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.
- 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.
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
- Palmer Manufacturing & Supply, Inc.
- Meissner AG
Global Foundry Tools Market: Research Scope
Global Foundry Tools Market, by Type
- Sprue Pin
Global Foundry Tools Market, Application
- Sand Preparation
Global Foundry Tools Market, End-user
- Power Industry
- Electrical Equipment
- Machine Tools
- Pipes & Fittings
Global Foundry Tools Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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