According to the World Bureau of Metal Statistics, India produced around ************ metric tons of stainless-steel slabs in 2021. There was a significant increase compared to the previous year, which experienced a dip mostly due to the impact of the coronavirus pandemic. Stainless steel accounted for only a small portion of steel production in India. In the financial year 2022, India produced *** million metric tons of crude steel. Steel Industry in India As of December 2022, India was the second-largest crude steel producer in the world, just behind China. The steel industry contributed about *** percent to India’s GDP, and directly employed *** thousand workers and indirectly employed about *** million people. It also plays an important supplying role in India’s other manufacturing sectors, especially for the automobile industry. This makes the steel industry one of the most crucial industries in the country. Leading steel producers India has been a significant producer of various types of iron and steel, including pig iron, sponge iron, crude steel, and finished steel. Although the private sector companies held a dominant position in iron and steel production, the leading steel producers in the country comprised a combination of public and private companies. Notable among them were Tata Steel, Steel Authority of India Limited (SAIL), and JSW Steel. Both Tata and JSW are private companies, while SAIL is owned by the Ministry of Steel. In the fiscal year 2023, Tata Steel recorded a revenue surpassing *** trillion Indian rupees.

The size of the Iron Ore Market was valued at USD 278.44 billion in 2023 and is projected to reach USD 306.90 billion by 2032, with an expected CAGR of 1.4 % during the forecast period. Iron ore market has been a significant component of the world mining industry, as iron ore has been constantly in demand as a raw material used in steel production. Iron ore remains essential in the production of high-quality steel, which is used to make everything from buildings and bridges to automobiles and machinery, and hence it remains the backbone of the global construction, automotive, infrastructure, and manufacturing sectors. The market is influenced by trends in steel production, and some of the largest consumers of iron ore are China, India, and Japan, whose massive steel industries drive up the demand for these commodities. The global iron ore market is highly subject to demand fluctuations, which are often linked to the global economic conditions. For instance, during the expansionary phases of the economy, especially in emerging economies, steel demand increases, thereby driving up iron ore prices. Conversely, during the slowdown phases of the economy, demand for steel—and consequently iron ore—may decline. Production and supply chain dynamics also influence the market. Preeminent producers in the global marketplace, Australia, Brazil, and India are also leaders in supply. Recent developments include: In April 2024, Australia-based Strike Resources Limited, an iron ore company, completed its negotiations to sell its Pilbara Paulsens East Iron Ore Project to Australia-based Miracle Iron Holdings for ~USD 13.4 million (A$ 20.5 million). .

According to Cognitive Market Research, The Global High Purity Pig Iron Market size is USD 8345.9 Million in 2023 and will grow at a compound annual growth rate (CAGR) of 8.80% from 2023 to 2030.

The growing need for casting goods in various industrial applications, particularly wind energy, is predicted to be the industry's key driver. Ilmenite is melted in electric arc furnaces to make titanium slag, and one of the by-products of this process is HPPI. 
Demand for special type high purity pig iron remains more elevated in the High Purity Pig Iron Market.
The automatic category held the highest operation of High Purity Pig Iron Market share in 2023.
In 2023, the Asia Pacific region led the worldwide market. The development of the HPPI business in China is projected to be fuelled by increased investments in wind energy installations, government assistance through subsidies, and growing reliance on power generation from renewable energy sources. For instance, China topped the world in new wind power installations in 2021, according to the Global Wind Energy Council report from 2022. 

Demand for High-Quality Steel to Flourish the Market

High-purity pig iron is a crucial raw material for producing high-quality steel and alloy products. The increasing demand for high-performance steel in industries such as automotive, aerospace, and construction has been driving the market for high-purity pig iron. Industries requiring precise quality standards and specifications, such as the automotive and aerospace sectors, rely on high-purity pig iron to meet these standards. The need for consistent and reliable materials has driven the demand for this product.

In light of the government's sustained emphasis on the development of roads, trains, ports, and airports, Moody's Investors Service predicts that demand for steel increase by almost 10% through 2022.

(Source:economictimes.indiatimes.com/industry/indl-goods/svs/steel/steel-demand-in-india-to-grow-around-10-in-2022-moodys/articleshow/91612617.cms?from=mdr)

Infrastructure Development of High-Purity Pig Iron TO Boost Market Growth

Steel is a fundamental construction material used in various infrastructure projects due to its exceptional strength, durability, and versatility. It provides the structural integrity required for large-scale construction, making it an essential component in the building of bridges, tunnels, and high-rise buildings. Infrastructure projects demand high-quality steel to ensure the safety and longevity of the structures. Steel with consistent properties and low impurity levels is crucial to meet stringent engineering standards and withstand the stresses and loads experienced by these structures.

