The global foundry industry is expecting static growth this year and the market is expected to pick up from next year.
Andrew Turner of World Foundry Organisation, Vinod Kapur, former president of World Foundry Organisation, and Ravi Sehgal, past president of the Institute of Indian Foundrymen (IIF), who were in the city recently for the annual conference of the IIF told The Hindu that up to two years ago, global market for castings was growing. The demand started falling from August, last year.
There were two major influences affecting the global industry - lower price of oil (as it has destabilising effect on many economies) and the China effect.
The U.S. economy was steady. But economic slowdown in Europe, China and west Asian countries was affecting the industry. Chinese sales to world market are expected to shrink by about five per cent. It is an opportunity for the other countries. Iran is another market picking up and Indian foundry sector is likely to benefit from the Iran market.
The global foundry sector is strong and the output is growing though there is a slowdown. Mexico and Turkey have increased the casting manufacturing capacities. While Mexico meets American requirements, Turkey meets eastern Europe demand.
This has led to growth in production. These are markets that Indian could have tapped but could not because of high cost of transport, they say.
The global production capacity is 100 million tonnes.
Andrew Turner of World Foundry Organisation, Vinod Kapur, former president of World Foundry Organisation, and Ravi Sehgal, past president of the Institute of Indian Foundrymen (IIF), who were in the city recently for the annual conference of the IIF told The Hindu that up to two years ago, global market for castings was growing. The demand started falling from August, last year.
There were two major influences affecting the global industry - lower price of oil (as it has destabilising effect on many economies) and the China effect.
The U.S. economy was steady. But economic slowdown in Europe, China and west Asian countries was affecting the industry. Chinese sales to world market are expected to shrink by about five per cent. It is an opportunity for the other countries. Iran is another market picking up and Indian foundry sector is likely to benefit from the Iran market.
The global foundry sector is strong and the output is growing though there is a slowdown. Mexico and Turkey have increased the casting manufacturing capacities. While Mexico meets American requirements, Turkey meets eastern Europe demand.
This has led to growth in production. These are markets that Indian could have tapped but could not because of high cost of transport, they say.
The global production capacity is 100 million tonnes.