Global Foundry Tools Market 2017-2021

Overview of the global foundry tools market

Market research analysts at Technavio predict that the global foundry tools market will post a revenue of almost USD 177 million by 2021. The rise in industrialization in APAC is identified as one of the primary growth factors for this market. APAC is the largest and strongest growing market for steel castings across the world. The demand for industrial steel castings will primarily be driven by the rapid rate of industrialization in countries such as China, South Korea, and India, which in turn, will propel the growth of the foundry tools market.  Steel castings offer flexibility and improve the safety and reliability of construction. As a result, they are used in a wide range of applications in the construction industry. With massive investments by the government of countries such as India towards infrastructure development, the construction industry will witness impressive growth in the coming years. This will increase the need for steel castings, which will subsequently fuel the growth of the foundry tools market.

The emergence of 3D printing and casting is one of the latest trends that will contribute to the growth of this market in the forthcoming years. Technological advancements have been introduced in foundries for 3D printing in sand casting. For instance, Fusion Deposition Modelling (FDM) printers are being announced with the capability to use strong materials such as plastic filaments to replace the traditional CNC machined molds. These 3D printers are much more cost-efficient and time saving and can quickly adapt to design changes.

Competitive landscape and key vendors  

Owing to the presence of numerous small vendors, the foundry tools market appears to be fragmented. The constant rise in demand for cast parts in automotive, aerospace, and construction industries will drive the demand for foundry tools during the forecast period. Since foundry tools have a basic design, the scope for product differentiation is limited. As a result, foundry tool manufacturers are finding it increasingly difficult to differentiate their products from their counterparts, which makes the market highly competitive.

The leading vendors in the market are -

• Artisan Foundry Shop
• Freeman Manufacturing & Supply
• MIFCO-  McEnglevan Industrial Furnace Company
• Morgan Advanced Materials

The other prominent vendors in the market are Crowder Supply, giba, Holmatro, Apex Tool Group, and U.S. Air Tool.

Geographical segmentation and analysis of the foundry tools market

• Americas
• APAC
• EMEA

This market study estimates that in terms of geographic regions, APAC will be the major revenue contributor to the foundry tools market throughout the forecast period. The growing automotive production market in the region drives the steady growth of the casting industry, particularly in countries such as China, India, Thailand, and Indonesia. The growth of the automotive industty will to continue over the forecast period, which will further increase the demand for castings and foundry tools in this region.

Growth drivers, challenges, and upcoming trends: The introduction of simulation-based castings

Simulation-based castings are utilized to produce cost-effective, reliable, and high-precision components. These castings are used to increase the casting yield and reduce the shop floor time.  Simulation-based castings can assist in creating a perfect, defect-free casting during the manufacturing process. These simulation-based models also help in reducing waste and help in lowering the operational costs. Precision in the final design also benefits end-users and is starting to become a standard in the casting industry. These advantages of simulation-based casting over conventional casting methods will drive its demand over the next four years.

This report provides a number of factors contributing to the adoption, limitations, and opportunities of the foundry tools market. It also offers an analysis of each factor and an estimation of the extent to which the factors are likely to impact the overall market growth.

Key questions answered in the report include

• What will the market size and the growth rate be in 2021?
• What are the key factors driving the global foundry tools market?
• What are the key market trends impacting the growth of the global foundry tools market?
• What are the challenges to market growth?
• Who are the key vendors in the global foundry tools market?
• What are the market opportunities and threats faced by the vendors in the global foundry tools market?
• Trending factors influencing the market shares of the Americas, APAC, and EMEA.
• What are the key outcomes of the five forces analysis of the global foundry tools market?

Technavio also offers customization on reports based on specific client requirement.

This upcoming market research report on the foundry tools market is an integral part of Technavio's heavy industry portfolio and offers key insights into the market space for engineering tools. Technavio's insightful market research reports also offer insights on the market size, forecast, trends, and industry analysis to help clients build effective growth strategies.

Additionally, by implementing an extensive research approach of quantitative and qualitative data collection methods and assessing the changing demand-supply landscape of the engineering tools sector, the upcoming market research report on the foundry tools market offers insights into the key market drivers, trends, and eminent challenges that will influence the growth of the key suppliers in this market space. This upcoming market research report on the foundry tools market also covers vendors like Artisan Foundry Shop, Freeman Mfg. & Supply, Morgan Advanced Materials, GIBA,  Joppa Glassworks, and MIFCO - McEnglevan Industrial.

This market research report on the foundry tools market also takes into account the growth of related markets like turning tools market and boring tools market, which are anticipated to post an impressive CAGR of nearly 8% and above 7%, respectively during the forecast period. Furthermore, to offer clients the scope to identify potential market opportunities and expand in niche markets, this report on the foundry tools market also covers geographies like the Americas, APAC, and EMEA.

The upcoming industry report on foundry tools market also offers insights into fast-growing segments within the heavy industry, including sectors like test and measurement, tools and components, and construction. Additionally, the report also presents insights into the changing competitive landscape and gives clients a complete view of the future direction of the industry.

Technavio also offers clients the option to customize every report to suit their specific requirements and offers attractive discounts on all upcoming reports and future purchases.