Industry Forecast Investment Casting for India, 2020 by Deepan M. Dave, DYNATECSALES I
ndian economy is growing at the slowest pace, after years of impressive growth, risks becoming one of weak economies. Major indicators show that its economy is slowing down sharply. The decline is visible in the details, big and small. Automobile sales, which had been falling for a while, dropped by more than 20 percent in 2019, according to the society of Indian Automobile manufacturers.
Like the
Indian economy in general, 2019 offered Indian investment casters both opportunities as well as some major challenges. The market for automotive components continues to be strong but has not demonstrated significant movement from 2018. Sales of castings serving general industry showed improvement over 2018 levels. Forecast for 2020 remains positive for all sectors. Indian Investment Casting market by various sectors are depicted in Figure 1.
Automotive The overall India market for automotive was relatively flat, however the position is somewhat mixed across customers, regions. It appears India turbocharger wheel market continues to grow. Since the second half of the year, automotive sales have decreased compared to the same period of 2018. The automobile industry is supported by various factors such as availability of skilled labor at low cost, robust R&D centers and lower cost steel production. The Indian investment casting industry, which although current gross production levels are far behind other Asian countries such as Japan, South Korea & China, it continues to improve production systems to support rising demand. There is also an identified need for foundries to adapt to a much faster pace of change than in the past.
24 ❘ January 2020 ®
India
Figure 1
Figure 2
Indian forecast of IC sales for 2019 by commodity are depicted in Figure 2.
General Industrial, Commercial Castings Forecasts suggest increased casting sales of 3 to 4% this year. This was largely due to recovery in the oil and
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