Foundry Tools: Introduction
- Large number of tools and equipment are used in foundries to carry out various operations such as sand preparation, molding, melting, pouring, and casting
- Foundry tools are designed to carry out different tasks more efficiently and improve the performance of foundries. These equipment can be readily modified and configured as per needs. Thus, companies are investing significantly in R&D to develop advanced foundry tools.
Key Drivers of Global Foundry Tools Market
- Foundry products are widely used in various sectors across the globe such as automotive, aerospace, power generation, railways, petrochemical, medical, defense, and marine. Nearly all key components of these industries, such as brake disks, medical implants, marine engines, and aircraft turbine blades, are dependent on castings. Cast components used in the building & construction industry are pressure and drainage pipes, surface boxes, castings for radiators and boilers, cooker and stove castings, and sanitary castings. Demand for these products is expected to increase in the near future. This is anticipated to propel the demand for foundry tools during the forecast period.
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- Increase in demand for foundry tools in developing countries is estimated to drive the foundry tools market. Economic growth in developing regions such as Asia Pacific, Latin America, and the Middle East is driving the need for urbanization. More than 50% of the global population was living in urban areas in 2018. This percentage is projected to increase to 66% by 2050. This is projected to fuel building & construction, automotive, and industrial sectors, which rely highly on casting products. Growth of building & construction, automotive, and industrial sectors is anticipated to drive the foundry industry across the globe in the next few years, thereby boosting the demand for foundry tools during the forecast period.
Global Foundry Tools Market: Segmentation
- The global foundry tools market can be segmented in terms of type, application, and end-user
- In terms of type, the foundry tools market can be divided into riddle, shovel, rammer, sprue pin, and others. Currently, the riddle segment accounts for major share of the foundry tools market.
- In terms of application, the foundry tools market can be categorized into sand preparation, molding, melting, casting, and others. The use of sand preparation tool is higher. Thus, the segment is likely to expand at a high CAGR during the forecast period.
- Based on end-user, the market can be divided into automotive, power, electrical equipment, machine tools, pipes & fittings, and others. Demand for foundry tools is high in the automobile industry. This is likely to boost the automotive segment in the near future.
Global Foundry Tools Market: Regional Segmentation
- In terms of region, the global foundry tools market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in Asia Pacific is projected to expand at high CAGR during the forecast period, due to a rise in industrialization and urbanization in countries in China, India, Indonesia, Japan and Singapore.
- The foundry tools market in Europe and North America is anticipated to expand significantly during the forecast period. Growth of automotive, power, and electrical equipment industries is projected to propel the demand for foundry tools in these regions. Thus, demand for foundry tools is anticipated to remain high in Europe and North America during the forecast period.
COVID-19 Impact on the Global Foundry Tools Market
- Demand for foundry tools is significantly high in many industrial application such as automobile, power, and electrical. However, the outbreak of the COVID-19 pandemic has disrupted the supply chain as well as availability of manpower due to the lockdown in various countries. This has led to a reduction in production of foundry tools. This, coupled with low demand among end-users, has significantly affected the global foundry tools market. However, increase in investment in end-user industries by companies around the world and government support are expected to boost the market in the few years.
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Key Players Operating in Global Market
- Freeman Mfg. & Supply Co.
- Apex Tool Group, LLC
- Morgan Advanced Materials
- MIFCO-McEnglevan Industrial Furnace Company
- U.S. Air Tool
- GIBA
- Holmatro
- CIREX
- Palmer Manufacturing & Supply, Inc.
- Meissner AG
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