Market Research Report : Foundry market in india 2014 - Press release

FOR IMMEDIATE RELEASE Indian Foundry Market Sector Outlook – A booming automobile sector is the key driver to growth Netscribes, Inc. launches a report on the Foundry Market in India 2014 covering a market with strong growth potential. It is a part of Netscribes’ Manufacturing Series.

Mumbai, India – July 21, 2015 – Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Foundry Market Sector in India 2014’. A prospering automobile sector coupled with strong growth potentials in industry verticals such as railways, pumps and compressors, valves, diesel engines, earth moving, cement, electrical, textile, power machinery, aero and sanitary pipes and fittings, machine tools and defense provides a wide demand base for metal cast components thus projecting a strongly positive trajectory for the foundry market.

Netscribes’ latest market research report titled Foundry Market in India 2014 highlights the overall potential of foundry market in India. It also emphasizes on the global foundry market overview, in which Asia accounted for the largest share of 66.4% of the overall global foundry production, followed by America and Europe in 2012. It highlights product-wise segmentation of global casting production and the topmost casting producing countries. For India, foundry market had been growing at a rate of ~8% from 2009-2013, which is projected to rise to double digits over the next five years. 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. Increased government participation in terms of investments in the infrastructure sector is also set to facilitate the growth of this market.

Low capacity utilization and high input costs of the foundry industry are the basic challenges that affect its growth adversely. However, India has witnessed a steep rise in export of casting products during 2009 to 2013. 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. Developing foundry hubs for the automotive sector and modernization of the manufacturing process are some of the recommended strategies for success in the overall foundry business.

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