India’s foundry industry is booming, making it the world’s second-largest producer of castings. Currently valued at around USD 23.6 billion, it could soar to USD 42.5 billion by 2029, growing at an impressive rate of 9.4% annually. This positive outlook comes from the ‘Bharat Foundry 360° Insight 2025 – 2047 Report,’ which will be showcased at the upcoming Indian Foundry Congress (IFC) and Indian Foundry Exhibition (IFEX) from February 12 to 14 in Mumbai.
The report predicts the industry could reach USD 169 billion by 2047, positioning India among the top three foundry markets globally. As of now, India produces about 12 million tonnes of castings each year, contributing to nearly 11% of the world’s output. The industry consists of around 4,500 foundries, mainly small-scale, but they collectively generate a turnover of USD 20 billion, with exports worth USD 3.54 billion, primarily to the USA, Germany, and the UK.
Ferrous castings, which include grey iron and steel, dominate the market, making up 83.8% of total output. Meanwhile, non-ferrous castings, notably aluminum, which holds a 63.4% share, are projected to grow significantly due to demand from the automotive and renewable energy sectors.
Government initiatives like ‘Make in India’ and PLI schemes are steering the industry toward modernization, with technologies such as AI, robotics, and 3D printing gaining traction. These advancements are critical for boosting competitiveness on a global scale.
The upcoming IFEX 2026 and IFC is seen as a crucial platform for industry collaboration. Mr. Sushil Sharma, the President of the Institute of Indian Foundrymen, stated that this event will not only highlight new technologies but also create opportunities for global engagement.
This growth is reflected in employment too, with approximately 500,000 direct jobs and another 1.5 million indirect jobs supported by the foundry sector across various services. As this industry evolves, it becomes essential for professionals and businesses to stay updated on trends and innovations in order to remain competitive.
For further insights, you can refer to the full report on the Indian foundry market by Global Market Insights here.
The future looks bright for India’s foundry industry, and events like IFEX 2026 will help shape this trajectory. With a blend of tradition and innovation, the sector is well-positioned to meet both domestic demands and global challenges.
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