Industry Forecast by Deepan M. Dave, DYNATECSALES
more than a year of badly needed growth. Compared with two years ago, before the coronavirus struck, India’s economic output was 4 percentage points higher, according to the Ministry of Statistics and Program Implementation. The slow rate of job creation and employment is of particular concern. The pandemic disproportionately hurt India’s informal economy. It is estimated that the sales of Indian investment castings in 2021 are likely to be around US$ 435million. Automobile sales, towards the end of year dropped by more than 25 percent compared with the same period before pandemic, a 10-year low. Like the Indian economy in general, 2021 offered Indian investment casters both opportunities as well as some major challenges. Recovery is expected to occur in most sectors in the latter half of 2022. The commercial industry sector is expected to gradually make up ground. Forecast for 2022 remains positive for all sectors.
I
ndia’s two Coronavirus waves since early last year have pushed millions into poverty and robbed the country of
Automotive The automobile industry has been most effected by COVID-19 and has seen a significant drop. In 2021, the market has started to recover improving annual sales. Indian automotive market casting sales to the automotive sector was about 14% of all investment casting sales. 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 2022 is that the market for automotive castings will exhibit marginal growth. Investment casters participating in automotive sector confirm that their sales are tracking closely to the aforementioned trends. With the shift towards electrification of vehicles, the previous forecasts for turbocharger wheel markets are difficult to foresee currently.
General Industrial, Commercial Castings The commercial sector historically accounts for approximately 80% of all Indian investment casting sales and is
Indian investment Casting market by various sectors are depicted in Figure 1 below.
comprised of numerous subsectors, including but not limited to Oil & Gas, Medical, Farm & Mining, Transportation and Pump & Valve. On an aggregate basis, the overall sector generally tracks to the Indian rate of investment casting production, though subsectors, can and do vary. In 2021 most subsectors, experienced declines ranging from 3% to 15%. Forecasts suggest increased casting
sales of 3 to 4% this year. According to the statistics of 2021, valves and machine parts overall dropped, while hardware castings increased substantially. There are approximately 200 investment casting foundries, primarily in the western part of India. Alloys cast are carbon & low alloy steels, 400 series stainless steel, 300 series stainless steel, cobalt-based alloys, nickel-based alloys. A lot of these general commercial investment castings are exported through various channels primarily in Europe & US. Development of commercial investment casting foundries in India offers competition to neighboring nations. In 2021, Oil and Gas subsector
India Report Investment Casting for India 2022
26 ❘ January 2022 ®
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