11 million tonnes in production in 2018 for the Indian foundry market.
In the global
foundry market, India stands second in terms of production. The Indian
foundry market is a producer of various metal castings and cast components
which is incorporated in industries such as power, agro machinery, automotive,
machine tools, railways, defense, etc.
At present, there are more than 4,500 foundry units out of which
approximately 1500 units have international quality accreditation.
India foundry market insights:
The casting production in India reached a value of 11 million
tonnes in the year 2018. The market has been expanding taking the economy ahead
with a CAGR of ~12.7% by 2023. In the total production foundry market, the
contribution of aluminum castings is nearly around 15% in the count.
This share is projected to see a rise in its market share due to a
shift in the demand from iron to lighter castings materials production. This
change is especially observed in the industry of fuel-efficient and electric
vehicles.
In India, Batala, Jalandhar, Ludhiana, Agra, Pune, Kolhapur,
Sholapur, Rajkot, Mumbai, Ahmedabad, Belgaum, Coimbatore, and Chennai are the
regions which have the major foundry clusters locations. Many of them cater to
end-user specifications and requirements.
While the cluster in Kolhapur and Belgaum are popular for
automotive castings, Coimbatore is known for pump-set castings. Most of India
Foundry market segments are contributing to a steady contribution to the overall
industry.
Government Vision:
The Institute of Indian Foundrymen has put forward a vision for
the Indian foundry market which is expected to encourage rapid growth. Its
initiatives for improving the quality of foundry services is likely to help the
market to become a supplier in the global market.
The growth factors:
Since the demand for foundries is increasing across India, the
research and development projects are increasing to upgrade the technologies
and improve productivity. This is likely to boost the major expansion with the
investments of over INR 10 billion since 2011.
As per foundry market research, the MSME sector contributes to a
major foundry market of India which is also consistent in its growth. The
sector has around 52 million MSME units across the economy. Most part of the
MSME sector is based out of rural areas encouraging rural workforce.
There’s lack of technological advancements as the major part of
the foundry market has small and medium level enterprises. It becomes a hurdle
for them when it comes to contributing to the global foundry market.
Contact
Details:
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