Whitepaper India: High Pressure Die Casting Sector with Enormous Potential
Indias` economy is sound. Its success can be attributed to the good framework conditions that prevail in the country. Those are also having a positive impact on the high pressure die casting sector.
The Indian economy is expected to grow by 7.3% in 2018 and 7.6% in 2019, as per the forecast by Asian Development Bank (ADB). Various aspects such as having world`s highest number of qualifies engineers and a big PPP have improved India`s ranking by over 30 places in the Ease of doing business index. In 2018 India is ranked on 100. Furthermore under the leadership of India`s Prime Minister Modi the political situation has calmed down.
The Boom of the Automotive Sector Drives the Die Casting Industry
These circumstances have led to many large international automobile companies settling in India in recent years. Their number has increased thirteen-fold from 1990 up till now. The automotive industry in India has been on a growth trajectory with impressive spikes in sales, production, and exports over the last two years. With an average production of around 24 million vehicles annually and employer of over 29 million people (direct and indirect employment), the automotive sector in India is one of the largest in the world.
Prevailing occurences offer enormous potential for foundries because 60% of the castings produced in India are provided to automotive industry. Since the future will demand lighter materials as compared to steel and cast Iron to compensate for the additional weight of lithium ion batteries. Thus increasing the percentage of use of Aluminum and other composite materials. As the future is still unclear on the way forward, if it is electric or hybrid and this will significantly change the dynamics of the aluminium high pressure die casting sector.
Present Status of Die Casting in India
Currently, the industry has already prepared itself for the ambitious future prospects. The indian die casting industry has now matured and is catering to both global and domestic customers. International big players like FOSECO International, Magmasoft, or Buhler play a prominent role and press ahead its development. Futhermore in the indian die casting sector machines and equipment built with latest technologies are being used which has positive effects on productivity.