The authors

Asutosh Padhi

Asutosh is a senior partner and the managing partner for McKinsey in North America, leading the firm across the United States, Canada, and Mexico. He also serves as part of McKinsey’s 15-person global leadership team, and is a member of McKinsey’s Shareholders Council, the firm’s equivalent to a board of directors. Since joining the firm, Asutosh has helped high-performing, iconic industrial companies with functional, business-unit, and enterprise transformations, drawing on his strategic, organizational, and operations expertise.

Gaurav Batra

Gaurav Batra previously co-led McKinsey & Company’s Advanced Electronics Practice in the Americas. He advised clients on strategy and margin improvement issues, with a particular focus on commercial excellence, pricing, and distributor and channel management. Gaurav also previously led McKinsey’s Advanced Data Analytics (ADA) initiative in the Advanced Electronics Practice to help drive sustainable performance improvement for the firm’s clients.

Prior to joining McKinsey, Gaurav worked as a senior business manager of corporate development with Capital One, a leading diversified financial services company in the United States.

Nick Santhanam

Nick Santhanam is the CEO & President of Fernweh Group. He was formerly a Senior Partner at McKinsey & Company’s Palo Alto Office, where he led North America’s industrial practice. He has co-authored several pieces of McKinsey’s leading industrials research: McKinsey on Industrials, McKinsey on Food Processing and Handling, and McKinsey on Packaging. He is also on the Advisory Board of Smithsonian Libraries.

In the news

Underappreciated, undervalued, and misunderstood: The new fortune in the Titanium Economy

Investors are learning to love industry again

Financial Times

‘The Titanium Economy’ review: Making it in America

Wall Street Journal

A thriving manufacturing sector is already boosting local economies throughout the U.S.–but it’s often overlooked. Meet the ‘Titanium Economy’


How ‘Titanium Economy’ companies can continue to outperform

Chief Executive

The quiet manufacturing revolution that’s transforming America

Fast Company

Making a difference: Manufacturing offers a world of possibility to the United States
Nick and Gaurav on when the authors first met
How McKinsey helps Titanium Economy companies

Praise for The Titanium Economy

“A brilliant and incisive look at what could be the real key to America’s future economic growth—its industrial manufacturing base.”

—David Rubenstein, co-founder and co-chairman, the Carlyle Group

“In their fascinating new book, The Titanium Economy, Asutosh Padhi, Gaurav Batra, and Nick Santhanam show that manufacturing is in the midst of a renaissance in the US. The stage is set for a resurgence in America’s industrial prowess, but getting there will require some critical changes in both business and government. The Titanium Economy provides the necessary playbook.”

—Alan Murray, CEO, Fortune Media

The Titanium Economy formally recognizes a sector that has long punched above its weight—and one that should be at the vital core of the US economy for years to come. This book should be required reading for anyone passionate about the future of manufacturing. An excellent roadmap for how to win in the twenty-first century.”

—Blake Moret, chairman and CEO, Rockwell Automation

“Industrial technology is crucial to sustaining American innovation and competitiveness. The Titanium Economy provides a roadmap for how to breathe new life into the sector and assure its growth long term.”

—Cindy Niekamp, board member and former senior vice president, PPG Industries

“This book not only amplifies how important manufacturing is to national success, but it also inspires the reader to innovate for customer and stockholder value while advocating for a more adaptive, sustainable planet.”

—David Burritt, president and CEO, US Steel

“The Titanium Economy illustrates the tremendous possibilities advanced technology brings to our world. The sector presents a once-in-a-lifetime opportunity to redefine what it means to deliver value to our customers, communities, employees, and stakeholders. As this book proves, tech-enabled industrial businesses have an opportunity to lay a new cornerstone as we build America’s economic future. We’ve only begun to scratch the surface of our collective potential to make communities more livable, strengthen national security, and advance human discovery on Earth, and beyond.”

—Kathy Warden, chair, CEO and president, Northrop Grumman

“America, take note: it turns out the invisible, mid-cap industrial technology sector is an engine for jobs, innovation, growth, and high returns. The Titanium Economy makes a compelling case and provides a prescription for regaining US-manufacturing leadership. It is a call to action and a great read!”

—Linda Fayne Levinson, chair, Clearpath Robotics, and former director, Jacobs, NCR, Hertz, Western Union, Ingram Micro

“Innovation in manufacturing has been the backbone of the American economy. This is a timely, compelling, and practical exploration of the underappreciated and arguably misunderstood sector—one that is critical to driving inclusive economic growth for the future.”

—Michael Lamach, former chairman and CEO, Trane Technologies

“Technology is more than headline-grabbing Silicon Valley founders, viral smartphone apps, and sleek products. Technology is the driving force behind a renaissance in many sectors—including manufacturing. The Titanium Economy artfully explores the ways technology and manufacturing are intertwined, and the investments needed—especially in a diverse workforce—to help the sector actualize its potential.”

—Reshma Saujani, founder, Girls Who Code, and founder and CEO, Marshall Plan for Moms

“Manufacturing could become the next great driver of economic growth. The Titanium Economy offers a wonderful recounting of the opportunity at hand and a step-by-step guide for turning potential into reality.”

—Susan Doniz, chief information officer and senior vice president, information technology and data analytics, The Boeing Company

Author Talks: How industrial technology is creating a more inclusive economy

McKinsey reveals 35 cutting-edge companies in the industrial tech sector, highlighting a robust “titanium economy” that creates American jobs and fuels innovation through sustainable, inclusive growth.

Related articles


Delivering the US manufacturing renaissance

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US manufacturing: The next frontier for sustainable, inclusive growth

– US manufacturing has an outsize impact on the nation’s economy. How can business leaders harness innovation to revitalize... the manufacturing sector and drive inclusive economic growth?

Want to drive inclusive economic growth? Start with manufacturing

– The decline of the US manufacturing industry has contributed to rising inequality and hurt the country’s global competitiveness—a... revitalization could contribute to sustainable and inclusive growth.

The semiconductor decade: A trillion-dollar industry

– The global semiconductor industry is poised for a decade of growth and is projected to become a trillion-dollar industry by 2030.

Capturing the true value of Industry 4.0

– With digital transformations notoriously difficult to scale up across factory networks, manufacturers may need to slow down to... get ahead in the race to implement Industry 4.0.

How industrial and aerospace and defense OEMs can win the obsolescence challenge

– Complex equipment can last for decades, but internal components such as semiconductors have much shorter life cycles. Navigating... that disparity requires a systematic approach.

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The Titanium Economy

How Industrial Technology Can Create a Better, Faster, Stronger America
By Asutosh Padhi, Gaurav Batra, and Nick Santhanam

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