Foundry Equipment Market size to increase by USD 6.87 billion from 2022 to 2027, Advances in heat treatment technology boost the market - Technavio

NEW YORK, Nov. 22, 2023 /PRNewswire/ -- The foundry equipment market size is expected to grow by USD 6.87 billion between 2022 and 2027. However, the growth momentum of the market will decelerate at a CAGR of 4.37% during the forecast period. The market is segmented by application (metal casting and metal heat treatment), end-user (automotive, aerospace, machinery, and others), and geography (APAC, North America, Europe, South America, and the Middle East and Africa). The advances in heat treatment technology drive the market growth. There are various visible advantages of using new vacuum heat treatment technology and equipment, such as the reduction of the environmental footprint, shortening of production cycles, and lowering of operating costs via the most efficient use of utilities. In addition, technologies including the low-temperature surface modification process provide the advantage of low distortion and are gaining popularity in the market. Hence, such factors drive the market growth. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a PDF Sample 

Key Highlights:

• The report recognizes the following as some of the key players in the foundry equipment market: Apex Tool Group LLC, Artisan Foundry, Buhler AG, Crowder Supply Co. LLC, Dandong Fuding Engineering Machinery Co. Ltd., Freeman Manufacturing and Supply 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
• Foundry Equipment Market is fragmented in nature.
• Market to observe 3.27% YOY growth in 2023.

Market Dynamics:

Trend 

• Simulation-based casting is an emerging trend in the market.
• One of the main applications of simulation-based casting includes the production of economic, reliable, and high-accuracy components.
• In addition, it can be used to 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.
• Hence, such factors drive the market growth during the forecast period.

Challenges

• The lack of highly skilled manpower is a significant challenge hindering the market growth. 
• Foundry equipment essentially lacks skilled manpower, including foundry technicians, patternmakers, and maintenance electricians.
• In addition, the technology needs investment in training facilities to educate the employees on several aspects, such as different molding processes, patterning, method of castings, and several furnace technologies.
• Hence, such factors hinder the market growth.

The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report

Key Segments:

• The market share growth of the metal casting segment is significant during the forecast period. Metal casting is one of the key applications of foundry equipment. In addition, several end-user industries, namely automotive, aerospace and defense, shipbuilding, construction, and industrial machinery manufacturing sectors, use cast metal parts. The market growth in this segment is fuelled by the growth of the automotive and construction industry which in turn drives the market growth.

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Related Reports:

The Global Foundry Market in India size is estimated to grow at a CAGR of 10.77% between 2022 and 2027 with the market size forecast to increase by USD 15,684.57 million.

The global foundry coke market size is estimated to grow by USD 533.48 million between 2022 and 2027 exhibiting a CAGR of 4.8%.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application

Market Segmentation by End-user

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio