WASHINGTON, Nov. 29, 2022 (GLOBE NEWSWIRE) -- The Global Foundry Equipment Market is valued at $4.8 Billion in 2021 and is projected to reach a value of $5.8 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 3.3% over the forecast period 2022-2028.
The foundry equipment market is one of the most important economic sectors, and steady growth is anticipated moving forward. Despite the industry's turbulence, a variety of factors could influence its growth or decline. To give a thorough understanding of the industry, this study evaluates both present trends and projected future changes. It also includes information on the major companies in the market and their growth plans. Composite Casting Process
The report offers a thorough analysis of global suppliers and producers, as well as their present situation and prospects in the future. Additionally, it provides details on factors driving the global need for foundry equipment, such as growing investment requirements, advancing technology, and new laws.
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According to Vantage Market Research, some of the key factors anticipated to accelerate the foundry equipment market growth over the forecast period. The market is expected to grow as more lightweight cars are manufactured to improve energy efficiency and meet tough pollution rules. Furthermore, the popularity of electric vehicles, rising per capita income, and a growth in population in emerging nations have all contributed to the demand for automobiles. Throughout the forecast period, it is also anticipated that the high construction industry, brought on by the swift growth of the construction and infrastructure sectors, will significantly contribute to the growth of the foundry equipment market.
We forecast that the automotive category in foundry equipment Market sales will account for more than 30% of total sales by 2028. Automotive demand is being fueled by rising disposable income in developing nations. Metal castings are primarily used in automobiles, so this industry is anticipated to grow rapidly.
North America dominates the foundry equipment market, and this trend of dominance will continue throughout the projection period. The market in this region is expanding due to the upgrading of the existing infrastructure and the demand for commercial and residential space brought on by population growth. To advance developments and boost the effectiveness of the end-user industries, North America, a developed country, continues to adapt to future technologies quickly.
Top Players in the Global Foundry Equipment Market
Increased Use of Smart Sensors in Agriculture:
The popularity of electric vehicles among consumers has increased as we move closer to their adoption. Over the past few decades, the automotive industry has experienced unprecedented growth. Numerous elements attributing to the growth include a high living standard, improved infrastructure, and high disposable income. Every year, a car's design and system are updated to reflect new developments and fashions. A car's strength can be increased, and its overall weight can be decreased with the help of metal castings and alloys. Die casting is a popular method used by the automotive industry to create parts of various sizes and shapes. In addition to the rising demand for cars, infrastructure development in economically developing countries is fueling the growth of the market for foundry equipment.
Ongoing Modernization in Foundry Equipment:
The physical barrier to establishing contact with other countries has been lowered, and communication has improved thanks to modernization. The globe has become a global village due to the technological revolution and the expansion of the industrial sector. Population growth influenced living spaces and residential property growth. The market has been propelled toward innovations by the culture of sustainable living and a need for products of higher quality. From small businesses to massive manufacturing facilities, metals are used everywhere. It can be molded into any shape and size and is a good heat conductor. Manufacturing ships, aircraft, and automobiles all depend on metal casting. Additionally, the market for foundry equipment will grow as faster communication becomes more and more in demand.
Adoption of Foundry Technology in the Agriculture Sector:
In developing nations like India and Bangladesh, the modernization of agricultural equipment is still lagging. Due to inadequate promotion, the agricultural sector in emerging nations falls short in terms of productivity and efficiency. In developing countries, governments are implementing several incentives for mechanizing on- and off-farm operations. A growing number of farmers are using mechanical procedures in their agricultural output, which indicates that the policy is improving steadily. Over the anticipated timeframe, all of these variables will fuel the foundry equipment market expansion.
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Top Trends in Global Foundry Equipment Market
One trend that Vantage Market Research (VMR) expects to see in the foundry equipment industryis a result of technological advancement.The development of 3D printing and castings based on simulation is anticipated to significantly impact the market for foundry equipment in the future years. The furniture and construction sectors are the largest consumers of die-cast goods.
Another trend that VMR predicts will continue in the foundry equipment industryis the increased adoption of foundry equipment by enterprises. Recent years have seen a lot of small and medium-sized enterprises being acquired by larger ones as the foundry equipment market has been consolidating. In addition, more countries are investing in the foundry equipment market. The market is currently controlled by a limited number of extremely large businesses due to increased competition.
Based on product, most of the foundry equipmentMarket's revenue is controlled by the die-casting machine category. A die-casting machine uses high pressure to press molten metal into a reusable metal die. The market for die-casting machines is growing as a result of factors such as the expansion of the market for lightweight cars and the rising popularity of high-pressure die casting (HPDC) due to technological developments.
Based on end users, the automotive category dominated the foundry equipment market. It is anticipated that this trend will continue due to the increase in lightweight vehicle production, which aims to increase energy efficiency and impose stricter emission regulations. Additionally, the market expansion is anticipated to be significantly influenced by the growing demand for electric vehicles.
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Top 10 Players Generates More Than 45% of the Global Foundry Equipment Market Revenue
The report also found that the largest players in the foundry equipment Market are technology providers such as Denso Corporation, Hanon Systems, TransAir Manufacturing, Mitsubishi Heavy Industries Ltd and Eberspacher Group These companies are expected to benefit from increased demand for their products and services, as well as growing investments in new mines. Other major players include Denso Corporation, Hanon Systems, TransAir Manufacturing, Mitsubishi Heavy Industries Ltd., Eberspacher Group, MAHLE GmbH, Valeo SA, Toyota Industries, Delphi PLC, Keihin Corporation, Calsonic Kansei Corporation, SamvardhanaMotherson Group, Subros Limited, SMAC Auto Air and others. As per latest report published by Vantage Market Research, top 10 companies are responsible for generating more than 45% revenue of the market.
Die Casting Machine Category in Foundry Equipment Market to Generate Over 30% Revenue
Foundry equipment is an expensive investment. Vantage Market Research has analyzed the market for foundry equipment to understand its current state and potential future growth factors. For better understanding, based on product foundry equipment Market is divided into:die casting machine, centrifugal casting machine, induction furnace, moulding machine, coremaking machine and shot blasting machine.
During the forecast period, the market for foundry equipment is anticipated to experience the highest CAGR for the machine learningcategory. The primary drivers of this segment's growth are the expanding automotive industry, and the rising demand for aluminum die castings. Centrifugal casting machines are anticipated to be the market's fastest-growing segment during the forecast period. The rising demand for investment castings from numerous end-use industries, including aerospace, construction, and medicine, is driving the growth of this market.
Although molding machines typically cost more than core-making or shot-blasting equipment, they provide higher accuracy and detail. Due to the rising demand for castings with complex geometries, molding machines are anticipated to experience rapid growth during the forecast period.
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on Foundry Equipment Market Forecast Report (2022-2028).
Global Foundry Equipment Market Segmentation
Denso Corporation, Hanon Systems, TransAir Manufacturing, Mitsubishi Heavy Industries Ltd., Eberspacher Group, MAHLE GmbH, Valeo SA, Toyota Industries, Delphi PLC, Keihin Corporation, Calsonic Kansei Corporation, SamvardhanaMotherson Group, Subros Limited, SMAC Auto Air and others.
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