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 a steady contribution to the overall industry.

Government Vision:

The Institute of Indian Foundry men 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.

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