India is a developing nation with a population explosion underway, which may mean many things for many industries, but for the foundry industry it only means more business. From manufacturing metal cast components for applications in Auto, Tractor, Railways, Machine tools, Sanitary, Pipe Fittings, Defence, Aerospace, Earth Moving, Textile, Cement, Electrical, Power machinery, Pumps / Valves, Wind turbine generators etc. to embracing the advancements in technology to develop cutting-edge products, the Indian Foundry industry is the second largest producer of castings in the world. Therefore, its surprising when we learn that India is still not a manufacturing powerhouse like China or the European countries.
Nonetheless, the Foundry market in India is doing well with and approximate turnover of nearly USD 19 billion with export approx. of USD 2.7 billion alone. These facts are taken from a report issued by the, Foundry Informatics Centre - a center of excellence of the Institute of Indian Foundrymen, on its website.
As per the report, gray iron castings, are the leaders in the product segment market share for the foundry market in India, holding a share of nearly 68% of the total castings produced. Large foundries have upgraded their machinery and become modern so they can compete globally. Many foundries use cupolas using LAM Coke. However, gradually foundries are shifting to Induction Melting technique as well as there is growing awareness about environmental impact.
Besides the government’s ‘Make in India’ has a huge role to play when it comes to the anticipated growth in the foundry market in India as it has promoted ease of doing business besides allowing foreign direct investments (FDI) in manufacturing and coming up with several other new initiatives to upgrade skill enhancement and development.
Leading international institutions have forecasted that India is on its way to becoming the fastest growing economy at more than 7.5% year on year growth which is possible due to the upgradation effort by government and top players in the manufacturing sector. As a result, the foundry industry is slated for a positive growth in the times to come.
For More Information On This Report, Please Visit @ https://www.researchonglobalmarkets.com/foundry-market-in-india-2017.html
Nonetheless, the Foundry market in India is doing well with and approximate turnover of nearly USD 19 billion with export approx. of USD 2.7 billion alone. These facts are taken from a report issued by the, Foundry Informatics Centre - a center of excellence of the Institute of Indian Foundrymen, on its website.
As per the report, gray iron castings, are the leaders in the product segment market share for the foundry market in India, holding a share of nearly 68% of the total castings produced. Large foundries have upgraded their machinery and become modern so they can compete globally. Many foundries use cupolas using LAM Coke. However, gradually foundries are shifting to Induction Melting technique as well as there is growing awareness about environmental impact.
Besides the government’s ‘Make in India’ has a huge role to play when it comes to the anticipated growth in the foundry market in India as it has promoted ease of doing business besides allowing foreign direct investments (FDI) in manufacturing and coming up with several other new initiatives to upgrade skill enhancement and development.
Leading international institutions have forecasted that India is on its way to becoming the fastest growing economy at more than 7.5% year on year growth which is possible due to the upgradation effort by government and top players in the manufacturing sector. As a result, the foundry industry is slated for a positive growth in the times to come.
For More Information On This Report, Please Visit @ https://www.researchonglobalmarkets.com/foundry-market-in-india-2017.html
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