For instance, in March 2023, the infrastructure of an economy plays a critical role in accelerating its development and laying the groundwork for its potential for future growth. To reach India 2047's goal of a $40 trillion GDP and be categorized as a developed nation, infrastructure development is essential. The focus now shifts from physical infrastructure to digital and social infrastructure in the wake of COVID-19 and the digitalization of the world.

(Source:www.investindia.gov.in/team-india-blogs/infrastructure-development-india)

Market Dynamics of High Purity Pig Iron

Fluctuating Steel Prices Hinder Market Growth

Steel production is a cost-sensitive industry. The price of steel products often influences the profit margins of steel manufacturers. When steel prices drop, it can lead to reduced profitability for steel producers. The demand for steel is influenced by its price. When steel prices are high, demand may decrease, especially in industries where steel is a significant cost component, such as construction and manufacturing.

Conversely, when steel prices are low, demand may increase as it becomes more affordable. Rapid fluctuations in steel prices can create market uncertainty. Steel manufacturers may become more cautious about their production plans and raw material purchases, which can lead to short-term disruptions in the demand for high-purity pig iron.

Impact of COVID-19 on the High Purity Pig Iron Market

COVID-19 led to disruptions in supply chains across industries due to lockdowns, travel restrictions, and factory closures. These disruptions could have affected the availability of raw materials, including high-purity pi...

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India Foundry Market Size 2025-2029

The India foundry market size is forecast to increase by USD 30.32 billion at a CAGR of 15.5% between 2024 and 2029.

The foundry market is experiencing significant growth, driven by the increasing focus on technology upgrades, particularly the integration of Artificial Intelligence (AI) in foundry design processes. This technological advancement enables improved efficiency, productivity, and cost savings for manufacturers. This industry serves diverse sectors, including construction, aerospace, electronics, and industrial machinery. Moreover, environmental concerns are leading to increased environmental costs, pushing the market towards the adoption of more sustainable practices. These trends are shaping the foundry industry landscape and are expected to continue influencing market growth In the coming years. Additionally, the implementation of stringent regulations to reduce emissions and improve energy efficiency is further propelling the market forward. Overall, these factors present both opportunities and challenges for market participants, requiring them to stay abreast of the latest technological advancements and regulatory requirements to remain competitive.

What will be the Size of the market During the Forecast Period?

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The foundry market encompasses the production of metal castings through various processes, including ferrous and non-ferrous foundries specializing in sand casting, die casting, and other techniques. The market's size is substantial, with significant demand from OEMs and the Internet of Things (IoT) sector for electrical and mechanical components. Ferrous foundries primarily focus on producing gray iron casting, ductile iron casting, and steel casting, while non-ferrous foundries specialize in nonferrous casting. The industry's growth is driven by increasing demand for lightweight, high-strength components in various applications. Technological advancements, such as 3D printing and advanced casting designs, are also transforming the market.
Despite this, traditional processes like sand casting continue to dominate due to their cost-effectiveness and versatility. Employment In the foundry sector includes both direct and indirect jobs, with the industry contributing significantly to the global economy. The market's future direction is promising, with continued innovation and expanding applications in various sectors.

How is this market segmented and which is the largest segment?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Automotive
  Electrical and construction
  Industrial machinery
  Agriculture
  Others


Type

  Gray iron casting
  Non-ferrous casting
  Ductile iron casting
  Steel casting
  Malleable casting


Material

  Ferrous
  Non-ferrous


Geography

  India

By End-user Insights

The automotive segment is estimated to witness significant growth during the forecast period.

The Indian foundry industry, a significant contributor to the auto components sector, has witnessed steady growth since 2010. Factors driving this expansion include a strong end-user market, improved consumer sentiment, and financial system liquidity. With nearly 7% share in India's GDP and close to 20 million employees, this industry is vital. A stable regulatory environment, increasing purchasing power, a vast domestic market, and infrastructure development make India an attractive investment destination. In 2023, India produced approximately 25 million tons of castings, encompassing Ferrous (Gray Iron, Ductile Iron, and Steel) and Non-Ferrous (Aluminum, Zinc, and Copper) varieties. Foundries employ automation, robotics, digitalization, green practices, and energy efficiency to meet the demands of various sectors, including Construction, Large Scale, Automotive OEMs, Aerospace, Electronics, and more.

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Market Dynamics

Our India Foundry Market researchers analyzed the data with 2024 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Foundry Market?

Focus on technology upgrades is the key driver of the market.

The Indian foundry market is experiencing significant growth due to the increasing demand for metal castings in various sectors, particularly the automotive industry. In 2023, India produced approximately 22.9 million vehicles, leading to increased demand for automotive components. To meet this demand, foundries are investing in advanced technologies and equipment. F