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Industry Forecast


India


India Trends of Investment Casting Market in 2021


by Deepan M. Dave, DYNATECSALES


ndia’s Economy did shrink sharply as Covid-19 slams small businesses. India’s economy shrank 7.5 percent in the three months that ended in September compared with a year earlier, government figures showed. The data reflects the deepening of India’s severest recession since at least 1996, when the country first began publishing its gross domestic numbers. Hundreds of laborers and shopkeepers who keep India’s economy running still can’t find relief. The Indian investment casting industry is much smaller and its current gross production levels are far behind other Asian countries such as China, Japan, South Korea, 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. Automobile sales, which had been falling


I 22 ❘ January 2021 ®


for a while, dropped by more than 33% percent in 2020, according to the society of Indian Automobile manufacturers. The coronavirus pandemic and the subsequent lockdown put the brakes on the growth of the Indian automobile industry.


of new Covid-19 cases in June and July have severely affected the demand of new vehicles.


Since the second half of the year, Like the Indian economy in


general, 2020 offered Indian investment casters both opportunities as well as some major challenges. Sales of castings serving general industry remained flat compared to 2019 levels. Forecast for 2021 remains positive for all sectors. Indian investment Casting market


by various sectors are depicted in Figure 1 above.


Automotive Indian automotive industry has been hit hard by the Covid-19 pandemic. Zero sales in April 2020, limited economic activities in May and increasing number


automotive sales have decreased compared to the same period of 2019. 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 current outlook for 2021 is that the market for automotive castings will stay flat or exhibit marginal decline. IC casters participating in automotive sector confirm that their sales are tracking closely to the aforementioned trends.


Indian forecast of IC sales for 2021 by commodity are depicted in Figure 2.


General Industrial, Commercial Castings


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