India Foundry Market Analysis - Size and Forecast 2025-2029

India Foundry Market Size 2025-2029

The India foundry market size is forecast to increase by USD 30.32 billion at a CAGR of 15.5% between 2024 and 2029.

• The foundry market is experiencing significant growth, driven by the increasing focus on technology upgrades, particularly the integration of Artificial Intelligence (AI) in foundry design processes. This technological advancement enables improved efficiency, productivity, and cost savings for manufacturers. This industry serves diverse sectors, including construction, aerospace, electronics, and industrial machinery. Moreover, environmental concerns are leading to increased environmental costs, pushing the market towards the adoption of more sustainable practices. These trends are shaping the foundry industry landscape and are expected to continue influencing market growth In the coming years. Additionally, the implementation of stringent regulations to reduce emissions and improve energy efficiency is further propelling the market forward. Overall, these factors present both opportunities and challenges for market participants, requiring them to stay abreast of the latest technological advancements and regulatory requirements to remain competitive.

What will be the Size of the market During the Forecast Period?

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• The foundry market encompasses the production of metal castings through various processes, including ferrous and non-ferrous foundries specializing in sand casting, die casting, and other techniques. The market's size is substantial, with significant demand from OEMs and the Internet of Things (IoT) sector for electrical and mechanical components. Ferrous foundries primarily focus on producing gray iron casting, ductile iron casting, and steel casting, while non-ferrous foundries specialize in nonferrous casting. The industry's growth is driven by increasing demand for lightweight, high-strength components in various applications. Technological advancements, such as 3D printing and advanced casting designs, are also transforming the market.
• Despite this, traditional processes like sand casting continue to dominate due to their cost-effectiveness and versatility. Employment In the foundry sector includes both direct and indirect jobs, with the industry contributing significantly to the global economy. The market's future direction is promising, with continued innovation and expanding applications in various sectors.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

• End-user
  • Automotive
  • Electrical and construction
  • Industrial machinery
  • Agriculture
  • Others
• Type
  • Gray iron casting
  • Non-ferrous casting
  • Ductile iron casting
  • Steel casting
  • Malleable casting
• Material
  • Ferrous
  • Non-ferrous
• Geography
  • India

By End-user Insights

• The automotive segment is estimated to witness significant growth during the forecast period.

The Indian foundry industry, a significant contributor to the auto components sector, has witnessed steady growth since 2010. Factors driving this expansion include a strong end-user market, improved consumer sentiment, and financial system liquidity. With nearly 7% share in India's GDP and close to 20 million employees, this industry is vital. A stable regulatory environment, increasing purchasing power, a vast domestic market, and infrastructure development make India an attractive investment destination. In 2023, India produced approximately 25 million tons of castings, encompassing Ferrous (Gray Iron, Ductile Iron, and Steel) and Non-Ferrous (Aluminum, Zinc, and Copper) varieties. Foundries employ automation, robotics, digitalization, green practices, and energy efficiency to meet the demands of various sectors, including Construction, Large Scale, Automotive OEMs, Aerospace, Electronics, and more.

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Market Dynamics

Our India Foundry Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Foundry Market?

Focus on technology upgrades is the key driver of the market.

• The Indian foundry market is experiencing significant growth due to the increasing demand for metal castings in various sectors, particularly the automotive industry. In 2023, India produced approximately 22.9 million vehicles, leading to increased demand for automotive components. To meet this demand, foundries are investing in advanced technologies and equipment. For instance, Hinduja Foundries Ltd is focusing on energy efficiency by implementing real-time power optimizers and installing energy management systems in induction furnaces. This investment in technology aims to reduce energy consumption and improve sustainability. Additionally, the construction sector, aerospace, electronics, and OEMs are also driving the demand for metal castings in India.
• Moreover, foundries are adopting automation, robotics, digitalization, and green foundry practices to enhance production capabilities and meet the evolving needs of their customers. The use of metal alloys, such as aluminum, In the manufacturing of electric vehicles and lightweight components is also gaining popularity. Casting processes, including sand casting, die casting, investment casting, and various types of ferrous and non-ferrous casting, are being utilized to create precision metal castings for various industries. The implementation of pollution control technologies and sustainable practices is also essential for foundries to comply with environmental regulations. The foundry industry in India is expected to continue growing, driven by these market dynamics and the increasing demand for metal castings in various sectors.

What are the market trends shaping the India Foundry Market?

AI in foundry for design is the upcoming trend In the market.

• The Foundry Market encompasses Ferrous and Non-Ferrous Foundries, employing various casting processes such as Die casting, Sand casting, Investment casting, and others. These techniques cater to diverse industries, including Construction, Aerospace, Electronics, and Automotive. The market is driven by the increasing demand for lightweight materials, particularly In the manufacturing of Electric vehicles. Automation and robotics play a significant role in enhancing production efficiency and reducing defects. Digitalization, including the implementation of the Internet of Things and Artificial Intelligence, further streamlines processes and improves quality. Sustainability is a key focus, with Green foundries utilizing energy-efficient practices and sustainable metal alloys. Trade shows and industry events provide a platform for showcasing casting products and Foundry chemicals.
• In addition, OEMs seek customization and precision casting, necessitating advanced manufacturing techniques and casting designs. Pollution control technologies ensure environmental regulations are met, with electrical and industrial machinery industries benefiting from Gray Iron Casting, Ductile Iron Casting, Steel Casting, Malleable Casting, and more. Direct and indirect employment opportunities In the sector continue to grow, making it a significant contributor to the economy.

