The Foundry Market in India is being driven by Focus on technology upgrades
The Foundry Market in India is expected to grow at a CAGR of 15.5% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 30320.8 million. In the foundry industry of India, the casting process remains complex due to its intricate procedures and the expertise required from engineers. However, advancements in technology, such as computer-generated programs and algorithms for parting line identification and sand mold surface analysis, are streamlining the process. The increasing demand for lightweight components and customized parts in the era of Industry 4.0 is fueling innovation in casting techniques. Companies like DataProphet Proprietary Ltd, a leading developer of AI technology for manufacturing, are introducing AI suites to enhance production quality and minimize defects. These factors are anticipated to boost the growth of the foundry market in India throughout the forecast period.
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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
179 |
Base year |
2024 |
Historic period |
2019-2023 |
Forecast period |
2025-2029 |
Growth momentum & CAGR |
Accelerate at a CAGR of 15.5% |
Market growth 2025-2029 |
USD 30320.8 million |
Market structure |
market_structure.ucfirst |
YoY growth 2024-2025(%) |
12.2 |
Key countries |
India, APAC, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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The Indian Foundry Market encompasses various segments including Ferrous and Non-Ferrous Foundries, focusing on Metal Castings through processes like Sand Casting and Die Casting. Key sectors include Aerospace, Electronics, Construction, and OEMs. Large Foundries cater to industries like Industrial Machinery, Electrical, and Aerospace, employing directly and indirectly through Gray Iron Casting, Non-Ferrous Casting, Ductile Iron Casting, Steel Casting, and Malleable Casting. The market is evolving with advancements in technology, such as 3D printing and Casting Designs, and embracing the Internet of Things.
The Foundry Market in India encompasses Ferrous and Non-Ferrous Foundries, Die casting, Sand casting, and the Construction sector. This market is a significant contributor to the larger Metals and Mining industry, generating substantial revenue through the production of steel and non-ferrous metals. According to Technavio, the global Metals and Mining market is driven by the increasing demand for steel, particularly in China, where stimulus measures have boosted construction activity. Large foundries in India are increasingly adopting automation to enhance productivity and meet the growing demand for castings in sectors such as automotive, infrastructure, and engineering. The steel market, a crucial component of the Foundry Market in India, is witnessing significant growth due to the global upsurge in infrastructure development and automotive manufacturing.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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