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Automotive Product Finder Magazine | Growth of automobile industry expected to generate huge demand
Growth of automobile industry expected to generate huge demand
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Indian casting production is expected to grow at a CAGR of 12.7 per cent from 2018 up to 2023. The foundry market is linked directly with the development of the overall automotive sector. According to Niteen Inamdar, Executive Vice President and COO, Global Operations, Sigma Electric Manufacturing Corporation, growth of the automobile industry is expected to generate huge demand for castings producers.
What is the current shape of the casting industry in India?
Expansion of infrastructure by the government is expected to generate demand for a wide variety of machinery and equipment such as cranes, fans, motors, appliances, pumps, conveyor equipment, etc., which, in turn, will create fresh demand for metal castings. The major foundry clusters are located in Batala, Jalandhar, Ludhiana, Agra, Pune, Kolhapur, Sholapur, Rajkot, Ahmedabad, Belgaum, Coimbatore, and Chennai. Re-implementation of Public Procurement Policy, Pradhan Mantri MUDRA Yojana, Make in India, Startup India, and Skill India initiatives are helping in the growth of the MSME sector in the country.
What are the opportunities in the casting industry?
Casting production in India is expected expand at a compound annual growth rate (CAGR) of 12.7 per cent from 2018 until 2023. The automobile sector consumes around 40 per cent of castings produced in India. As of 2018, aluminium castings contributed around 15 per cent of the total castings production in the country. The share is expected to increase considerably by the end of 2023, owing to a shift in demand from iron to lighter castings materials for manufacturing fuel-efficient automobiles and electronic vehicles (EVs).
Tell us about the demand for castings in the automotive sector.
The foundry market is linked directly with the development of the overall automotive sector. Growth of the automobile industry is expected to generate huge demand for castings producers. Based on volume, India is currently the fourth largest automobile industry, globally. Rapid growth of the automotive sector has also led to the steady development of other subsidiary industries like the auto component industry, indicating huge demand for castings.
What are you doing to increase quality and precision of products?
SIGMA is focusing on following points: Automation, precision machining and Industry 4.0; Implement TPM; and focus on people competency.
What are some of the commonly used methods in the casting industry?
Some of the commonly used methods would include sand casting, permanent mould casting (gravity die casting), high pressure die casting, low pressure die casting and hot chamber die casting.
Tell us about some of the upcoming technologies in the industry?
I can think of high pressure moulding and vacural die casting.
What kind of growth has the casting industry witnessed in the last year?
Casting production in India reached a value of 11 million tonne in 2018. Foundries across India are presently upgrading facilities and technologies in a bid to improve their productivity and increase their capacity. To cater to the growing demand, this industry is embarking on major expansions and technological initiatives, with investments of over Rs 10 billion, since 2011. Majority of the foundry units in India fall under the MSME sector, which has registered consistent growth over the years. There are around 51 million MSME units spread across the country. About 55.3 per cent of the MSMEs are based out of rural areas, indicating the deployment of a significant rural workforce in the MSME sector.
What kind of challenges does the casting industry face?
Two of the foremost market challenges are environmental issues leading to increasing environmental cost and skill set availability. Since most of the castings manufacturing units fall under small and medium enterprises (SMEs), they cannot use advanced technological equipment or automation due to high costs, thus limiting their marketing strength. It is challenging for them to sustain their position in the global marketplace.
Sigma Electric Manufacturing Corporation
Precision Machining And Industry
Permanent Mould Casting
Small And Medium Enterprises
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