Foundry market in India to grow at a CAGR of 10.77% from 2022 to 2027, Focus on technology upgrades to drive growth - Technavio

NEW YORK, May 17, 2023 /PRNewswire/ -- The size of the foundry market in India is set to grow by USD 15,684.57 million from 2022 to 2027 at a CAGR of 10.77% during the forecast period. The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the focus on technology upgrades. Foundries are investing in new technology and equipment to meet the growing demand for metal castings. The growth of the automotive sector has declined due to rising vehicle prices. Therefore, Indian foundries are expected to achieve various benefits from technology upgrades, including lower power consumption, improved production efficiency, higher utilization rate, and larger profit margins. Such factors are expected to propel the growth of the market during the forecast period. Here is an exclusive report about market scenarios with a historical period (2017-2021) and forecast period (2023-2027). Download a sample report in minutes!

The report on the foundry market in India provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis. 

Foundry Market in India 2023-2027: Market Dynamics

The formation of foundry clusters is a key trend in the market. The Industrial Infrastructure Development Program (IIUS) provides strategic interventions to improve the infrastructure of industrial clusters and their international competitiveness. Under this program, the Indian government provides up to 75% of the project cost for the formation of infrastructure assets within the approved cluster. Each cluster should form a special purpose vehicle (SPV), which must be a separate legal entity incorporated under the Companies/Corporates Act. Such programs are anticipated to support the growth of the market during the forecast period.

The lack of highly skilled manpower is challenging market growth. Many Indian foundries lack skilled workers, such as foundry engineers, pattern makers, and maintenance electricians. Hence, significant investments are required to train employees on various aspects, such as different molding methods, patterns, casting methods, and different furnace techniques. Foundries in India have to invest in expert technicians that work on specific tasks, including pattern makers, hand core makers, shapers, machine core makers, primary sand technicians, and metallurgical assistants, to increase utilization rates. Therefore, realizing the full potential of the market is difficult. These factors are anticipated to impede the growth of the market during the forecast period. 

Foundry Market In India 2023-2027: Market Segmentation

The foundry market in India includes end-user and type.

By end-user, the market is segmented into automotive, electrical and construction, industrial machinery, agriculture, and others. The automotive segment will account for a significant share of market growth during the forecast period. The auto parts industry in India has been growing since 2010 owing to factors such as strong end-user markets, improved consumer sentiment, and a return to satisfactory liquidity in the financial system. India is a major investment destination owing to a stable government framework, improved purchasing power, a large domestic market, and rising infrastructure development.

By type, the market is segmented into gray iron casting, non-ferrous casting, ductile iron casting, steel casting, and malleable casting. The gray iron casting segment will account for a significant share of market growth during the forecast period. Gray iron is a type of cast iron with a graphitic microstructure. It is the most used cast material based on weight and is used for various applications. The specific heat capacity and high thermal conductivity of gray cast iron are used to make cast iron cookware and disc brake rotors. Therefore, due to its advantages and widespread use, gray iron casting is the most common type of casting manufactured by foundries in India. Such factors are expected to drive the growth of this segment during the forecast period.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters - View a sample report

The foundry market in India covers the following areas:

Foundry market sizing in India
Foundry market forecast in India
Foundry market analysis in India

Companies Mentioned

• A Cast Foundry
• Aditya Birla Management Corp. Pvt. Ltd.
• Ashok Iron Works P Ltd.
• Brakes India Pvt. Ltd.
• CALMET
• Cooper Corp. Pvt. Ltd.
• DCM Ltd.
• Electrosteel Castings Ltd.
• Fortune Foundries Pvt. Ltd.
• Gujarat Metal Cast Industries Pvt. Ltd.
• Hackforth Holding GmbH and Co. KG
• Jayaswal Neco Industries Ltd.
• JSW STEEL Ltd.
• Kalyani Group
• Kirloskar Ferrous Industries Ltd.
• Larsen and Toubro Ltd.
• Menon and Menod Ltd.
• Nelcast Ltd.
• Tata Sons Pvt. Ltd.
• The Sanmar Group

Vendor offerings

• Aditya Birla Management Corp. Pvt. Ltd - The company offers steel foundries such as iron casting, grey and SG iron castings, and commercial vehicle parts.
• Cooper Corp. Pvt. Ltd. - The company offers sand and permanent mold foundries used for centrifugal castings, CNC and robot whirring machines, and crankshaft machining.
• DCM Ltd. - The company offers iron foundries used for various categories such as cars, multi-utility vehicles, tractors, light commercial vehicles, heavy commercial vehicles, and earth-moving equipment.
• Electrosteel Castings Ltd. - The company offers iron foundries such as coke ovens, iron pipe coating, cast iron steel pipes, and other ductile iron pipes.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
• Global competitiveness and key competitor positions
• Market presence across multiple geographical footprints - Strong/active/niche/trivial - Buy the report!

