Global Foundry Tools Market 2017-2021
About Foundry Tools
Foundry tools are a set of equipment, such as shovels, trowels, rammers, riddles, and others. Foundry tools are used in foundries for basic operations, such as mixing and molding sand, smoothening surfaces, and others. The global casting production surged in 2015 when compared with the figures in 2014. However, a decline in the number of foundries was observed, indicating the consolidation of foundry businesses across the world.
Technavio’s analysts forecast the global foundry tools market to grow at a CAGR of 0.68% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global foundry tools market for 2017-2021. To calculate the market size, the report considers cover shovels, trowels, riddles, slick tools, and rammers.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Foundry Tools Market 2017-2021
Technavio recognizes the following companies as the key players in the global foundry tools market: Artisan Foundry Shop, Freeman Manufacturing & Supply, MIFCO - McEnglevan Industrial Furnace Company, and Morgan Advanced Materials.
Other Prominent Vendors in the market are: Crowder Supply, giba, Holmatro, Apex Tool Group, and U.S. Air Tool.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is 3D printing in sand casting. With the advent of 3D printing and additive manufacturing techniques, the face of the global manufacturing industry has changed. Off late, prototypes are being prepared through the 3D printing process, which replaces the conventional CNC machining of aluminum patterns.”
According to the report, one driver in the market is industrialization and development in APAC. APAC is the largest and strongest growing market for steel castings worldwide. The demand of industrial castings will primarily be driven by the rapid rate of industrialization in countries, such as China, South Korea, and India. Steel castings provide flexibility and improve the safety and reliability of construction. Owing to these characteristics, steel castings are used in wide range of applications in the construction industry.
Further, the report states that one challenge in the market is benefits of forging over casting. Casting and forging are two very different manufacturing processes. In casting, the molten metal is poured into a mold and is allowed to solidify. However, in forging, the material is physically forced into a shape without changing the state of the metal, although it is heated frequently. Forged parts usually have less surface porosity, higher tensile strength, and better fatigue life. On the other hand, in casting, when the metal is heated to a temperature above its melting point, the grain size becomes free to expand.
Artisan Foundry Shop, Freeman Manufacturing & Supply, MIFCO - McEnglevan Industrial Furnace Company, Morgan Advanced Materials, Crowder Supply, giba, Holmatro, Apex Tool Group, and U.S. Air Tool.