What challenges doesIndia Foundry Market face during the growth?

Environmental issues leading to increasing environmental cost is a key challenge affecting the market growth.

• Foundries, both Ferrous and Non-Ferrous, employ various casting processes such as Die casting, Sand casting, Investment casting, and others to manufacture metal castings for diverse industries. The construction sector, Aerospace, Electronics, and Automotive industries are significant consumers of casting products. However, environmental regulations are increasingly stringent, necessitating the adoption of automation, robotics, digitalization, and green foundry practices. Foundries produce waste, including harmful gases and solid waste, which cannot be reused. The type of molding technology, furnace, and metal used influences the waste generated. Non-ferrous foundries, which produce casting using non-ferrous metals like aluminum, generate waste containing cadmium, lead, zinc, and other toxic substances.
• In addition, the Indian foundry market faces challenges due to the prevalence of MSMEs with low market capitalization. These entities often lack the resources to invest in pollution control technologies, hindering their growth. The implementation of stricter environmental regulations necessitates increased investment in waste recycling processes and technologies. Sustainability, customization, energy efficiency, and the use of lightweight materials like aluminum in electric vehicles are driving innovation In the foundry industry. Manufacturing techniques like 3D printing and casting designs are also gaining popularity. OEMs and the Internet of Things (IoT) are increasingly adopting artificial intelligence and sustainability practices to optimize production and reduce waste.

Exclusive Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

Customer Landscape

Key Companies & Market Insights

Companies are implementing various strategies, such as strategic alliances, market forecast , partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the market.

Aditya Birla Management Corp. Pvt. Ltd. - The company offers steel foundry such as iron casting, grey and SG iron castings, and commercial vehicle parts.

The market research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

• Ashok Iron Works P Ltd.
• Brakes India Pvt. Ltd.
• CALMET
• Cooper Corp.
• DCM Ltd.
• Electrosteel Castings Ltd.
• Fortune Foundries Pvt. Ltd.
• Gujarat Metal Cast Industries Pvt. Ltd.
• Hackforth Holding GmbH and Co. KG
• Indoshell Mould Ltd.
• Jayaswal Neco Industries Ltd.
• JSW Holdings Ltd.
• Kirloskar Ferrous Industries Ltd.
• Larsen and Toubro Ltd.
• Menon and Menod Ltd.
• Nelcast Ltd.
• The Sanmar Group

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Research Analyst Overview

The foundry industry encompasses the production of metal castings through various processes, including ferrous and non-ferrous foundries. Ferrous foundries specialize In the creation of castings from iron-based alloys, while non-ferrous foundries focus on the production of castings from non-iron metals. Die casting and sand casting are two common methods utilized in foundries. Die casting employs the use of a die to force molten metal under high pressure into a mold, resulting in a precise and intricate casting. In contrast, sand casting involves pouring molten metal into a sand mold, which is then removed once the casting has solidified. The construction sector is a significant consumer of metal castings, with large foundries catering to the demand for large-scale castings.

In addition, automation, robotics, and digitalization are increasingly being adopted in foundries to enhance productivity and improve product quality. Green foundries are gaining traction as sustainability becomes a priority in various industries. Metal alloys are being developed to reduce energy consumption and improve recycling rates. The adoption of green foundry practices, such as the use of renewable energy sources and sustainable manufacturing techniques, is also on the rise. Lightweight materials, such as aluminum, are becoming increasingly popular In the production of castings due to their high strength-to-weight ratio and their use in various industries, including electric vehicles. Manufacturing techniques and casting processes are continually evolving to meet the demands of these emerging markets.

Moreover, the foundry industry is also undergoing a digital transformation, with the integration of the Internet of Things (IoT) and artificial intelligence (AI) enabling greater customization and precision in casting designs. Outsourcing of casting production is a common trend, with Original Equipment Manufacturers (OEMs) seeking to reduce costs and improve efficiency. Energy efficiency and sustainable practices are becoming essential considerations in foundry operations. Pollution control technologies are being employed to minimize environmental impact, and electrical and industrial machinery are being upgraded to reduce energy consumption. The foundry industry is diverse, with various casting processes and metal alloys catering to a wide range of industries, including aerospace, electronics, and automotive.

Furthermore, the use of 3D printing in foundry applications is an emerging trend, offering the potential for greater customization and reduced production times. Ferrous and non-ferrous foundries continue to play a crucial role In the production of metal castings, with various casting processes and alloys catering to diverse industries. The adoption of automation, digitalization, and sustainable practices is transforming the industry, enabling greater efficiency, productivity, and customization.

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What are the Key Data Covered in this Market Research and Growth Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting between 2025 and 2029
• Precise estimation of the size of the market and its contribution of the market in focus to the parent market
• Accurate predictions about upcoming market growth and trends and changes in consumer behaviour
• Growth of the market across India
• Thorough analysis of the market's competitive landscape and detailed information about companies
• Comprehensive analysis of factors that will challenge the growth of market companies

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