India’s foundry industry on a fast track to 2047
As the world’s second largest casting producer, India’s foundry industry has now entered a decisive growth phase. According to the ‘India Foundry 360° Insight 2025–2047’ report released by the Indian Foundry Congress of India (IFCI), the industry, valued at USD 23.6 billion in 2024, is projected to grow to USD 42.5 billion by 2029, reflecting robust growth of around 9.4% CAGR.
The report also indicates that India’s foundry industry could reach USD 169 billion by 2047 and become one of the top three foundry markets globally. Currently, India produces approximately 12 million tonnes of castings annually, accounting for 11% of global production. Nearly 4,500 foundry units across the country not only drive industrial production but also provide direct and indirect employment to over 2 million people.
Growing demand from the automobile, electric vehicle, electronics and renewable energy sectors, along with Make in India, PLI schemes and the incorporation of advanced technologies like AI, IoT, robotics and 3D printing under Industry 4.0, are driving the industry towards high-value and sustainable production.
IFEX 2026 and the 74th Indian Foundry Congress, scheduled to be held in Mumbai from February 12-14, are poised to be a powerful platform for this transformative journey, further propelling India towards global foundry leadership.
