The India Foundry and Casting Market reached a size of USD 19.80 Billion in 2024 and is expected to grow to USD 51.19 Billion by 2033. The market is projected to expand at a CAGR of 11.13% during the forecast period of 2025-2033. This growth is driven by infrastructure development, automotive industry expansion, increased demand for machinery parts, government initiatives like "Make in India," and advancements in manufacturing technology.The report presents a thorough review featuring the India Foundry and Casting Market Forecast, share, trends, and research of the industry.
STUDY ASSUMPTION YEARS
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
INDIA FOUNDRY AND CASTING MARKET KEY TAKEAWAYS
Current Market Size (2024): USD 19.80 Billion
CAGR (2025-2033): 11.13%
Forecast Period: 2025-2033
The market growth is fueled by growing infrastructure development, expansion in the automotive industry, accelerating demand for machinery parts, government policies such as "Make in India," technological advancements in manufacturing, and growing exports.
Industrialization, urbanization, and investment in renewable energy projects further increase market demand.
Indian foundry sector is rapidly adopting automation, simulation tools, robotics, CAD/CAM, and 3D printing to improve quality and efficiency.
The automotive and construction sectors are major drivers; with India producing 12 million MT of castings annually and expected to reach USD 25 Billion by 2025.
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MARKET TRENDS
Indian foundry and casting sector is undergoing technological transformation with automation, simulation tools, and robotics increasingly applied. CAD and CAM systems enhance efficiency by reducing defects and improving precision. Adoption of 3D printing for pattern and mold production shortens product development times. Additionally, advanced melting and molding technologies help save material and enhance production efficiency and quality, resulting in stronger competitiveness locally and internationally. The sector embraces Industry 4.0, leveraging data analytics and predictive maintenance to streamline operations and reduce downtime.
In July 2024, SMG Group acquired Hunter Foundry Machinery Corporation, a global leader in matchplate moulding machines and sand casting technology. This acquisition exemplifies the industry's move toward integrating advanced technology to bolster manufacturing capabilities. Such technological advancements are critical for meeting evolving market demands and maintaining growth momentum.
The sector's focus on Lost Foam Casting (LFC), accounting for 30% of die-cast components, aligns with automotive trends toward lighter and more fuel-efficient vehicles. This highlights innovations in casting processes geared toward weight reduction and efficiency. These technological trends collectively position Indian foundries to increase production quality and competitiveness amid growing domestic and export demand.
MARKET GROWTH FACTORS
Expansion in automotive and construction sectors remains pivotal for the India foundry and casting market. Rising vehicle production, propelled by strong consumer demand and a shift to electric vehicles (EVs), fuels demand for cast components such as engine blocks, transmission housings, and brake parts. Simultaneously, infrastructure projects including highways, railways, airports, and housing developments increase demand for structural and machinery castings. Government initiatives like the National Infrastructure Pipeline (NIP) and Pradhan Mantri Awas Yojana (PMAY) further stimulate construction activities, providing sustained growth opportunities.
Growing industrialization and urbanization in India continue to drive demand for machinery and equipment requiring cast components. Increased investments in renewable energy projects further boost market demand for power and electrical equipment castings. These factors collectively contribute to expanding applications of foundry and casting products across multiple industries, reinforcing growth prospects over the forecast period.
Government policies, including "Make in India," encourage domestic manufacturing and exports. Technological advancements like automation, CAD/CAM integration, and 3D printing elevate production efficiencies and quality. These factors enable Indian foundries to meet rising global standards and gain export competitiveness, positioning the market for robust growth through 2033.
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MARKET SEGMENTATION
Casting Type Insights:
Gray Iron Castings: Includes castings made from gray iron, commonly used for various structural and machinery components due to their strength and wear resistance.
Ductile Iron (SG Iron) Castings: Comprises ductile or spheroidal graphite iron castings known for enhanced ductility and toughness.
Steel Castings: Steel-based castings providing high mechanical properties for critical applications.
Non-Ferrous Castings: Includes castings made from non-ferrous metals such as aluminum, copper, and zinc.
Others: Encompasses other casting types not categorized above.
Manufacturing Process Insights:
Sand Casting: A traditional casting process involving sand molds, widely used for large and complex shapes.
Investment Casting: A precision casting technique using ceramic molds for high-quality components.
Die Casting: A process for producing metal parts by forcing molten metal into molds under high pressure.
Centrifugal Casting: Casting method utilizing centrifugal force to distribute molten metal.
Others: Other manufacturing processes not listed above.
End Use Industry Insights:
Automotive: Cast components utilized in vehicle manufacturing including engines and transmission parts.
Railways: Castings applied in railway equipment and infrastructure.
Agriculture and Tractor Industry: Components used in agricultural machinery and tractors.
Machine Tools and Engineering: Castings for machine tools and engineering equipment.
Construction and Infrastructure: Castings employed in structural and infrastructure projects.
Aerospace and Defense: Castings for aerospace and defense equipment.
Power and Electrical Equipment: Castings used in electrical machinery and power equipment.
Sanitary and Pipe Fittings: Components for plumbing and piping systems.
REGIONAL INSIGHTS
The report analyzes major regional markets within India, including North India, South India, East India, and West India. However, specific dominant region statistics such as market share or CAGR are not provided in the source.
RECENT DEVELOPMENTS & NEWS
In July 2024, Meson Valves India Limited acquired a majority stake in Milindpra Castings Private Limited for ₹70,330, enhancing its presence in the metal casting sector.
In December 2024, JS Auto Cast Foundry, a subsidiary of Bharat Forge, announced an investment of ₹67.5 crore to expand its Perundurai unit near Erode, Tamil Nadu. This expansion will increase its annual production capacity of grey and SG iron castings from 72,000 tonnes to 116,000 tonnes, strengthening its market position.
KEY PLAYERS
Meson Valves India Limited
Milindpra Castings Private Limited
JS Auto Cast Foundry (subsidiary of Bharat Forge)
SMG Group
Hunter Foundry Machinery Corporation
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