Global Foundry Equipment Market is valued at USD 4.12 Billion in 2022 and is projected to reach a value of USD 5.21 Billion by 2030 at a CAGR of 3.00% over the forecast period.
The market is driven by industries like automotive, machinery, and aerospace, which need more and more casting products. The rising demand for aluminum and steel castings is also contributing to the growth of the market. Modern Foundry Equipment is also used because of the need for efficient and cost-effective ways to make things. The automotive industry is one of the major end-users of Foundry Equipment. The automotive industry is the largest consumer of castings, accounting for more than 50% of the total demand. The demand for castings in this industry is likely to be driven by the increased sales of vehicles around the world. According to the National Highway Traffic Safety Administration, there were nearly 17 million passenger cars and light trucks sold in the United States in 2020, an increase of 3.6% in 2021. This trend is expected to continue in 2022, with sales projected to reach 18 million units. This growth was driven by strong demand in China, which accounted for nearly 30% of all new vehicle sales. Other key markets such as the United States, Europe, and Japan also contributed to this growth. A factor that will drive vehicle sales is the increasing number of households. According to the Census Bureau, there were nearly 128 million households in the United States in 2020. Once again, China was a major driver of this growth, accounting for nearly 30% of all automotive production. Other key markets such as the United States, Mexico, and South Korea also contributed to this growth.
Foundry Equipment Market Size, 2022 To 2030 (USD Billion)
The growing demand for vehicles, especially in emerging economies, is expected to drive the growth of the market. Moreover, the increasing focus on lightweight and energy-efficient materials is another factor driving the growth of the market. The use of aluminum and magnesium alloys in automotive manufacturing is increasing due to their superior strength-to-weight ratio and corrosion resistance properties. This is expected to fuel the demand for Foundry Equipment over the forecast period. The market for Foundry Equipment is growing due to the increasing demand for metals and casting products. The automotive industry is a major consumer of foundry products, and the Asia-Pacific region is the largest market for automotive casting. The growth of the automotive industry in China, India, and other Asian countries is driving the demand for Foundry Equipment. The power generation industry is another major consumer of castings, accounting for over 15% of the total demand. The construction industry is another major consumer of foundry products. Foundry Equipment is used to produce castings for use in construction projects such as bridges, buildings, and roads. The construction industry in emerging economies such as China and India is expected to drive the demand for Foundry Equipment.
The advancement in casting technologies is another factor driving the growth of the Foundry Equipment Market. The introduction of new technologies such as 3D printing and vacuum casting has revolutionized the manufacturing process of castings. These technologies offer superior accuracy and repeatability, which are expected to drive their adoption in various industries such as automotive, aerospace, and healthcare. However, the high cost of setting up a foundry and the stringent regulations governing emissions are restraining the growth of the market. The Foundry Equipment Market is restrained by various factors. The first restraint is the need for high capital investment to set up a Foundry Equipment manufacturing facility. This high initial investment is a barrier for new entrants into the market. Additionally, the market is restrained by the presence of a few large players who have significant market shares and hold a large number of patents. This limits the entry of new players and the ability of the existing players to expand their product offerings. Furthermore, the industry is characterized by long product development cycles which act as another restraint on market growth.
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What is the future of the market?
The future of the Foundry Equipment Market looks promising with the expected growth in the demand for castings from various end-use industries. The automotive industry is one of the major consumers of castings and is anticipated to grow at a healthy rate during the forecast period. The rising demand for electric vehicles is expected to boost the demand for aluminum castings, as they are lighter in weight than their counterparts. The construction industry is another major consumer of castings and is projected to grow at a significant rate during the forecast period. The increasing infrastructural development activities across the globe are anticipated to drive the growth of the market.
Top Market Trends
- Advanced technologies: The use of advanced technologies such as 3D printing and robotics is becoming more widespread in the foundry industry. This is allowing for greater precision and accuracy in casting, as well as faster production times.
- Increased automation: Automation is also on the rise in foundries, with many companies now using automated systems to handle tasks such as pouring molten metal and removing castings from molds. This helps to improve efficiency and productivity levels.
- Ongoing consolidation: There has been a trend towards consolidation in the foundry industry in recent years, with many small and medium-sized companies being bought up by larger ones. This has led to a more competitive landscape, with a few large players dominating the market.
