( PR4US.com | Press Release | 2017-09-11 20:01:19 )
Mumbai, India – September 11, 2017 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Foundry Market in India 2017’ (https://www.researchonindia.com/foundry-market-in-india-2047.html
). A prospering automobile sector coupled with strong growth potentials in industry verticals such as railways, pumps and compressors, sanitary, pipes and fittings, power, electrical equipment and machine tools provides a wide demand base for metal cast components thus projecting a strongly positive trajectory for the Indian foundry market.
Netscribes’ latest market research report titled Foundry Market in India 2017 highlights the overall growth potential of foundry market in India. Increasing production of light vehicles worldwide is acting as a key growth driver for the global foundry market. The Indian foundry industry is a major feeder to various sectors, among which the automobile sector accounts for the largest share. India is the second largest manufacturer of metal castings globally in terms of production volume, after China, producing various metals such as grey iron, ductile iron, steel and aluminum alloys for various applications, in 2015. India currently has over 4,500 foundries in the small, medium and large scale sectors with around 1500 units having international quality accreditation. The market is set to expand predominantly owing to growing automobile production, growth in user-end segments, strong growth in the MSME sector complimented with the availability of low cost labor, improved technology and production facility upgradation. Expansion of infrastructure by the Indian Government is expected to generate demand for a wide variety of machinery and equipment such as cranes, fans, motors, appliances, pumps, conveyor equipment etc. for their processes which, in turn, will create fresh demand for metal casting industry.
Medium capacity utilization and high input costs of the foundry industry are the basic challenges that are affecting its growth adversely. However, India has witnessed a steep rise in export of casting products during 2013 to 2016. The figures are expected to rise further with the launch of Vision Plan 2020 for the foundry industry, initiated by The Institute of Indian Foundrymen (IIF) to recommend the needed initiatives for strong growth and help India emerge as a leading supplier of quality castings to the global market by 2020.
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