The Foundry machinery market is expected to experience a steady growth in the coming years. The rise in per capita income in developing countries is resulting in a demand for automobiles. Since, automobiles are the prime utilizers of metal castings, they are expected to drive the industry. Also, the growth in demand is most likely to be seen in Asian countries. Asian countries are fast establishing various metal casting factories to meet the rising demand.
What is Foundry Machinery?
Foundry machinery is a kind of machinery which is used in foundries for metal castings. Foundries are factories where metals are cast into shapes by melting by melting them into a liquid. The liquid is then poured into molds. Molds are dent made according to desired shapes. Once poured, the molten metal takes the shape of mold and is solidified once cooled down.
Market Research and Market Trends of Foundry Machinery Market
- The automobile sector is undergoing a major shift in its approach towards combating the environmental challenges. Automobile manufacturers utilize up to 80% of the total castings manufactured in foundries. The traditional diesel and petrol engines require around 220 die cast parts in their engines, but the electric drive consists of only 25 parts. The difference in requirement is creating a huge void for companies to catch up, resulting in manufacturers to actively search for alternatives for survival.
- The emergence of 3d printing and simulation based castings are anticipated to drive the foundry machinery market in the coming years. Construction and furniture based industries are one some of largest utilizers of die cast products. The developing economies are experiencing rapid economic growth following the liberation of economic policies and after the promotion of ease of doing business. Foundry machinery manufacturers are exploring options to expand their foray into developing markets since the developed economies are becoming stagnant.
- The modernization of agricultural machinery is still lacking behind in developing economies such as India and Bangladesh. The agricultural sector in developing countries lag behind in terms of efficiency and productivity due to lack of adequate promotion. Governments are introducing a series of subsidies on mechanization of on and off farm activities in developing nations. The policy is showing a steady signs of improvements with a greater number of farmers adopting mechanized practices in their agricultural output.
Who are the Major Players in Foundry Machinery Market?
The major vendors in the Foundry Machinery Market are Baoding Well, DISA, Kunkel, Wagner, Loramendi, Nabertherm, and Sintokogio to name a few.
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