Future Scope of Steel Casting in India
The construction, automotive, and other industries are growing day by day, and so is Steel Casting Company in India. Moreover, this industry is looking forward to the doubling growth rates of it. The manufacturers are also picking up speed and manufacturing more and more steel cast.
This also opens new options and is creating job opportunities. Many other opportunities are opening up with this growth. There are so many casting companies, who are looking forward to this growth. The companies who are now facing 5-7% growth in an average are claiming that this growth will double up to 13 to 14% in just two years or so.
Thus, you can see how this industry is propagating day by day. India has always been at the top of these businesses. It is the third-largest steel cast producer of the world. With the help of all the steel casting companies in India, it manages to produce a whopping 12 million tonnes of steel casts it has per year.
The Future Of Steel Casting In India
The experts have said the growth in the manufacturing of these steel casts has increased new job opportunities. Many large orders are being expected to form the railways and many other sectors that have induced the growth in the manufacturing of these steel casts. The new railway tracks are sure to create new job opportunities in the steel casting company as well.
Another main inducer of the steel casting manufacture is the tractor companies. The tractor companies are also in high demand as the harvest has flourished in India this year. As the agriculture industry is growing, it must move on to mechanized methods of farming; the casting industry can also face growth in its manufacturing.
Some of the earth's improving equipment will also help in the growth of this industry. As the government starts to look before the development of the rural area, the steel casting industry may flourish. Currently, Coimbatore is the largest steel casting cluster in India, followed by Rajkot, Belgaum, Shimoga, Agra, Howrah, Faridabad, Jalandhar, and more. In total, India has more than 5,000 casting companies.
These casting companies are making all kinds of casts and exporting them to European and Latin American countries. Around 5-10% significant, 30% are average size, and all others are small ones. The medium-sized ones are known to have a yearly turnover of more than 100-150 crore INR.
The Growth and Investment Opportunity in the Casting Industry
With the advancement of a multitude of sectors investing in the casting industry or the foundry market, it is good news for the sand casting manufacturers. Formerly this industry has shown about 5% to 7% growth in the last few years; however, according to industry officials, the expected growth rate is supposed to reach as high as 13% to 14%. India is already the third-largest casting producer globally after China and the USA.
Development of this Sector
While the casting industry was not Among the top industries in India, it is slowly turning around. While ignorance has faded, people have come to realize how the casting technology will be able to provide them with new opportunities and power in the days to come.
Although the industry took a big hit during demonetization and the effects of GST are yet to be faced, all in all, there is still a positive drift in the market compared to before. The growth in casting industry is to come from all avenues, including the railway, mining, automotive, defense, oil, and many more.
Things to Look After
While the industry is definitely on the rise, there are still some problems that have to be taken care of before it is made a viable investment option.
The biggest problem with this industry is that it does not have sufficient resources for up-gradation in Technology and also lacks adequate manpower. It is also reported that consumers are not paying the amount of money required for the finished products.
To create demand and supply at balance, steps are being taken to make sure that the price is kept low; however, this is adversely affecting the market. The need for investment in the market hence is even more than ever.
The Solution
The end product has been facing many challenges in the Indian market. However, this problem can easily be solved with the help of updating Technology used to make the product. The only way to make sure this happens is with the help of investment in the market, which can even make the industry grow more. With better manpower and a dedicated workforce, things will surely turn around in no time at all.
This is undoubtedly the best thing happening to sand casting manufacturers, and it will change their game in the best manner possible.
