Foundry Equipment Market Size, Share, Growth, And Industry Analysis By Type (Die Casting Machine, Centrifugal Casting Machine, Induction Furnace, Moulding Machine, Core making Machine and Shot Blasting Machine) By Application (Automotive, Aerospace, Machinery, Shipbuilding, Power Generation and Electricity and Other), Regional Insights and Forecast To 2031

Updated On: 01 April 2024

Foundry Equipment Market Report Overview

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The global foundry equipment market size is anticipated to be USD 5094.3 million in 2021 and is projected to touch USD 7199.24 million by 2031, exhibiting a CAGR of 3.5% during the forecast period.

Foundry equipment is heavy types of machinery, tools and protective gears used in the casting of metals in different shapes and sizes in a foundry. It is widely used in manufacturing units and helps in the process of metal casting.

Robotics research and application are becoming popular and the incorporation of electric vehicles in the commercial market stimulated the consumer demand for sustainable yet technologically advanced and quality-assured vehicles. The rising infrastructure and globalization and economical advantages will drive the foundry equipment market.

COVID-19 Impact: Frequent Lockdowns to Dent Market Prospects

The global COVID-19 pandemic has been unprecedented and staggering, with the Foundry equipment market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

COVID-19 was a detachment from the normal proceeding of industrial growth and compelled the industries to slow down owing to many factors such as frequent lockdowns, disruption in the supply chain and lack of human resources. The sudden shutting down of the production lime and manufacturing units failed to cope with the ever-emerging demands from the end-user industry. The automotive and construction sector suffered a recession which affected the foundry equipment market. However, as the normalization period began market is analyzed to recover from the losses of the pandemic years and the increased demand will drive the foundry equipment market in the forthcoming years.

LATEST TRENDS

"Advancement in the Heat Treatment Technology to Increase Market Competition"

Heat treatment is an important step and innovation and modern approaches are being made often to improve the effectiveness of the process and strive for higher output. The integration of modern equipment in this process will affect the foundry equipment market.  Apart from this, the rise in robotics developments and research will drive the foundry equipment market as it extensively needs parts in various sizes and forms.

Foundry Equipment Market Segmentation

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• By Type

Based on type, the market is divided into die casting machines, centrifugal casting machines, induction furnaces, moulding machines, core making machines and shot blasting machines. The die casting machine segment is expected to lead the market share during the forecast period.

•  By Application

Based on the application, the market is divided into automotive, aerospace, machinery, shipbuilding, power generation and electricity and Other. Automotive segment is anticipated to dominate the market in the upcoming years.

DRIVING FACTORS

"Increasing Demand for Lightweight Vehicles and Growing Infrastructure to Accelerate Market Growth"

The construction sector is increasing at a greater rate and will continue to see steady growth in the forecasted year. The progression toward the adaptation of future technology has made the electric vehicle popular among consumers. The automotive industry has witnessed unprecedented growth in the past decades. There are many factors responsible such as high disposable income, improved infrastructure and high standard of living. The design and system of a car are being upgraded every year to keep up with th innovations and trends. Metal castings and alloys play a crucial role in improving the strength and reducing the overall weight of a car. Consumers are precise about the appearance and the design without compromising on the quality. The automotive industry extensively uses die casting to manufacture parts in different shapes and sizes. It is durable and has anti-corrosive properties. Apart from the escalating demands for automobiles, the expansion of infrastructure in economically emerging nations is triggering the foundry equipment market growth. 

"Upscale Modernization to Boost Foundry Equipment Market Demand "

Modernization has enhanced communication and diminished the physical barrier to developing a relationship with other nations. The technological revolution accompanied by the enlargement of the industrial sector has made the world a global village. The increase in population led to the rise in living quarters and the growth of residential properties. The sustainable living culture and a demand for greater quality of things have driven the market towards innovations. Metals are being used everywhere starting from small-scale industries to large-scale manufacturing units. It is a good conductor of heat and can be transformed into any shape and size. Metal casting is important in any given manufacturing of cars, aerospace and shipbuilding. Moreover, the rising demand for faster communication will boost the foundry equipment market size in the upcoming years.

RESTRAINING FACTORS

"Regulatory Hurdles and High-cost to Hamper the Market Growth"

The sustainable development model is being favoured by governments of all nations owing to recent environmental changes and climate changes. The scientist has pointed out the consequences of uncontrolled emissions of harmful gases for the sake of innovation and products. In light of the recent developments, the government has imposed strict emission standards and all vehicle companies are legally entitled to adhere to the established norms. The key players are under constant pressure to launch an efficient product under the prescribed guidelines. The product needs to be updated according to the latest trends. Moreover, the high cost of the foundry equipment is another major concern. All these factors are restraining the growth of foundry equipment market share.

Foundry Equipment Market Regional Insights

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"North America to Dominate the Market due to an Improved Infrastructure"

North America is projected to lead this segment in the forecasted year. The upgradation of the existing infrastructure and the demand for commercial and residential spaces due to population expansion is triggering the growth of the foundry equipment market in this region. North America is a developed nation and continues to adapt to future technologies at a fast pace to boost the developments and increase the efficiency of the end-user industries. Moreover, the good economic condition, large capital investments and presence of the key players will drive the market demand in this region.

KEY INDUSTRY PLAYER

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.    

"List of Market Players Profiled"

• Inductotherm (India)
• Buhler (Switzerland)
• Norican(Denmark)
• L.K Group (India)
• Sinto (Japan)
• Toshiba (Japan)
• Wheelabrator(U.S)
• Yizumi (India)
• Frech (Germany)
• ABP(India)
• UBE (U.S)
• Otto Junker (Germany)
• Baoding Well (China)
• Pangborn (U.S)
• ALD (U.S)
• Kunkel Wagner (India)
• Agtos (France)
• TOYO (Japan)
• Guannan (China)
• Suzhu (China)
• Suzhou Sanji (China)
• Ziheng Hengteer (China)
• Rosler (U.S)
• Ningbo Dongfang (China)

REPORT COVERAGE

This report covers the analysis of Foundry equipment providing a comprehensive market insight focusing on the existing key players who would play a crucial role in the forecasting period. It also analyses based on segmentation, industrial developments, trends, growth, size, share, restraints and revenue. The report covers an overview of the latest driving factor in the industry, dominant region, latest innovations and opportunities.