hi

Foundry Market in India Size Growing Tends in Global Regions with COVID-19 Pandemic Analysis, Growth and Share, Types and Applications, and Recent Development Status Forecast 2022-2031

The report titled Foundry Market in India which was recently added by Kenneth Research, aims at providing the clients with the business growth and investment opportunities present in the market globally. Further, the market is evaluated on various parameters that is covered in the report and further includes market size, market volume and the growth rate over the forecast period, i.e., 2022-2031. The market is further anticipated to grow with a robust CAGR throughout the forecast period.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Foundry Market in India Products.

Request To Download Sample of This Strategic Report: –https://www.kennethresearch.com/sample-request-10170310

In Canada, the ICT sector consists of around 41,500 companies. Out of these, over 37,000 companies fall under software and computer services industry, resulting in around 89.8% of key players in the ICT industry to be involved in software and computer services. On the other hand, in the year 2018, as per the statistics of the Canadian ICT Sector Profile, released by the Government of Canada, ICT wholesaling, communications services and ICT manufacturing contributes to 4.5%, 3.4% and 2.2% share respectively in the country.

India is the second largest producer of castings, globally. The Indian foundry industry produces various types of metal castings and cast components for application in the power, automotive, defense, railways, machine tools, agro machinery, tractor, earth-moving and mining machinery, electrical machinery, and oil and natural gas industries. The automobile sector is a major consumer of castings produced in the country. Currently, there are around 4,500 foundry units in the small, medium and large-scale sector. Out of these, 1500 units have international quality accreditation.

Global foundry market insights:

In 2017, global castings production witnessed an increase of ~5.3% from 2016, and reached a value of ~110 Mn tonnes. Based on total output, Russia had the highest growth in 2017, with an increase of ~8.3% in production from 2016. China increased its production by 2 Mn tonnes, reaching a total of 49.4 Mn in 2017. Increasing production of light vehicles worldwide is acting as a key growth driver for the global foundry market. The growth in production of light vehicles is expected to increase demand for new cast metal parts, across the world, and also lead to the replacement of old metal casting products with more energy efficient metal casting solutions.

India foundry market insights:
Casting production in India reached a value of 11 Mn tonnes in 2018, and is expected expand at a compound annual growth rate (CAGR) of ~12.7% from 2018 until 2023. The automobile sector consumes around 40% of castings produced in India. As of 2018, aluminum castings contributed around 15% of the total castings production in the country. The share is expected to increase considerably by the end of 2023, owing to a shift in demand from iron to lighter castings materials for manufacturing fuel-efficient automobiles and electronic vehicles (EVs). Expansion of infrastructure by the government is expected to generate demand for a wide variety of machinery and equipment such as cranes, fans, motors, appliances, pumps, conveyor equipment, etc. which, in turn, will create fresh demand for metal castings.
The major foundry clusters are located in Batala, Jalandhar, Ludhiana, Agra, Pune, Kolhapur, Sholapur, Rajkot, Mumbai, Ahmedabad, Belgaum, Coimbatore, and Chennai, among other Indian cities. Each of these foundry units caters to some specific end-use market. The Coimbatore cluster is famous for pump-set castings, the clusters in Kolhapur and Belgaum are known for automotive castings, and the Rajkot cluster is famous for diesel engine castings. Some of the notable companies producing metal castings include Electrosteel Castings Ltd., Hinduja Foundries Ltd., Nelcast Ltd., and Tata Metaliks Ltd., among others.
End-user segment growth insights:
Automotive: The foundry market is linked directly with the development of the overall automotive sector. Growth of the automobile industry is expected to generate huge demand for castings producers. Based on volume, India is currently the fourth largest automobile industry, globally. Rapid growth of the automotive sector has also led to the steady development of other subsidiary industries like the auto component industry, indicating huge demand for castings.
Pipes and fittings: The pipe sector in India is poised for steady growth due to substantial investments and capacity additions. Companies produce a wide range of steel, cement and PVC pipes, which are used in various industries. Demand for castings is expected to expand with the growth of the pipes and fittings market in India.
Power: Consistent power supply and availability of quality electrical equipment are necessary for the growth of the Indian economy from a global perspective. As of December 2018, India had a power generating capacity of ~349.28 GW. The Government of India has targeted an addition of ~88.5 GW under the 12th Five-Year Plan (2012–2017), and another ~100 GW under the 13th Five-Year Plan (2017–2022). The foundry industry is expected to benefit from such power generation installations.

Government initiatives:
A Vision Plan 2020 has been initiated by The Institute of Indian Foundrymen (IIF) to recommend the needed initiatives for rapid growth, and emerge as a leading supplier of quality castings in the global market by 2020. An implementing agency for the India Foundry Mission (IFM) will have full authority to represent it, demonstrate the pilots and implement recommendations, and monitor market growth.

Key growth drivers of the market:
• Foundries across India are presently upgrading facilities and technologies in a bid to improve their productivity and increase their capacity. To cater to the growing demand, this industry is embarking on major expansions and technological initiatives, with investments of over INR 10 Bn, since 2011.
• Majority of the foundry units in India fall under the MSME sector, which has registered consistent growth over the years. There are around 51 Mn MSME units spread across the country. About 55.3% of the MSMEs are based out of rural areas, indicating the deployment of a significant rural workforce in the MSME sector.
Re-implementation of Public Procurement Policy, Pradhan Mantri MUDRA Yojana, Make in India, Startup India, and Skill India initiatives are helping in the growth of the MSME sector in the country.

Key deterrents to the growth of the market
Since most of the castings manufacturing units fall under small and medium enterprises (SMEs), they cannot use advanced technological equipment or automation due to high costs, thus limiting their marketing strength. It is challenging for them to sustain their position in the global marketplace. The inability to meet the domestic demand for castings and to supply quality products to the global market acts as a huge barrier for the industry to grow further.

Companies covered:
1. Ashok Iron Works Pvt. Ltd.
2. Brakes India Pvt. Ltd.
3. DCM Engineering Ltd.
4. Electrosteel Castings Ltd.
5. Hinduja Foundries Ltd.
6. Jayaswal Neco Industries Ltd.
7. Menon and Menon Ltd.
8. Nelcast Ltd.
9. Sanmar Foundries Ltd.
10. Tata Metaliks Ltd.

Customizations available
With the given market data, Research on Global Markets offers customizations according to specific needs. Write to us at support@researchonglobalmarkets.com, or connect with us here.

Download Sample of This Strategic Report: –https://www.kennethresearch.com/sample-request-10170310

The Market report answers the following questions:

What is the aim of the report?

  • The Foundry Market in India report presents the estimated market size of Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
  • Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
  • An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
  • The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
  • The various parameters accelerating the growth of Market are incorporated in the research report.
  • The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
  • The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in every region, including their countries over the forecast period is included in the market report.

Based on what factors are the key market players assessed in this report?

  • The report offers detailed analysis of leading companies in the market across the globe.
  • It provides details of the major vendors involved in the Market including Key Players
  • A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
  • The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
  • The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

  • Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
  • The report offers the present scenario and future growth prospects Market in various geographical regions.
  • The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
  • The SWOT analysis is conducted along with Porter’s Five Force analysis.
  • The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.

Request for Full Report:https://www.kennethresearch.com/sample-request-10170310

About Kenneth Research:

Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.

Contact Us

Name: Kenneth research

Email: sales@kennethresearch.com

Phone: +1 313 462 0609

Leave a Reply