Enjoy complimentary customisation on priority with our Enterprise License!
The foundry equipment market is estimated to grow by USD 5.59 billion, at a CAGR of 3.51% between 2023 and 2028. The growth of the foundry equipment market hinges on several key factors driving industrial advancement. With rising industrial automation globally, there's a heightened demand for efficient foundry equipment to streamline manufacturing processes. Additionally, the growth of the construction industry fuels the need for high-quality casting materials and equipment to support infrastructure development. Furthermore, advances in heat treatment technology enhance the durability and performance of cast products, meeting the stringent requirements of various applications. These factors collectively contribute to the expansion of the foundry equipment market, as manufacturers strive to meet the evolving needs of industries worldwide while improving productivity and product quality.
To learn more about this report, View Report Sample
The market is witnessing dynamic growth, driven by the demand for modern foundry equipment in various industries. From passenger cars to heavy machinery equipment, manufacturers rely on aluminum castings and steel castings produced using advanced core making techniques. With a focus on energy efficiency and compliance with emission regulations, foundries invest in cutting-edge technologies like coremaking machines and robotics research to enhance productivity and reduce environmental impact. The market caters to diverse sectors, including power generation and protective gears, with a wide range of casting products meeting stringent quality standards. As the automotive industry shifts towards lightweight vehicles and sustainable technologies, foundries play a pivotal role in supplying technologically advanced vehicles while ensuring durability and reliability. With a strong presence in the commercial market, the foundry equipment sector continues to innovate, driving the production of quality-assured vehicles for a global audience. Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The advances in heat treatment technology are notably driving the market development. There are several visible advantages of using new vacuum heat treatment technology and equipment, including the reduction of the environmental footprint, shortening of production cycles, and lowering of operating costs via the most efficient use of utilities. Technologies such as the low-temperature surface modification process offer the advantage of low distortion and are gaining popularity in the market. Other notable technologies that have high growth potential in the next decade include nitriding, sulfo-nitriding, low-temperature vacuum carburizing, and low-pressure carburizing.
Moreover, the next step in furnace control development will involve the design of control systems that are capable of automatic and independent reasoning during the heat treatment cycles. These technologies aim to simplify furnace operation while simultaneously improving reliability and efficiency. The developments in furnace technology will impact the market in a significant way. Such factors are expected to drive the market growth during the forecast period.
Simulation-based castings is the primary trend in the market. Simulation-based casting is used for the production of economic, reliable, and high-accuracy components. It is also used to increase the casting yield and decrease the shop floor time. By using simulation-based casting, one can predict the defects and their location easily compared to conventional casting, and the feed ability of the casting process can also be analyzed and optimized.
Further, global metal casting manufacturers have adopted many advanced technologies based on the needs of end-users, such as automotive and industrial machinery manufacturers. Industries require castings with precise dimensions with respect to shape, size, and weight to be used for their manufacturing purposes. This has made metal casting manufacturers adopt simulation-based castings to create perfect, defect-free castings. The simulation-based models have also helped in reducing wastage while simultaneously reducing operational costs. Precise designing has become a standard in the casting industry, thus benefitting the end-users. These advantages will drive the demand for simulation-based casting. Such factors are expected to drive the market growth and trends during the forecast period.
The lack of highly skilled manpower is the major challenge impeding market development. Foundry equipment lacks skilled manpower, such as foundry technicians, patternmakers, and maintenance electricians. The technology upgrades require the investment in training facilities to educate the employees on several aspects, such as different molding processes, patterning, method of castings, and several furnace technologies. The creation of organized modern training facilities and skill development programs on a regular basis will be helpful for foundries during the deployment of advanced technologies. Currently, most of the workforce opts for administrative, office, and managerial jobs. More than 90% of the foundries in India are Ministry of Micro, Small, and Medium Enterprises (MSMEs), wherein managers frequently perform functions that larger foundries assign to specialized workers.
