With the growth of the emerging sectors and manufacturing gradually picking up, the forging industry along with the valve castings industries are looking ahead for double-digit increases in the near future, and the manufacturers and exporters are hopeful that this growth will sustain and their hard days will be over soon.
The valve casting industry is already observing the signs of growing demand as the world economy is moving out of the slump and looking positive. The growth that was stagnant at the rate of 7 to 8% for the last couple of years is expected to rise to 13 to 14% in the next couple of years and modernization has become essential in the manufacturing process of the valve casting industry to meet the challenges.
The challenges to Overcome in Valve Casting
The valve casting manufacturers and exporters need to standardize the product and get proper certification which is still in the nascent stages. Many countries are exporting these materials from low-cost manufacturing countries that do not follow any standards of production and facing problems. These dissatisfied customers are turning their back for repeat orders as the non-standard products are eating away their profits in the long run and turnings down their goodwill.
Therefore many countries including India are discussing the matters of standardizing the valve casting methods and coming under an umbrella to be in the rat race. They are gradually adopting the API, BSI, and CSAA, EEMUA or the JSA standards to increase the exports and earn a profit.
With the smaller player’s active in the market, the competition is increasing day by day without concern of quality development. It is a significant drawback for countries like India and other developing states as product differentiation is much tougher for positioning. Product benchmarking in real time needs to be done to avoid this market condition to excel in the future.
Compatibility issue is another major problem as many small valve casting manufacturers, and exporters are pulling their shutters down without addressing the root cause.
As there are many small scales manufactures in this sector, they are not aware of the latest technological advances and also do not have that many resources to adopt them. It is becoming a significant problem as the downtime repairing is turning havoc.
Overview
With some little effort and positive rectification, the valve casting manufacturers and exporters can turn the wheels forward towards a bright future and be world leaders. It is time for them to adopt the new standards, ideas, and technologies and move ahead since the growth is going to reach double digits very soon.