India’s foundry industry is on a remarkable upward trajectory. As the world’s second-largest producer of castings, it had a market value of USD 23.6 billion in 2024 and is expected to surge to USD 42.5 billion by 2029, growing at a rate of 9.4% per year. This growth exceeds global averages, according to insights from the Bharat Foundry 360° Insight 2025 – 2047 Report presented at the 74th Indian Foundry Congress (IFC) and Indian Foundry Exhibition (IFEX) in February 2026.
The report also projects that by 2047, the Indian foundry industry could reach a staggering USD 169 billion, placing India among the top three foundry markets worldwide. Currently, India produces around 12 million tonnes of castings annually, making up about 11% of global output. The industry is made up of about 4,500 foundries, with 85% classified as small-scale operations.
Despite its fragmented nature, the sector generates a turnover of USD 20 billion, contributing significantly to employment. It directly employs around 500,000 people and indirectly supports 1.5 million jobs through related sectors like logistics and tooling.
Ferrous castings dominate production, accounting for 83.8% of total output, with grey iron, ductile iron, and steel as key materials. Non-ferrous castings make up 16.2%, notably driven by aluminum, projected to grow at 11.2% per year due to rising demand in automotive and renewable energy sectors.
Government initiatives like Make in India and the Production-Linked Incentive (PLI) schemes, alongside advancements in technology such as robotics and AI, are accelerating the industry’s modernization. These initiatives facilitate a transition towards high-value manufacturing, ensuring global competitiveness.
The upcoming 74th Indian Foundry Congress and IFEX will highlight future opportunities in the sector. It will showcase innovative technologies and solutions, creating a space for networking and collaboration among experts, manufacturers, and global stakeholders.
Sushil Sharma, President of the Indian Institute of Foundrymen (IIF) for 2025-26, emphasizes that IFEX is more than just an exhibition; it’s a convergence of technology and policy. He notes the promising trajectory of India’s foundry industry and the importance of embracing next-gen technologies.
Amish Panchal, Chairman of the Congress organizing committee, shares that this event fosters knowledge exchange, focusing on sustainability and global competitiveness.
With domestic demand on the rise and an expanding export market, India is poised to further solidify its role as a hub for high-quality, advanced castings. IFEX, established in 2005, has become a leading platform for the foundry industry, showcasing innovations and facilitating business opportunities.
For more detailed insights, check out the Global Market Insights report.
India’s foundry sector is not just thriving; it’s evolving. With experts suggesting that innovation and adaptability will be key, the future looks bright for this essential industry.
