Top Companies in Foundry Equipment Market by Size, Share, Historical and Future Data & CAGR | Report by Vantage Market Research Market
Foundry Equipment Market is projected to reach USD 4.2 Billion by 2028 at a CAGR of 3.50% over the forecast period.
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Market Overview
The Global Foundry Equipment Market is valued at USD 1.1 Billion in 2021 and is projected to reach USD 4.2 Billion by 2028 at a CAGR of 3.50% over the forecast period. The increased manufacturing of lightweight automobiles, intended to boost energy efficiency and comply with strict pollution standards, is predicted to expand the foundry business. In addition, the demand for automobiles has increased due to the rising popularity of electric vehicles, rising per capita income, and increased population in emerging economies. Additionally, the high construction industry, brought on by the rapid expansion of the construction and infrastructure sectors, is also anticipated to significantly contribute to the growth of the Foundry Equipment Market throughout the forecast period.
Rising demand for automobiles has been generated by expanding population and per capita income, particularly in emerging economies. Since one of the main end customers of metal castings is the automotive industry, this has further increased demand for foundry machinery.
However, during the forecast period above, the growth of the Foundry Equipment Market will be constrained by the high cost of Foundry Equipment and strict government regulations. During the forecast period above, the market for foundry equipment will have plenty of opportunities due to rising investment and population demand.
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Amidst Exponential Growth in Foundry Equipment Adoption, What Trends Should We Look Forward to?
- In the upcoming years, the market for foundry machinery is expected to be driven by the development of 3D printing and castings that are based on simulation. The biggest users of die-cast products are the furniture and construction industries.
- Growth in disposable income in developing nations fuels the demand for automobiles. The growth of the market for Foundry Equipment will be fueled by the fact that cars are the main consumers of metal castings. But as robotics and machine tools get lighter and more versatile, the market for the automobile sector has a chance to expand.
- The physical barrier to establishing relations with other countries has been lowered, and communication has improved thanks to modernization. The world has become a global village due to the technological revolution and the expansion of the industrial sector. Population growth prompted housing stock and residential real estate increase, which fueled the market expansion.
- The Foundry Equipment industry has been consolidating recently, with many small and medium-sized businesses being acquired by larger ones. Moreover, the Foundry Equipment industry is receiving more investments from several nations. Due to increased competition, the market is now dominated by a small number of very large players.
The Foundry Equipment Market is dominated by globally established players such as 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, SamvardhanaMotherson Group (India), Subros Limited (India), SMAC Auto Air, and others. These companies have developed new products, adopted expansion strategies, and undertaken collaborations, partnerships, and mergers & acquisitions to gain traction in this high-growth Foundry Equipment Market.
Let's Look at the Top 5 Companies That are Taking the Foundry Equipment Market by Storm
The Foundry Equipment Market is expected to grow from USD 1.1 billion in 2021 to USD 4.2 billion in 2028 because there is a growing market for castings made of steel and aluminum. The development of casting technologies is another element boosting the market for Foundry Equipment. Because of their superior accuracy and repeatability, these technologies are anticipated to become more widely used in various sectors, including the aerospace, automotive, and healthcare industries.
- Denso Corporation (Japan)
DENSO is a multinational corporation specializing in improved mobility that improves how people move about and promotes overall well-being. Having a large product range focused on Foundry Equipment and significant global influence, it is a Fortune 500 global firm.
- TransAir Manufacturing (US)
Since its founding in 1979, Trans/Air Manufacturing Corporation has been producing the best-in-class transportation air conditioning systems according to a single fundamental principle. Trans/Air Manufacturing Corporation's Foundry Equipment produces a full line of climate control systems for the commercial, industrial, and electric/hybrid vehicle markets.
- Eberspacher Group (Germany)
Eberspächer is synonymous with dependable exhaust gas filtration, thermal management, and automotive control systems and parts. Its strengths are foundry solutions and components for the automotive industry and other sectors.
- MAHLE GmbH (Germany)
MAHLE is a prominent global supplier to the automobile industry and a leader in developing new technologies that will shape future mobility. The MAHLE Group is dedicated to using Foundry Equipment to make transportation more effective, ecologically sustainable, and comfortable.
- Subros Limited (India)
The Subros Tool Engineering Center has cutting-edge equipment, such as a CNC Machining Center, Wire EDM, CNC EDM, and CNC Lathe, in addition to more traditional tool room equipment. Fin-tube type heat exchangers, expanders, automatic brazing machines, cross-flow fan production, plastic molding, a fully automated paint shop, and other relevant Foundry Equipment are all manufactured here.
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