Foundry Equipment Market to Grow by USD 5.58 Billion from 2024 to 2028, Driven by Global Industrial Automation, AI Revolutionizing Market Transformation - Technavio Report

NEW YORK, Aug. 26, 2024 /PRNewswire/ -- The global foundry equipment market size is estimated to grow by USD 5.58 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.51%  during the forecast period. Rising industrial automation globally is driving market growth, with a trend towards emergence of simulation-based castings. However, energy-intensive and waste-generating processes  poses a challenge. Key market players include 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.

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Market Driver

Simulation-based casting is a modern approach used in the production of economical, reliable, and high-accuracy components in the foundry industry. This technology enables the prediction and elimination of internal defects such as porosity, thereby reducing expenses related to the manufacturing of defective castings, their transportation, and associated warranties and penalties. Additionally, it improves casting yield by reducing the volume of gating and feeder channels per casting, which in turn increases the overall production capacity and effective melting cost per casting. Furthermore, simulation-based casting facilitates rapid development by minimizing the number of foundry trials and enabling the creation of new castings quickly. These advantages are particularly beneficial for industries requiring castings with precise dimensions, such as automotive and industrial machinery manufacturers. The adoption of simulation-based casting helps reduce wastage and operational costs while ensuring precise designing, ultimately driving the growth of the foundry equipment market during the forecast period. 

The Foundry Equipment Market is experiencing significant trends in various sectors. In the Automotive industry, there's a growing focus on sustainable vehicles and lightweight materials like aluminum and steel castings. Coremaking machines and moulding machines are in high demand for producing quality-assured passenger cars and light trucks. Robotics research is also advancing, leading to increased automation in metal casting processes. In Power Generation, there's a shift towards renewable energy and energy-efficient materials. Electricity generation equipment manufacturers are investing in advanced casting technologies for heat exchangers and heat conductors. Protective gears and heat treatment are essential in Manufacturing units, ensuring worker safety and enhancing product quality. Construction sector relies on casting products for infrastructure development, with a focus on emission standards and sustainable living culture. Core making machines, die casting, and metal castings are key components in various industries, including aerospace. Alloys are being developed to meet physical barrier requirements in residential properties and reduce harmful emissions from industrial processes. Emissions and emissions standards are a major concern in the Commercial market, leading to research and development in emission control systems and sustainable casting technologies. Casting technologies like 3D printing are revolutionizing the industry, offering cost-effective and efficient solutions. 

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Market Challenges

• The metal casting industry is a significant energy consumer, with natural gas and electricity being the primary sources for plant operation and metal finishing. With economic growth leading to a power deficit in many developing countries, including India, the third-largest market for metal castings, the energy demands of the industry are expected to rise. Most energy usage goes towards melting metals, but mold-making and core-making also require substantial energy. The casting industry's energy intensity makes energy efficiency and alternative energy sources crucial concerns for market players. However, non-ferrous metal casting processes generate hazardous wastes, such as chromium, cadmium, and silica, which pose environmental challenges. Chinese foundries, a significant contributor to the global market, face increased production costs due to government regulations aimed at reducing air pollution. This will likely impact the prices of non-ferrous metal casting products in China and, consequently, the global foundry equipment market growth during the forecast period.
• The Foundry Equipment Market faces significant challenges in various industries such as automotive, machinery, and aerospace. Casting products, including Aluminum and Steel castings, are in high demand for Passenger cars and Light trucks due to the shift towards Lightweight materials and Energy-efficient vehicles. Emissions regulations and Product development cycles put pressure on the industry to innovate with Advanced technologies like 3D printing, Vacuum casting, and Robotics for Automation. Infrastructural development activities in sectors like Bridges, Buildings, and Roads require heavy machinery equipment like Die Casting Machines, Centrifugal Casting Machines, Induction Furnaces, Molding Machines, and Core Making Machines. The Shipbuilding industry also relies on these machines for constructing Energy-efficient vessels. Consolidation in the industry and the rise of Electric vehicles further add to the market dynamics.

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Segment Overview 

This foundry equipment market report extensively covers market segmentation by  

1. Application 
• 1.1 Metal casting
• 1.2 Metal heat treatment
2. End-user 
• 2.1 Automotive
• 2.2 Aerospace
• 2.3 Machinery
• 2.4 Others
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Metal casting-  The Foundry Equipment Market is experiencing steady growth due to increasing demand from various industries such as automotive, construction, and engineering. Key players in this market include Sandvik, ThyssenKrupp, and Fives Group. These companies offer a range of equipment including furnaces, molds, and casting machines. Collaborations and acquisitions are common strategies to expand market share. The market is expected to continue growing due to ongoing infrastructure development and advancements in technology.

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Research Analysis

The Foundry Equipment Market is a dynamic and evolving industry that caters to the production of various types of castings for automotive, machinery, aerospace, and other industries. Metal casting, including Aluminum and Steel castings, plays a significant role in this sector. Lightweight vehicles, energy efficiency, and emission regulations are driving the demand for advanced foundry equipment in the automotive industry. Molding, core making, and heat treatment are essential processes in metal casting. Power generation and sustainable vehicles are emerging sectors in the commercial market, leading to increased research and development in foundry equipment. Technologically advanced manufacturing units are incorporating robotics and innovative technologies to enhance productivity and improve quality-assured vehicles. Protective gears and metals are crucial components in the production process, ensuring worker safety and product durability. Overall, the foundry equipment market is poised for growth, driven by the increasing demand for advanced and efficient manufacturing solutions.

Market Research Overview

The Foundry Equipment Market encompasses machinery and technologies used in the production of castings for various industries, including automotive, machinery, aerospace, and construction. Casting products range from Aluminum and Steel castings, used in Passenger cars and Light trucks, to Bridges, Buildings, and Roads. Advanced technologies like 3D printing, Vacuum casting, and Robotics are driving innovation in Casting technologies. Emissions regulations and product development cycles are key considerations in the Automotive sector, leading to a focus on Lightweight materials and Energy-efficient materials. The Shipbuilding industry also utilizes Foundry Equipment for Heavy machinery equipment production. Die Casting Machines, Centrifugal Casting Machines, Induction Furnaces, Molding Machines, and Core Making Machines are essential equipment in this market. The Commercial market is shifting towards Sustainable vehicles and Quality-assured vehicles, requiring advanced technologies and Heat treatment processes. The Construction sector also benefits from Foundry Equipment in Power generation, Electricity production, and Manufacturing units. Protective gears and Metals are crucial components in the casting process, while Alloys and Physical barriers are used to enhance product quality. The Residential properties sector is embracing a Sustainable living culture, leading to increased demand for castings as Heat conductors and Emission standards are tightened to reduce Harmful gases.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Metal Casting
• Metal Heat Treatment
• End-user
• Automotive
• Aerospace
• Machinery
• Others
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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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