The research study covers the present scenario and growth prospects of the global foundry tools market for 2017-2021. The market is segmented based on geography, including APAC, EMEA, and the Americas.
The growth of the global foundry tools market will be primarily driven by the rising demand for cast products, owing to growth in the demand for light vehicles. Governments across the globe have been emphasizing on reducing carbon emissions, which has resulted in car manufacturers using more aluminum parts to make the vehicle lighter. This, in turn, has resulted in an increase in casting production and thus augmented the demand for foundry tools.
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Technavio heavy industry research analysts highlight the following three factors that are contributing to the growth of the global foundry tools market:
- Steady increase in production of light vehicles
- Industrialization and development in APAC
- Increasing productivity using OEE method
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Steady increase in production of light vehicles
The automotive industry constitutes the largest share in the castings market. Cast products account for more than half of the aluminum used in cars. The global automotive industry has grown over the past five years.
Gaurav Mohindru, a lead engineering tools research analyst at Technavio, says, “Governments across developed and developing countries are concentrating more on three factors; environmental compatibility, safeguarding resources, and safety. In response, automobile makers are beginning to build a safer, cleaner, and a wider range of cars, such as zero emission vehicles. These initiatives by the government across the world will boost the market for foundry tools in the next five years.”
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.
“The rapid rate of industrialization in India will drive the demand for steel castings in the country. The demand for steel castings will increase significantly following the government's massive investments in infrastructure development. Indian steel companies have been investing hugely over the last seven years in order to increase their production capacities. The growth rate of steel consumption in India is expected to be 7%-9%. To cater to this excessive steel consumption, the country must focus on increasing their domestic coking coal sources by making superior use of domestic reserves,” adds Gaurav.
Increasing productivity using OEE method
Die casting process efficiency and uptime are the two major indicators that determine the overall productivity of a die casting cell. The industry is implementing the overall equipment effectiveness (OEE) method to determine these indicators as objectively as possible. This method draws a comparative study between the theoretical output capacity and the actual capacity of the plant. This methodology involves the complete evaluation of the die casting cell, i.e. the die casting machine and its peripherals. Factors, such as time, velocity, and quality, are also taken into consideration.
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