Foundry Market To Grow By USD 23.70 Billion (2024-2028), With AI-Driven Insights On Technology Upgrades Boosting Growth - Technavio

• 1.1 Automotive
• 1.2 Electrical and construction
• 1.3 Industrial machinery
• 1.4 Agriculture
• 1.5 Others

• 2.1 Gray iron casting
• 2.2 Non-ferrous casting
• 2.3 Ductile iron casting
• 2.4 Steel casting
• 2.5 Malleable casting

• 3.1 APAC

1.1
Automotive- The Indian auto components industry has witnessed growth since 2010, driven by a resilient end-user market, improved consumer sentiment, and a revived financial system. This sector contributes approximately 7% to India's GDP and provides employment to nearly 20 million people. A stable government framework, rising purchasing power, a vast domestic market, and continuous infrastructure development make India an attractive investment destination. In 2023, India produced over 25.5 million vehicles, and by April 2024, the production of passenger vehicles, three-wheelers, two-wheelers, and quadricycles surpassed 2.35 million units. However, regulatory changes, such as the shift to BS-VI emission norms, are projected to influence the industry. Vehicle prices have risen due to the adoption of new emission technologies. The demand for lighter automobiles has boosted the usage of non-ferrous metals in automobile manufacturing. Furthermore, the expanding middle class in India has fueled automobile production growth. The automobile industry accounts for over 40% of India's 10-12 million tons per annum casting capacity. Given the industry's ongoing trends, the Indian foundry market is anticipated to expand substantially during the forecast period.

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Research Analysis

Foundry Market: A Thriving Industry of Metal Castings The foundry market is a dynamic and diverse industry that encompasses various processes such as Ferrous Foundries and Non-Ferrous Foundries, including Sand Casting, Die Casting, and various types of Casting Designs like Gray Iron Casting, Ductile Iron Casting, Malleable Casting, and NonFerrous Casting. This sector caters to numerous industries, including Construction, Aerospace, Electronics, and Industrial Machinery. Large foundries play a significant role in producing Metal Castings for OEMs (Original Equipment Manufacturers) and various sectors. The Construction sector benefits from foundry products in infrastructure development, while the Aerospace industry relies on high-precision castings for aircraft components. The Electronics industry utilizes foundry-produced castings in various applications, from consumer electronics to telecommunications infrastructure. The advent of 3D printing and the Internet of Things (IoT) has introduced new opportunities for foundries in prototyping and custom manufacturing. Direct and Indirect Employment in the foundry sector is substantial, with numerous jobs available in design, production, and maintenance roles. The industry continues to evolve, adapting to technological advancements and market demands.

Market Research Overview

Foundries are essential manufacturing hubs producing metal castings through various processes such as Ferrous (iron-based) and Non-Ferrous (aluminum, zinc, etc.) foundries. Die casting, sand casting, investment casting, and other techniques shape molten metal into desired forms. The construction sector, automotive, aerospace, electronics, and other industries rely on large foundries for components. Automation and robotics are transforming foundries, with digitalization and green practices enhancing energy efficiency and sustainability. Metal alloys are crucial, with lightweight materials like aluminum gaining prominence in electric vehicles. Trade shows showcase foundry chemicals, casting products, and advanced manufacturing techniques. Energy efficiency, sustainable practices, and pollution control technologies are crucial. Sustainability, customization, and the Internet of Things (IoT) are shaping the future. Outsourcing, precision casting, and OEM partnerships are common. Green foundry practices, 3D printing, casting designs, and artificial intelligence are also trending. Direct and indirect employment opportunities are significant, with environmental regulations driving innovation. Industries like electrical, construction, and industrial machinery utilize various casting processes, including Gray Iron Casting, NonFerrous Casting, Ductile Iron Casting, Steel Casting, and Malleable Casting.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• End-user
  • Automotive
  • Electrical And Construction
  • Industrial Machinery
  • Agriculture
  • Others
• Type
  • Gray Iron Casting
  • Non-ferrous Casting
  • Ductile Iron Casting
  • Steel Casting
  • Malleable Casting
• Geography
  • APAC

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

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