A Look Into Future of the Industrial Valve Casting Manufacturers of Indiaby Mangal Iron Pumps Casting Manufacturers
Valves are indispensable in all industries involving fluids. Majority of these industries deal with Water and Wastewater, Power Management, Gas and Oil, Pharmaceuticals, Chemicals, Petrochemicals and Fertilizers, and so on. The Indian Industrial Valve Market has been very successful in meeting the rising demand with respect to product capability and capacity, and has established a unique place for itself in the Global Industrial Valve Market. The considerably wide demand-supply gap in Indian Industries is the major driving force for increase in capacity and in turn for the boom in valve market in India. The Indian Industrial Valve Market is expected to show a growth by 13% within 2020. In keeping with this rapid growth, the Industrial Valve Casting process using stainless steel and alloys have simultaneously increased in production, even though faced with challenging factors like unpredictability in the prices of raw materials and reliance on the imports for large-size choke valves. This increase in production of valves within the country has set up the ground for major global valve industries trying to get a groove in the Indian market and for Indian Industries to extend business globally.
Competition within the Market
The Indian Valve Market, like all other industries globally, owe their success and progress to rapid industrialization. Valve manufacturing has shown substantial growth within the past decade, resulting in bringing major global valve markets into the Indian industrial stream as well as itself tapping into the global mainstream of the valve industry. This steady growth in valve manufacturing within the country will definitely result in expanding the Indian Market globally and establishing one of the biggest global supply network of valves.
Factors enabling the growth of the Market
Aiming to increase the value and share of the country’s manufacture (including valve manufacture) overall, the Indian Government has been enforcing various policies that range from manufacture-specific policies to policies related to increase establishment of sectors other than manufacturing, which in turn spur the valve manufacturing process.
Of all the policies, the newly launched ‘Make in India’ campaign is one of the most effective one in making great progress in the slow-paced casting industry, by enabling easier unit and expansion in manufacturing. Among other features, this campaign enables faster registration procedures and single-window clearances, that helps global markets to enter the Indian market more efficiently. With this campaign, there is hope to increase Indian economy three-fold within the next decade.
Driving force behind valve manufacturing
Apart from the above mentioned factors, the future of the
Industrial Valve Market of India also depends heavily on the overall progress
of the other sectors of the casting industries such as pipes, and so on. In
order to increase the growth rate of Industrial
Valve casting, therefore, there are lots of hurdles yet to be overcome,
like lack of properly skilled manpower, adequate resources resulting in
instability of prices of raw materials, etc.
The momentum for valve manufacturing comes from the domestic and global demand as well as from the policies set up by the Government to indulge the growth. This includes ‘Make in India’ campaign’s initiative of focusing more on distinct companies that have potential for extensive growth in the future. The main objective of the above program is to establish Smart Industries, with the help of strategies like providing attractive job prospects, creating a better, smart and favorable work environment, curtailing imports and increasing exports. These strategies have the potential to bring drastic positive benefits in the Market’s expansion.
Created on Nov 14th 2017 02:39. Viewed 270 times.