LONDON--(BUSINESS WIRE)--The foundry market in India is poised to grow by USD 13.08 billion during 2020-2024, progressing at a CAGR of over 10% during the forecast period. Request free sample pages
Read the 120-page report with TOC on "Foundry Market Analysis Report by End-users (Automotive, Electrical and construction, Industrial machinery, Agriculture, and Others), Casting Type (Gray iron casting, Non-ferrous casting, Ductile iron casting, Steel casting, and Malleable casting), and the Segment Forecasts, 2020-2024".
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The market is driven by the focus on technology upgrades. In addition, the formation of foundry clusters is anticipated to boost the growth of the foundry market.
The growing adoption of commercial vehicles, passenger vehicles, three-wheelers, and two-wheelers is creating a strong demand for automotive components in India. To cater to this growing demand, foundries in the country are making significant investments to adopt new technologies and equipment. For instance, Hinduja Foundries is investing in energy-efficient technologies and equipment such as real-time power optimizers and installing new energy management systems in the induction furnaces to reduce energy consumption. Similarly, Nelcast is focusing on the development of new surface coating processes for iron castings and new materials for austempered ductile iron applications. Such technological upgrades are expected to foster the growth of the foundry market in India during the forecast period.
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Major Five Foundry Market Companies:
Ashok Leyland Ltd.
Ashok Leyland Ltd. operates its business through segments such as Vehicles, Engines, and Spare parts and others. The company offers various kinds of products made by using high precision castings, such as cylinder blocks, cylinder heads, housings, and SG grey iron.
DCM Ltd.
DCM Ltd. operates its business through segments such as Textiles, IT Services, Real Estate, and Grey iron casting. The company offers various castings such as cylinder blocks, cylinder heads, gear housings, and bed plates.
Electrosteel Castings Ltd.
Electrosteel Castings Ltd. operates its business through the Pipe segment. The company offers ductile iron spun pipes that are manufactured by the casting process in its foundry.
Jayaswal Neco Industries Ltd.
Jayaswal Neco Industries Ltd. operates the business through segments such as Steel, Iron & Steel Castings, and Others. The company offers a wide range of iron castings products such as ductile iron manhole covers, centrifugally cast iron hubless pipes, and others.
Kirloskar Ferrous Industries Ltd.
Kirloskar Ferrous Industries Ltd. operates its business through segments such as Pig iron, Castings, By-products, and Others. The company uses the casting process for making Grey Iron & S.G Iron Castings for a variety of applications such as cylinder blocks, cylinder heads, housing, and others.
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Foundry Market End-users Outlook (Revenue, USD Billion, 2020-2024)
- Automotive
- Electrical and construction
- Industrial machinery
- Agriculture
- Others
Foundry Market Casting Type Outlook (Revenue, USD Billion, 2020-2024)
- Gray iron casting
- Non-ferrous casting
- Ductile iron casting
- Steel casting
- Malleable casting
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