The Global Foundry Equipment Market is segmented based on Product, End User, and Region. Based on the Product, the market is classified into Die Casting Machine, Centrifugal Casting Machine, Induction Furnace, Moulding Machine, Core Making Machine, and Shot Blasting Machine. Based on End User, the Foundry Equipment Market has been segmented into Automotive, Aerospace, Machinery, Shipbuilding, Power Generation & Electricity, and Other End Users. Region-wise, the Global Foundry Equipment Market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Based on Product
Die Casting Machines held the largest share of the market in 2021 and are expected to continue to dominate the market during the forecast period. The growing automotive industry and the increase in demand for aluminum die castings are the major factors driving the growth of this segment. Centrifugal casting machines are expected to be the fastest-growing segment of the market during the forecast period. The increasing demand for investment castings from various end-use industries such as aerospace, construction, and medical is driving the growth of this segment. Induction furnaces are used in melting operations in foundries. These furnaces use electromagnetic induction to heat metals to their melting point. Induction furnaces are expected to witness moderate growth during the forecast period due to their high energy efficiency and ability to operate at higher temperatures than other types of furnaces. Molding machines are typically more expensive than core-making or shot-blasting machines, but they offer a higher degree of precision and detail. Molding machines are expected to witness high growth during the forecast period due to the growing demand for castings with complex geometries. Core-making machines are also expected to witness significant growth owing to the increasing demand for sand cores from the automotive and aerospace industries. Shot blasting machines are used for cleaning and surface preparation of castings and are expected to grow at a moderate pace during the forecast period. Shot blasting machines are the least expensive type of Foundry Equipment, but they can only be used on castings that have already been through the molding and core-making process.
Based on End User
The Automotive industry is the largest End User of Foundry Equipment, accounting for more than 30% of the total market demand in 2020. The aerospace industry is the second largest End User, accounting for more than 20% of the total market demand. The machinery, shipbuilding, power generation and electricity industries are other important end users of Foundry Equipment, each accounting for more than 10% of the total market demand. The Automotive, Aerospace, Machinery, Shipbuilding, Power Generation & Electricity, and other End-User industries are expected to grow at a CAGR of 4.4%, 3.8%, 3.7%, 3.5%, 2.9%, and 2.8%, respectively, during the forecast period.
Based on Region
North America is expected to be the largest market for Foundry Equipment, followed by Europe. The US is the largest market for Foundry Equipment in North America. The country has a large automotive industry and a well-established metal casting industry. Moreover, the presence of leading Foundry Equipment manufacturers in the US is also driving the growth of the market in the country. Asia Pacific is expected to be the fastest-growing market for Foundry Equipment during the forecast period. The growth of the automotive industry in countries such as China, India, and Japan is driving the demand for Foundry Equipment in the region. Moreover, the rapid industrialization and urbanization in developing countries of Asia Pacific are also fuelling the growth of the market in the region. Latin America and Middle East & Africa are expected to witness moderate growth during the forecast period. The growth of these regions is primarily driven by the increasing demand from end-use industries such as automotive and construction.
The key players in the Global Foundry Equipment Market include- Denso Corporation (Japan), Hanon Systems (South Korea), TransAir Manufacturing (US), Mitsubishi Heavy Industries Ltd. (Japan), Eberspacher Group (Germany), MAHLE GmbH (Germany), Valeo SA (France), Toyota Industries Corporation (Japan), Delphi PLC (UK), Keihin Corporation (Japan), Calsonic Kansei Corporation, Samvardhana Motherson Group (India), Subros Limited (India), SMAC Auto Air and others.
In the past few years, the government has been investing heavily in the foundry industry. This has led to some key players in the industry emerging as global leaders in terms of technology and manufacturing capabilities. Some of the most recent developments by the government and key players in the industry include:
- The establishment of a National Foundry Technology Center in China.
- The launch of a $1 billion fund for investment in Foundry Equipment and technology by the Chinese government.
- The setting up of a $100 million fund for investment in foundry start-ups by the Indian government.
- The opening up of a new state-of-the-art foundry facility by Hyundai Motor Company in India.
- The setting up of a new research and development center by General Motors in India.
- Recent advancements in Foundry Equipment have been driven by the need for speed, accuracy, and efficiency in the production process. The latest generation of equipment is designed to meet these demands, with faster cycle times, greater precision, and higher productivity.
- One of the key drivers of this progress has been the development of computer-controlled (CNC) machines, which are now widely used in foundry operations. CNC machines offer considerable advantages over traditional manually operated equipment, including increased accuracy, repeatability, and productivity.
- Other recent innovations in Foundry Equipment include 3D printing technology, which is being used to create prototype parts and production molds. This technology offers significant potential for reducing lead times and costs while increasing flexibility and accuracy.
Segmentation of the Global Foundry Equipment Market
- Product (Die Casting Machine, Centrifugal Casting Machine, Induction Furnace, Moulding Machine, Coremaking Machine, Shot Blasting Machine)
- End User (Automotive, Aerospace, Machinery, Shipbuilding, Power Generation & Electricity, Other End Users)
- Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa)
|Regions & Countries Covered
- North America - (U.S., Canada, Mexico)
- Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
- Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
- Latin America - (Brazil, Argentina, Rest Of Latin America)
- Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
- Denso Corporation (Japan)
- Hanon Systems (South Korea)
- TransAir Manufacturing (US)
- Mitsubishi Heavy Industries Ltd. (Japan)
- Eberspacher Group (Germany)
- MAHLE GmbH (Germany)
- Valeo SA (France)
- Toyota Industries Corporation (Japan)
- Delphi PLC (UK)
- Keihin Corporation (Japan)
- Calsonic Kansei Corporation
- Samvardhana Motherson Group (India)
- Subros Limited (India)
- SMAC Auto Air
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