Industry Forecast Investment Casting – India 2024 by Deepan M. Dave, DYNATECSALES
optimism for its growth and prospects. India aims to become a developed economy by 2047, demonstrating a clear trajectory towards sustained growth and development. However, a lot of growth is happening, due to natural resources, on consumption and not on production. India needs a large production economy that gives a large number of people jobs. Right next to the figure of growth, there is the figure of unemployment. Unfortunately, the unemployment rate in India was projected to be around 7.95% in 2023. Additionally, the Indian rupee has weakened, dropping to a record low against the U.S. dollar at 83.3 rupees to a dollar. These issues are caused by a variety of factors, including but not limited to inflation and rising interest rates. In 2023, the Indian investment casters faced both opportunities and challenges. It is estimated that sales of Indian investment castings in 2023 will be around US$ 550 million. The Society of Indian Automobile Manufacturers (SIAM) reported that the Indian passenger vehicle segment achieved its highest-ever sales in 2023 following the domestic festival season. In 2023, most sectors posted gains against 2022 performance. The commercial industry sector is expected to gradually make up ground. The forecast for 2024 remains positive for all sectors.
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Automotive In 2023, the automotive market experienced a recovery with an increase in annual sales. The Indian automotive market contributed to about 18% of all investment casting sales. The automobile industry is supported by the availability of skilled labor at a low cost, robust R&D centers, and lower cost steel production. The market outlook for 2024 indicates substantial growth for automotive castings. India remained a bright spot for passenger vehicle sales in 2023, with volumes expected
30 ❘ January 2024 ®
ndia had a successful moon mission and hosted the G20 Summit, providing increased stability and
Figure 1: Indian Investment Casting market by various sectors.
Figure 2: Indian Investment casting sales ($ Millions) are depicted.
to climb further by 4-5% in 2024, aided by the onset of the festive season. IC casters who participate in the automotive sector confirm that their sales are tracking closely to the aforementioned trends. However, with the shift towards the electrification of vehicles, it is difficult to predict the previous forecasts for turbocharger wheel markets.
General Industrial, Commercial Castings The commercial sector has historically accounted for around 75% of all investment casting sales in India. This sector includes various subsectors, such as Oil & Gas, Medical, Farm & Mining, Transportation, and Pump & Valve. Overall, Indian investment casting sales to the general industry market
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