- The key vendors in the Foundry Market in India 2014-2018 are Electrosteel Castings Ltd., Hinduja Foundries Ltd., Nelcast Ltd. and Rail Wheel Factory.
London, 03 September 2014: TechNavio, an independent tech-focused global research firm, announced today the publication of its market research report on the Foundry Market in India 2014-2018. One key trend emerging in the market is the increased need for technological improvements. Market vendors are investing significant amounts to improve the quality of raw materials procured within India and increase their efficiency. The Foundry market in India is expected to grow at a CAGR of 8.18 percent in terms of production of castings and at a CAGR of 19.67 percent in terms of revenue during the forecast period of 2013-2018.
“Rising demand from the automotive industry as well as the need for electricity and renewable energy are expected to drive demand for castings in the domestic market. India’s rapid urbanization and strong economic growth are likely to drive the market for foundries in India during the forecast period,” says Faisal Ghaus, Vice President of TechNavio Research.
“Growing demand from local manufacturing industries and the setting up of new manufacturing facilities will increase demand for castings in the domestic market over the next few years.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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