In recent years, the Indian foundry industry has experienced consistent growth, buoyed by rising demand across multiple sectors, including automotive, engineering, energy, and infrastructure. Numerous foundries are embracing modernisation initiatives to enhance production efficiency and promote eco-friendly practices.
The significance of automated production processes over manual labour, simulation techniques, digitalisation through software and ERP systems, and 3D printing is on the rise. Simultaneously, environmental considerations related to raw material usage, auxiliary materials, and CO2 emissions reduction are gaining prominence. Indian foundries increasingly prioritise eco-friendly materials, recycling practices, and waste reduction efforts to minimise their ecological footprint.
The newly released "Global Aluminium Industry Outlook 2024" report from AL Circle offers insights into the Indian casting industry, along with a comprehensive analysis of global production and market dynamics within the aluminium sector.
Indian foundry industry's products buyer segmentation (%)
D.S. Chandrashekar, the current President of IIF, and S. Rudre Gowda, Chairman of IFC, both express a shared sentiment that India stands at the brink of a transformative era. Fueled by a dynamic and ambitious young start-up culture, a collective responsibility arises to embrace the challenge of sustainable and astute growth across all sectors, especially in foundries. In the wake of immense challenges and opportunities, resonating with the theme of the 72nd IFC, "Unleashing the opportunities," a call to action exists to harness these potentials effectively.
India solidifies global standing: Ranks 2nd worldwide with annual casting production surging to 12 million tonnes
India is currently ranked second globally in casting production with an annual output of 12 million tonnes and is poised to shift its focus from sheer quantity to quality. This shift is crucial for the advancement of Indian companies, society, and global suppliers and service providers. Forecasts by economists predict a robust growth rate of 7.5 per cent for the Indian economy in 2024, with optimistic projections for subsequent years. Domestically, there is a significant emphasis on expanding infrastructure, mobility, railways, energy, communication technology, and personal consumption.
Regarding foreign policy, India, as a non-aligned nation with a stable government expected to be reaffirmed in 2024, attracts interest from a broad spectrum of potential casting customers. Despite exporting castings worth $3.5 million globally last year, there remains substantial untapped growth potential, primarily through continuous enhancement of quality standards.
For India to capitalise on this potential and enter a transformative decade, foundries must uphold their past commitments and prioritise quality improvement. This necessitates substantial investments in technology, equipment, and services within the casting industry.
Think about showcasing your aluminium foundry business, casting products, and foundry equipment to the industry as a whole. In that case, we highly recommend your participation in Al Circle's forthcoming e-Magazine, "Aluminium Casting Industry: Focus 2024." It presents an excellent opportunity to highlight your offerings and reach potential clients within the industry. Click here!
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