Indian Foundry Industry Sets Sights on USD 169 Billion Market by 2047

India’s dynamic foundry sector, backed by innovations and government initiatives, gears towards a formidable USD 169 billion in 2047. Hosting the IFC 2026, this vibrant industry eyes global competitiveness and technological advancement, reshaping its growth narrative at a robust 9.4% CAGR over five years.

PNN Mumbai: India's foundry industry, second globally in casting production, is poised for substantial growth. With projections indicating a rise from USD 23.6 billion in 2024 to USD 42.5 billion by 2029, the market is expanding at a 9.4% CAGR, surpassing global averages, according to the 'Bharat Foundry 360° Insight 2025 - 2047 Report'. This report was unveiled ahead of the 74th Indian Foundry Congress (IFC) and Indian Foundry Exhibition (IFEX) slated for 2026 at the NESCO Exhibition Centre in Mumbai.

Reports from Global Market Insights hint at the sector's potential to hit USD 169 billion by 2047, placing India among the leading foundry markets worldwide. The nation annually produces around 12 million tonnes of castings, making up 11% of global casting output. Despite its fragmented structure of 4,500 foundries—predominantly small-scale—the industry achieves a USD 20 billion turnover. The exports, primarily to the USA, Germany, and the UK, are valued at USD 3.54 billion. The sector is a significant employment source, offering direct jobs to about 500,000 individuals and indirectly supporting 1.5 million jobs.

Ferrous castings dominate the industry, with a substantial 83.8% of total output. Meanwhile, non-ferrous castings, spurred by demand from sectors like automotive and electronics, constitute 16.2%, with aluminum leading at a 63.4% share. Government initiatives such as 'Make in India', PLI schemes, and Industry 4.0, coupled with the rapid adoption of advanced technologies, are accelerating the industry's evolution towards high-value manufacturing. The IFC and IFEX 2026 will facilitate global partnerships, showcasing advancements and opening new collaboration avenues, as emphasized by Mr. Sushil Sharma, President IIF 2025-26.

(With inputs from agencies.)