Foundry Market in India 2017-2021
About Foundry Market
A foundry is a workshop for manufacturing metal castings, wherein molten or liquid metal is poured into a mold made of metal, sand, or a ceramic substance. The metal casting comprises a hollow cavity of the desired shape to form geometrically complex parts when liquid metal is poured into it. All major metals like iron, magnesium, aluminum, zinc, steel, and copper-based alloys can be used to make castings. Metal castings find applications in cars, trucks, planes, trains, mining and construction equipment, oil wells, pipes, toys, space shuttles, wind turbines, and nuclear plants.
Technavio’s analysts forecast the foundry market in India to grow at a CAGR of 10.08% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the foundry market in India for 2017-2021. To calculate the market size, the report considers the revenue generated from the production value of castings manufactured by the foundry market in India.
Technavio's report, Foundry Market in India 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
Technavio Announces the Publication of its Research Report – Foundry Market in India 2017-2021
Technavio recognizes the following companies as the key players in the foundry market in India: Electrosteel Castings, Hinduja Foundries, Nelcast, and Rail Wheel Factory.
Other prominent vendors in the market are: Ashok Iron Works, Brakes India, Cooper, DCM Engineering, Jayaswal Neco Industries, Kirloskar Ferrous Industries, Mahindra Hinoday Industries, Sakthi Auto Components, Tata Motors (Production Engineering), and Welcast Steels.
Commenting on the report, an analyst from Technavio’s team said: “One of latest trends in the market is IIF in-plant training program. The IIF has established its center of education and training at Kolkata, which conducts various skill development programs regularly. A modular training program is conducted, which is equivalent to graduating in foundry technology and is also recognized by the Ministry of HRD. The IIF regularly conducts various technical seminars with the help of its 26 chapters spread throughout the country to impart exposure to the best practices and latest development in the foundry technology. Kolhapur chapter has also introduced several skill development programs supported by the local government in association with the polytechnic institute. Such initiative needs to be replicated and upscaled.”
According to the report, one of the primary drivers in the market is make in India initiative. The automobile sector is responsible for generating 60% demand for the casting production in the country. Demand from sectors such as infrastructure, oil, and mining has slowed down. The automobile sector has shown promising growth in India since 2014. The foundries expect growth for both ferrous and non-ferrous castings in defense procurement. The industry needs to invest and increase capacity, though it is approximately operating at 50% excess capacity. The industry should be energy-efficient and have skilled manpower. For instance, all medium and large-scale foundries are planning to have sand reclamation plants for reuse of sand in order to reduce energy consumption during manufacturing process.
Further, the report states that one major challenge in the market is environmental issues leading to increasing environmental cost. Tightening of government regulations on the release of waste produced by foundries in the environment is leading to increased investment in waste recycling process and technologies. This is hindering the growth of the Indian foundry market, as the majority of the Indian foundries are MSMEs with low market capitalization. Foundries are responsible for the emission of harmful and poisonous gases and solid wastes that cannot be reused. The waste products generated depend on the type of molding technology, furnace, and metal used by the foundries during metal casting. Foundries that use non-ferrous and steel metals to produce casting generate harmful waste because of the cadmium, lead, zinc, and other metals present in the waste. Cupola furnaces cause more air pollution than induction furnaces. Also, induction furnace offers precise control on melting process and temperature.
Electrosteel Castings, Hinduja Foundries, Nelcast, Rail Wheel Factory, Ashok Iron Works, Brakes India, Cooper, DCM Engineering, Jayaswal Neco Industries, Kirloskar Ferrous Industries, Mahindra Hinoday Industries, Sakthi Auto Components, Tata Motors (Production Engineering), Welcast Steels.