Related Reports:

The steel manufacturing market size is estimated to grow at a CAGR of 4.02% between 2022 and 2027. The market size is forecasted to increase by USD 369.6 billion. This report extensively covers market segmentation by end-user (construction, machinery, automotive, metal products, and others), type (flat and long), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

The sheet metal market size is estimated to grow at a CAGR of 3.84% between 2022 and 2027. The market size is forecasted to increase by USD 73.29 billion. This report extensively covers market segmentation by end-user (building and construction, automotive, machinery, and others), material (steel, aluminum, and others), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

Learn more about how we can help you achieve your mission-critical priorities.Gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Browse for Technavio Materials market reports and take the first step towards improving your business strategy

Key Topics Covered:

1 Executive Summary

• 1.1 Market overview 
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem 
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition 
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027
• Exhibit 11: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 12: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 13: Chart on India: Year-over-year growth 2022-2027 (%)
• Exhibit 14: Data Table on India: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Foundry market in India 2017 - 2021
• Exhibit 15: Historic Market Size – Data Table on Foundry market in India 2017 - 2021 ($ million)

• 4.2 End-user Segment Analysis 2017 - 2021
• Exhibit 16: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.3 Type Segment Analysis 2017 - 2021 
• Exhibit 17: Historic Market Size – Type Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary 
• Exhibit 18: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry 
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition 
• Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by End-user

• 6.1 Market segments 
• Exhibit 25: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 26: Data Table on End-user - Market share 2022-2027 (%)

• 6.2 Comparison by End-user 
• Exhibit 27: Chart on Comparison by End-user
• Exhibit 28: Data Table on Comparison by End-user

• 6.3 Automotive - Market size and forecast 2022-2027
• Exhibit 29: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 30: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 31: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 6.4 Electrical and construction - Market size and forecast 2022-2027 
• Exhibit 33: Chart on Electrical and construction - Market size and forecast 2022-2027 ($ million)
• Exhibit 34: Data Table on Electrical and construction - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Chart on Electrical and construction - Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on Electrical and construction - Year-over-year growth 2022-2027 (%)

• 6.5 Industrial machinery - Market size and forecast 2022-2027 
• Exhibit 37: Chart on Industrial machinery - Market size and forecast 2022-2027 ($ million)
• Exhibit 38: Data Table on Industrial machinery - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Chart on Industrial machinery - Year-over-year growth 2022-2027 (%)
• Exhibit 40: Data Table on Industrial machinery - Year-over-year growth 2022-2027 (%)

• 6.6 Agriculture - Market size and forecast 2022-2027
• Exhibit 41: Chart on Agriculture - Market size and forecast 2022-2027 ($ million)
• Exhibit 42: Data Table on Agriculture - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Chart on Agriculture - Year-over-year growth 2022-2027 (%)
• Exhibit 44: Data Table on Agriculture - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027
• Exhibit 45: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 46: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 48: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by End-user 
• Exhibit 49: Market opportunity by End-user ($ million)
• Exhibit 50: Data Table on Market opportunity by End-user ($ million)

7 Market Segmentation by Type

• 7.1 Market segments 
• Exhibit 51: Chart on Type - Market share 2022-2027 (%)
• Exhibit 52: Data Table on Type - Market share 2022-2027 (%)

• 7.2 Comparison by Type 
• Exhibit 53: Chart on Comparison by Type
• Exhibit 54: Data Table on Comparison by Type

• 7.3 Gray iron casting - Market size and forecast 2022-2027 
• Exhibit 55: Chart on Gray iron casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 56: Data Table on Gray iron casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Chart on Gray iron casting - Year-over-year growth 2022-2027 (%)
• Exhibit 58: Data Table on Gray iron casting - Year-over-year growth 2022-2027 (%)

• 7.4 Non-ferrous casting - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Non-ferrous casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Non-ferrous casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Non-ferrous casting - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Non-ferrous casting - Year-over-year growth 2022-2027 (%)

• 7.5 Ductile iron casting - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Ductile iron casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Ductile iron casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Ductile iron casting - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Ductile iron casting - Year-over-year growth 2022-2027 (%)

• 7.6 Steel casting - Market size and forecast 2022-2027
• Exhibit 67: Chart on Steel casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Steel casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Steel casting - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Steel casting - Year-over-year growth 2022-2027 (%)

• 7.7 Malleable casting - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Malleable casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Malleable casting - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Malleable casting - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Malleable casting - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by Type 
• Exhibit 75: Market opportunity by Type ($ million)
• Exhibit 76: Data Table on Market opportunity by Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 77: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 78: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape 
• Exhibit 79: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption 
• Exhibit 80: Overview on factors of disruption

• 10.4 Industry risks 
• Exhibit 81: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered 
• Exhibit 82: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 83: Matrix on vendor position and classification

