According to the latest market research study released by Technavio, the foundry market in India is expected to grow at a CAGR of more than 10% during the forecast period 2017-2021.
This market research report by Technavio provides an in-depth analysis of the market in terms of revenue and emerging market trends. The report also includes an up-to-date analysis and forecasts for various market segments and all geographical regions.
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Technavio research analysts categorize the foundry market in India based on the casting type:
Foundry market share in India by casting type 2016
|
Gray Iron Casting |
67.95% |
|
Non-Ferrous Casting |
11.26% |
|
Ductile Iron Casting |
10.30% |
|
Steel Casting |
9.94% |
|
Malleable Casting |
0.55% |
Source: Technavio
The top three revenue contributing product segments are discussed below:
Gray iron casting
The gray iron casting segment was valued at over $13 billion in 2016 and is expected to grow at a CAGR of around 10% by 2021. It is the type of casting material that has a graphitic microstructure and is the most commonly used casting material based on weight. This type of material is used for housings where the toughness of the component is more vital than its tensile strength like pump housings, internal combustion engine cylinder blocks, electrical boxes, valve bodies, and decorative castings. Gray iron has a specific heat capacity and high thermal conductivity that is used for manufacturing cast iron cookware and disc brake rotors. Properties like good machinability and relatively low cost due to its graphite structure lubricating the cut and breaking up the chips make it the most common engineering alloy. These alloys have a good wear resistance and galling resistance and the graphite in it provide excellent damping capacity as it absorbs the energy and converts it into heat.
“The silicon in gray iron helps in corrosion resistance and enhanced fluidity when casting and undergoes less solidification shrinkage compared to other cast iron. The low tensile strength and ductility make it easy to weld and shock resistance. These properties of gray iron makes it the most common type of casting manufactured and consumed in the Indian foundry market,” says Sunil Kumar Singh a lead analyst at Technavio for research on semiconductor equipment.
Non-ferrous Casting
The non-ferrous casting segment was valued at more than $2 billion in 2016 and is expected to grow at a CAGR of about 15% by 2021. The lightweight structure and resistance to corrosion of non-ferrous metals are used for the casting of furnace equipment. The different methods used for non-ferrous casting include investment casting, die-casting, vacuum casting, high-pressure casting, and centrifugal casting. These metals include zinc casting, aluminum casting, magnesium casting, brass casting, bronze casting, titanium casting, and lead casting. Non-ferrous metals are the most preferred choice for product development in the automotive industry and will result in the growth of this market segment during the forecast period.
Ductile iron casting
The ductile iron casting segment was valued at around $2 billion in 2016 and is expected to grow at a CAGR of almost 9% by 2021. This casting material is impact and fatigue resistance and is produced in the form of a ductile iron pipe, used for sewer and water lines. Ductile iron is made of polymeric materials such as polyvinyl chloride (PVC), high-density polyethylene (HDPE), low-density polyethylene (LDPE), and polypropylene. The primary end-users of ductile iron casting are for the manufacturing of components for agricultural tractors, off-highway diesel trucks, Class 8 trucks, and oil well pumps. Nodular cast iron is used for structural parts like machine frames and hubs in the wind power industry and is appropriate for large, complex shape, and high loads.
The top leading vendors operating in the foundry market in India are:
- Electrosteel Castings
- Hinduja Foundries
- Nelcast
- Rail Wheel Factory
Other prominent vendors in the market include Ashok Iron Works, Brakes India, Cooper, DCM Engineering, Jayaswal Neco Industries, Kirloskar Ferrous Industries, Mahindra Hinoday Industries, Sakthi Auto Components, Tata Motors (Production Engineering), and Welcast Steels.
A more detailed analysis is available in the Technavio report titled, ‘Foundry Market in India 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Foundry and Forging Robots Market 2016-2020
- Global Iron Castings Market 2016-2020
- Global Foundry Equipment Market 2016-2020
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