Moreover, to increase capacity utilization, foundries have to invest in specialized technicians specific to the task, such as patternmakers, hand core makers, moulders, machine core makers, primary sand technologists, and metallurgical assistants. Unless this is achieved, the full potential of the market cannot be achieved. Such factors are expected to restrict the market expansion during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Madison Industries - The company offers foundry equipment such as wedges and pumps. The company offers various products such as medical products, industrial solutions, energy solutions, safety and flow solutions, and other products.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth of the metal casting segment will be significant during the forecast period. Metal casting is one of the most significant applications of foundry equipment. Various end-user industries, namely automotive, aerospace and defense, shipbuilding, construction, and industrial machinery manufacturing sectors, use cast metal parts. Metal casting processes include melting, pouring into molds, and shaping. The market growth in this segment is closely tied to the growth of the automotive and construction industry across the globe. The growth of the automotive industry globally is increasingly being driven by the changing needs of consumers to accommodate the convergence of connectivity, electrification, and safety features.
Get a glance at the market contribution of various segments View the PDF Sample
The metal casting segment was the largest and was valued at USD 20.56 billion in 2018. Automakers are striving to develop smart, fuel-efficient vehicles that can adhere to stringent emission regulatory norms. As the automotive sector is a major contributor to the overall demand for cast parts, it is an important revenue-generating sector for the casting industry. The production of vehicles, including new energy vehicles, will continue to drive the demand for cast metals in this industry, which will keep driving the growth of the market in focus in this segment.
For more insights on the market share of various regions Download PDF Sample now!
APAC is estimated to contribute 51% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The growth of the market in focus in APAC is closely tied to the growth of the construction industry. The increasing number of construction activities in emerging economies and rising government spending on the development of infrastructure will drive the growth of the market in APAC during the forecast period. The growth of the construction industry in the region is driven by the need for new residential and commercial infrastructure for the expanding urban population base.
In addition, the increasing industrialization and the significant production of automobiles and industrial machinery are demanding foundry equipment, which is driving the growth of the market. In APAC, competitive manufacturing costs and high economic growth rates are the main factors that support the growth of the market in the rapidly growing end-user industries such as automotive, aerospace, and construction. These factors are also encouraging the global market players to expand their business in APAC.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
You may also interested in below market reports:
The market is experiencing a significant surge, driven by the demand for lightweight and energy-efficient materials across various sectors like light trucks, bridges, and buildings. Manufacturers are increasingly turning to advanced casting technologies such as 3D printing and vacuum casting to meet stringent emissions regulations while optimizing product development cycles. With the rise of electric vehicles and infrastructural development projects, the market sees a growing need for die casting machines, induction furnaces, and molding machines to produce aluminum and magnesium alloys efficiently. As the shipbuilding industry seeks sustainable solutions, foundries play a crucial role in supplying sustainable vehicles and supporting the construction sector with sustainable living culture. With a focus on reducing harmful emissions and meeting stringent emission standards, the foundry equipment sector continues to innovate, driving forward a sustainable development model.
Market Scope |
|
Report Coverage |
Details |
Page number |
167 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 3.51% |
Market growth 2024-2028 |
USD 5.59 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
3.34 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 51% |
Key countries |
China, US, Germany, Japan, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Apex Tool Group LLC, Artisan Foundry, Buhler AG, Crowder Supply Co. LLC, Dandong Fuding Engineering Co. Ltd., Freeman Co., GIBA, Hitachi Ltd., Inductotherm Group, Kelsons Engineers and Fabricators, KueNKEL WAGNER Germany GmbH, Laempe Massner Sinto GmbH, Loramendi S.Coop., Madison Industries, McEnglevan Industrial Furnace Co. Inc., MESH Automation Inc., Morgan Advanced Materials Plc, Nabertherm GmbH, Norican Group, and Oskar Frech GmbH Co. KG |
Market dynamics |
Parent market growth analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the market forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
Get the report (PDF) sent to your email within minutes.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.