India's Foundry Industry To Reach USD 42.5 Bn. By 2029: Bharat Foundry 360° Insight 2025 - 2047 Report

PNN
Mumbai (Maharashtra) [India], February 11: India's foundry industry, the world's second-largest casting producer, is thriving. The Indian foundry market that was valued at USD 23.6 billion in 2024, is now projected to reach USD 42.5 billion by 2029, growing at a 9.4% CAGR, significantly outperforming global averages, revealed the 'Bharat Foundry 360° Insight 2025 - 2047 Report' launched on the sidelines of the 74thIndian Foundry Congress (IFC) and Indian Foundry Exhibition (IFEX), 2026, which will be held from 12th to 14th February at NESCO Exhibition Centre in Mumbai. The Institute of Indian Foundrymen (IIF), an apex body of the metal-casting industry hosts the largest foundry event of the year.
According to the Report, the long-term projections by Global Market Insights (GMI) suggest that the Indian Foundry industry could reach USD 169 billion by 2047, positioning India among the top three foundry markets globally.
India currently produces approximately 12 million tonnes of castings annually, accounting for nearly 11% of global casting output, making it the second-largest casting producer worldwide. The industry comprises around 4,500 foundries, of which 85% are small-scale units, 10% medium-scale, and 5% large-scale operations. Despite this fragmented structure, the sector has achieved a turnover of USD 20 billion, with exports valued at USD 3.54 billion, primarily to the USA (27.8%), Germany (7.5%) and the UK (6.4%). Further, the sector remains a major employment generator, providing direct employment to around 500,000 people and supporting 1.5 million indirect jobs across supply chains, logistics, tooling and allied services, reads the Report.
In terms of categories, the Report observes that the ferrous castings dominate the industry, contributing 83.8% of total output, led by grey iron, ductile iron and steel while non-ferrous castings account for 16.2%, with aluminium holding a 63.4% share and expected to grow at an 11.2% CAGR, driven by demand from automotive, Electrical Vehicles (EVs), electronics and renewable energy sectors. Further, the Government initiatives such as 'Make in India', PLI schemes and the Industry 4.0 Mission, combined with rapid adoption of robotics, IoT, AI-based design, 3D printing and advanced furnace technologies, are accelerating the industry's transition toward high-value, globally competitive manufacturing.
The 74th Indian Foundry Congress (IFC) and Indian Foundry Exhibition (IFEX), 2026 to be held at NESCO Exhibition Centre, Mumbai from February 12 to 14, will witness a comprehensive view of the sector's future. The key highlight of the 74th IFC will be unveiling of the Bharat Foundry 360° Insight 2025 -2047Report on the first day of the three-day event tomorrow.
The IFC and IFEX 2026 will serve as a strategic platform for Indian and overseas companies to showcase advanced technologies, solutions and services to one of the fastest-growing foundry markets globally. The event is expected to attract strong participation from exhibitors, buyers and technical experts across India and neighbouring countries, opening new avenues for business collaboration and technology transfer.
Commenting on IFEX 2026, President IIF 2025-26 Mr. Sushil Sharma said, "IFEX 2026 is not just an exhibition; it is a convergence of technology, policy and market opportunity. With India's foundry industry growing at over 9% CAGR and projected to reach USD 169 billion by 2047, this platform enables Indian and global players to engage meaningfully, adopt next-generation technologies and collectively shape India's journey toward becoming a global foundry leader."
The Chairman of 74th IFC organizing committee and the Past President of the Institute Mr. Amish Panchal said, "The 74th Indian Foundry Congress is a significant platform for knowledge exchange, innovation and collaboration within the foundry fraternity. It brings together industry leaders, technologists and researchers to discuss emerging trends, sustainability, and global competitiveness, while strengthening the Institute's commitment to advancing India's foundry sector.
IFEX 2026 Chairman and the Past President of the Institute, Mr. Subodh Panchal said, "The IFEX 2026 will showcase cutting-edge technologies, advanced machinery and solutions that define the future of the foundry industry. The exhibition aims to connect manufacturers, suppliers and global stakeholders, fostering business opportunities and technological progress, while reinforcing India's position as a dynamic and competitive foundry hub."
With strong domestic demand, expanding exports and a clear vision for modernisation, IFEX 2026 and the 74th Indian Foundry Congress are set to reinforce India's position as a future-ready hub for high-quality, sustainable and technologically advanced castings.
The Chairman of 74th IFC organizing committee and the Past President of the Institute Mr. Amish Panchal said, "The 74th Indian Foundry Congress is a significant platform for knowledge exchange, innovation and collaboration within the foundry fraternity. It brings together industry leaders, technologists and researchers to discuss emerging trends, sustainability, and global competitiveness, while strengthening the Institute's commitment to advancing India's foundry sector.
IFEX 2026 Chairman and the Past President of the Institute, Mr. Subodh Panchal said, "The IFEX 2026 will showcase cutting-edge technologies, advanced machinery and solutions that define the future of the foundry industry. The exhibition aims to connect manufacturers, suppliers and global stakeholders, fostering business opportunities and technological progress, while reinforcing India's position as a dynamic and competitive foundry hub."
With strong domestic demand, expanding exports and a clear vision for modernisation, IFEX 2026 and the 74th Indian Foundry Congress are set to reinforce India's position as a future-ready hub for high-quality, sustainable and technologically advanced castings.
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