• 11.3 Aditya Birla Management Corp. Pvt. Ltd.
• Exhibit 84: Aditya Birla Management Corp. Pvt. Ltd. - Overview
• Exhibit 85: Aditya Birla Management Corp. Pvt. Ltd. - Product / Service
• Exhibit 86: Aditya Birla Management Corp. Pvt. Ltd. - Key offerings

• 11.4 Ashok Iron Works P Ltd. 
• Exhibit 87: Ashok Iron Works P Ltd. - Overview
• Exhibit 88: Ashok Iron Works P Ltd. - Product / Service
• Exhibit 89: Ashok Iron Works P Ltd. - Key offerings

• 11.5 Cooper Corp. Pvt. Ltd. 
• Exhibit 90: Cooper Corp. Pvt. Ltd. - Overview
• Exhibit 91: Cooper Corp. Pvt. Ltd. - Product / Service
• Exhibit 92: Cooper Corp. Pvt. Ltd. - Key offerings

• 11.6 DCM Ltd. 
• Exhibit 93: DCM Ltd. - Overview
• Exhibit 94: DCM Ltd. - Business segments
• Exhibit 95: DCM Ltd. - Key offerings
• Exhibit 96: DCM Ltd. - Segment focus

• 11.7 Electrosteel Castings Ltd. 
• Exhibit 97: Electrosteel Castings Ltd. - Overview
• Exhibit 98: Electrosteel Castings Ltd. - Product / Service
• Exhibit 99: Electrosteel Castings Ltd. - Key offerings

• 11.8 Fortune Foundries Pvt. Ltd. 
• Exhibit 100: Fortune Foundries Pvt. Ltd. - Overview
• Exhibit 101: Fortune Foundries Pvt. Ltd. - Product / Service
• Exhibit 102: Fortune Foundries Pvt. Ltd. - Key offerings

• 11.9 Jayaswal Neco Industries Ltd.
• Exhibit 103: Jayaswal Neco Industries Ltd. - Overview
• Exhibit 104: Jayaswal Neco Industries Ltd. - Business segments
• Exhibit 105: Jayaswal Neco Industries Ltd. - Key offerings
• Exhibit 106: Jayaswal Neco Industries Ltd. - Segment focus

• 11.10 JSW STEEL Ltd. 
• Exhibit 107: JSW STEEL Ltd. - Overview
• Exhibit 108: JSW STEEL Ltd. - Product / Service
• Exhibit 109: JSW STEEL Ltd. - Key offerings

• 11.11 Kalyani Group 
• Exhibit 110: Kalyani Group - Overview
• Exhibit 111: Kalyani Group - Product / Service
• Exhibit 112: Kalyani Group - Key offerings

• 11.12 Kirloskar Ferrous Industries Ltd.
• Exhibit 113: Kirloskar Ferrous Industries Ltd. - Overview
• Exhibit 114: Kirloskar Ferrous Industries Ltd. - Business segments
• Exhibit 115: Kirloskar Ferrous Industries Ltd. - Key offerings
• Exhibit 116: Kirloskar Ferrous Industries Ltd. - Segment focus

• 11.13 Larsen and Toubro Ltd. 
• Exhibit 117: Larsen and Toubro Ltd. - Overview
• Exhibit 118: Larsen and Toubro Ltd. - Business segments
• Exhibit 119: Larsen and Toubro Ltd. - Key news
• Exhibit 120: Larsen and Toubro Ltd. - Key offerings
• Exhibit 121: Larsen and Toubro Ltd. - Segment focus

• 11.14 Menon and Menod Ltd. 
• Exhibit 122: Menon and Menod Ltd. - Overview
• Exhibit 123: Menon and Menod Ltd. - Product / Service
• Exhibit 124: Menon and Menod Ltd. - Key offerings

• 11.15 Nelcast Ltd. 
• Exhibit 125: Nelcast Ltd. - Overview
• Exhibit 126: Nelcast Ltd. - Product / Service
• Exhibit 127: Nelcast Ltd. - Key offerings

• 11.16 Tata Sons Pvt. Ltd. 
• Exhibit 128: Tata Sons Pvt. Ltd. - Overview
• Exhibit 129: Tata Sons Pvt. Ltd. - Business segments
• Exhibit 130: Tata Sons Pvt. Ltd. - Key offerings
• Exhibit 131: Tata Sons Pvt. Ltd. - Segment focus

• 11.17 The Sanmar Group 
• Exhibit 132: The Sanmar Group - Overview
• Exhibit 133: The Sanmar Group - Product / Service
• Exhibit 134: The Sanmar Group - Key offerings

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist
• Exhibit 135: Inclusions checklist
• Exhibit 136: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 137: Currency conversion rates for US$

• 12.4 Research methodology 
• Exhibit 138: Research methodology
• Exhibit 139: Validation techniques employed for market sizing
• Exhibit 140: Information sources

• 12.5 List of abbreviations 
• Exhibit 141: List of abbreviations

About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio