India Report
segment tend to increase with the rate of industrial production, which has been on an upward trend since 2021. While some subsectors may perform differently, the sales of investment casting to the general industry market in India typically correlate with the rate of its industrial production. Our analysis shows that the total sales for investment casting in 2024 is expected to be $400 million, representing a 21.5% growth compared to the previous year. Based on the same methodology, we predict that investment casting sales for 2024 will reach $440 million, a growth of 10% over 2023. This is significant because, if the industry performs as expected, commercial casting sales will double to pre-pandemic levels in 2024.
Defense & Aerospace The Indian aerospace industry is experiencing growth and striving to become more self-reliant.
Figure 3: Indian forecast of IC sales for 2024 by commodity are depicted.
The
government is implementing policies to support the integration of advanced technologies, encourage domestic manufacturing, promote public-private partnerships, and increase indigenous components in the defense sector. Historically, India has relied on the transfer of technology model for defense production. In order to meet the aviation industry's demand for high- value castings, aero-engine foundries are expanding their scope of casting production. Currently, all investment casting foundries producing castings for aerospace, defense, and nuclear power are state-owned. Indian foundries in this category are now developing advanced superalloy investment cast parts that exhibit superior metallurgical quality, yield, and engine performance. Investment castings manufactured in India and used in aerospace, defense, and nuclear power sectors account for approximately 7% of the total investment castings produced in the country. By 2024, the aerospace components market is expected to grow significantly, with a focus on improving the quality of castings.
Summary The Indian investment casting industry is expected to show a significant growth of 10% in 2024, reaching a sales value
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Figure 4: Indian certain industry estimated growth rates are depicted.
of approximately $600 million. In 2023, the estimated sales for all markets are expected to be around $550 million. This growth is mainly driven by the commercial castings, general industrial, and automotive sectors. It is noteworthy that this growth doubles the pre-pandemic level of 2019. Despite this, there are concerns regarding the record-high unemployment rates, especially among the youth, which is at 17.6%. The data from the World Bank shows that the value added by manufacturing in India's GDP has declined from 16% to 13% over the last decade. Nevertheless, the Indian investment casting market is expected to display a healthy growth in 2024. Additionally, India is expanding its presence in the aerospace and defense industry, which is expected to contribute to the growth of the industry.
January 2024 ❘ 31
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