Global Industry Analysts, Inc. (GIA) announces the release of a comprehensive Indian report on Automotive Castings market. The Indian market for automotive ferrous castings is projected to reach 880.6 thousand metric tons by the year 2015. This is primarily driven by a rapid rise in the domestic automotive market. Additionally, the growing trend of subcontract manufacturing from developed countries to low-cost nations, such as India, also play a major role in the production growth for metal castings industry across the nation.
The automotive castings industry is a competitive industry and recognized as the benchmark for innovation and technology. Automobile segment represents the largest market for use of metal castings, as a large percentage of vehicle components are manufactured by metal casting. Metal castings are mainly utilized for producing wheels, bodywork and suspension parts, bearings, pumps, transmission housings, engine blocks, crankcases and cylinder heads of an automobile. The automotive market exhibits significant opportunities for metal casters.
India is likely to emerge as a major center for castings, worldwide. The Indian casting industry is well supported by the cluster development programs instigated by various institutions to assist medium and small enterprises with quality concerns and technological advancements. The market has the potential to maintain impressive growth rate. Exports are likely to grow due to the increasing demand from global producers of cast metals for low-cost Indian products. Globalization policies of the Indian government have added a new dimension to the Indian industries in this regard. In addition to the relatively economical labor, India is in a comfortable position due to availability of skilled technical personnel and the ready-to-adopt cultural environment.
The report titled "Automotive Castings: A Indian Market Report" announced by Global Industry Analysts, Inc., which is globally recognized as one of the world's largest market research publishers founded in 1987, provides a comprehensive review of market trends, competitive scenario, product innovations/introductions, and recent industry activity.
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