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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. To calculate the market size, the report considers the revenue generated from the production value of castings manufactured by the foundry market in India.
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.
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
18th Guangzhou Die-casting, Foundry & Industry Furnace Exhibition
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