aiming for $1 billion in revenue, with a stronger focus on the defense sector.
(ET)
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