DUBLIN, Dec 1, 2016 /PRNewswire/ --
Research and Markets has announced the addition of the "Foundry Market in India 2017-2021" report to their offering.
The foundry market in India to grow at a CAGR of 10.08% during the period 2016-2020.
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.
- Electrosteel Castings
- Hinduja Foundries
- Rail Wheel Factory
Other prominent vendors
- Ashok Iron Works
- Brakes India
- DCM Engineering
- Jayaswal Neco Industries
- Kirloskar Ferrous Industries
- Mahindra Hinoday Industries
- Sakthi Auto Components
- Tata Motors (Production Engineering)
- Welcast Steels
Key Topics Covered:
Part 01: Executive summary
Part 02: Scope of the report
Part 03: Market research methodology
Part 04: Introduction
Part 05: Market landscape
Part 06: Market segmentation by casting type
Part 07: Market segmentation by end-users
Part 08: Market segmentation by trade
Part 09: Market drivers
Part 10: Impact of drivers
Part 11: Market challenges
Part 12: Impact of drivers and challenges
Part 13: Market trends
Part 14: Vendor landscape
Part 15: Appendix
For more information about this report visit http://www.researchandmarkets.com/research/2dw5mt/foundry_market_in
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SOURCE Research and Markets