Foundry products are defined as products that are derived from
foundries. Foundries refer to workshops where metal castings are produced.
Metal casting is a manufacturing process, where molten or liquid metal is
poured into a mold which is made up of sand, metal, or ceramic. The mold
contains a hollow cavity of the desired shape, to form geometrically complex
parts. The metal casting process is applicable to all major metals that can be
made into castings; common ones are iron, aluminum, magnesium, zinc, steel, and
copper-based alloys. Metal castings are used in a wide range of applications
such as in cars, trucks, planes, trains, mining and construction equipment, oil
wells, pipes, toys, space shuttles, wind turbines, and nuclear plants.
Manufacture of foundry products through the metal casting process is
advantageous compared to other processes owing to its design flexibility, high
production rate, and molding of large and complex parts. Additionally, easy way
of fabricating wrought or cast products into complex structures while producing
lightweight sheet metal parts is another advantage of foundry products.
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Increase in need for infrastructure and power generation
facilities is fuelling the foundry
products market. Growth in the automotive industry in emerging economies such
as Japan, China, and India is also driving the foundry products market.
Expansion in the MSME (micro, small, and medium enterprises) industry is also
one of the factors propelling the foundry products market. Furthermore, rise in
technological innovations and rapid industrialization and urbanization are
augmenting the foundry products market.
Implementation of stringent government regulations, rise in
import costs, and low capacity utilization are hampering the foundry products
market.
Based on product mix, the foundry products market can be
segmented into grey iron, SG iron, non-ferrous, steel, and malleable, and
others. The grey iron segment accounts for large share of the foundry products
market owing to the wide use of grey iron in the automotive industry.
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In terms of industry type, the foundry products market can be
divided into micro, small, and medium size industry.
Based on end-use industrial applications, the foundry products
market can be split into automotive, sanitary, pipes and fittings, power
industry, electrical equipment, machine tools, earth moving industry, and
others. The automotive segment accounts for major share of the market owing to
the wide range of applications in automobiles. It is followed by sanitary and
pipes and fittings segments.
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In terms of geography, the foundry products market can be
segregated into North America, Latin America, Asia Pacific, Europe, and Middle
East & Africa. Asia Pacific is a rapidly growing region of the foundry
products market owing to the rise in urbanization, industrial expansion, and
increase in investments in the automotive industry in emerging economies such
as Japan, China, and India. China is the largest producer of metal castings in
Asia Pacific. Europe follows Asia Pacific owing to the presence of the vast
automotive industry base in the region.
Key players operating in the foundry products market include
Electrosteel Castings Limited, Hinduja Foundries Limited, Nelcast Limited,
Brakes India limited, DCM Engineering, Saguenay Foundry Limited, Tata Motors
Wheel Factory, Taiwan Semiconductor Manufacturing Company, and Global Foundries
among others.
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