India Foundry Market Size (2024 - 2029)

India Foundry Market Analysis

The India Foundry Market size is estimated at USD 19.46 billion in 2024, and is expected to reach USD 31.77 billion by 2029, growing at a CAGR of 10.30% during the forecast period (2024-2029).

During the COVID-19 pandemic in December 2020, more than 400 small foundries in Coimbatore shut their doors due to rising raw material prices. The shutdown affected lakhs of employees working in and with the foundries, as well as in other industries such as pumps, textile machines, automobiles, and other engineering sectors. Moreover, in March 2022, several foundry units in Kolhapur were temporarily closed and declared three to four days of holiday for their employees due to a sharp increase in raw material prices caused by the Russia-Ukraine war.

• The major foundry clusters in India are located in Batala, Jalandhar, Ludhiana, Agra, Pune, Kolhapur, Sholapur, Rajkot, Mumbai, Ahmedabad, Belgaum, Coimbatore, Chennai, Hyderabad, Howrah, Kolkata, Indore, Faridabad, and Gurgaon. Typically, each foundry cluster is known for catering to some specific end-use markets. For example, the Coimbatore cluster is famous for pump-set castings, the Kolhapur and Belgaum clusters for automotive castings, the Rajkot cluster for diesel engine castings, and the Howrah cluster for sanitary castings. The IIF estimates suggest that there are over 7,000 foundry units in the country, with about 3,000 located in Gujarat. The sector provides direct employment to about five lakh people and indirect employment to 15 lakh people.
• Moreover, the focus on technology upgrades notably drives the growth of the Indian foundry market. For instance, in India, many foundries use cupolas using LAM Coke. However, these are gradually shifting to Induction Melting. There is growing awareness about the environment, and many foundries are switching over to induction furnaces, while some units in Agra are changing over to cokeless cupolas. However, the major challenges faced in India include a lack of skilled manpower, adequate power supply at competitive rates, availability due to mining and environmental issues, and the short-term slowdown in demand, which may hinder medium and longer-term investments.

India Foundry Industry Segmentation

A foundry is a factory where castings are produced by melting the metal, pouring the liquid into a mold, and allowing it to cool and solidify into the desired shape. Foundries are one of the most significant contributors to the manufacturing recycling movement, melting and recasting millions of tons of scrap metal every year to create new, durable products. Moreover, many foundries use sand in their molding process. These foundries often use, recondition, and reuse sand, which is another form of recycling.

The India foundry market is segmented by end-user (automotive, electrical and construction, industrial machinery, and other end -users) and by type (gray iron casting, non-ferrous casting, ductile iron casting, steel casting, and malleable casting). 

The India foundry market report offers the market size and forecast value in (USD) for all the above segments.