Segments - Crucible Lifter Market By Product (Internal Lifter and External Lifter), Diameter (Less than 500 mm, 500-1000 mm, and Above 1000 mm), Lifting Capacity (Less than 500 kg, 500-1000 kg, and Above 1000 kg), End-user (Foundries and Laboratory), and Region (North America, Asia Pacific, Europe, Latin America, And Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2031
The global crucible lifter market size was valued at USD 15,868.9 Million in 2022 and is anticipated to reach USD 27,102.5 Million by 2031, expanding at a CAGR of 6.2% during the forecast period.
A crucible is a vessel in which metallic elements are melted to be cast into new objects or to create a new alloy. Crucibles are traditionally made from ceramic and metallic materials, which withstand very high temperatures. Crucible lifters are designed for the handling of hot crucibles when filled with molten metal. They generally have a circular frame with a top bracing leg that ensures straight vertical lifting and proper alignment of the rigging. The frame diameter is slightly larger than the crucible.
The industrial sector plays a key role in fostering socioeconomic resilience. Industrialization is driven by many factors, such as government policy, labor-saving inventions, entrepreneurial ambitions, and demand for goods and services. Industrialization has a significant impact on the mass production of goods and services across the globe. Thus, industrialization contributes to economic growth by enhancing productivity, innovations, and exports throughout the globe. This has surged the production of various die-cast products, such as automotive parts, aerospace components, and parts for medical devices.
Crucible lifters are used in casting in manufacturing plants for lifting crucibles containing molten liquids. The rising demand from the foundries contributes to the growth of the crucible lifters market. Thus, industrialization impacts the manufacturing sector and influences the growth of the market.
Economic growth refers to an increase in the level of economic activity in a country or region over time. It is measured by growth in gross domestic product (GDP). Economic growth is a crucial macroeconomic aspect that has a substantial impact on the manufacturing and casting industries. Growing demand for high-precision products in different industries increases the demand for metal cast equipment.
A growing economy often results in the expansion and investment of firms in new projects. This increases the demand for fast and efficient equipment, which further influences the demand for die-cast products, thereby boosting the adoption of crucible lifters. According to the Asian Development Bank, the gross domestic product (GDP) growth of India is expected to reach 6.4% in fiscal year (FY) 2023 ending on 31 March 2024 and rise to 6.7% in FY2024, driven by private investment and private consumption on the back of government policies to improve logistics, transport infrastructure, and the business ecosystem.
The introduction of Industry 4.0 represents a paradigm shift over the next several years and provides ample growth opportunities for the manufacturing sector. This helps domestic companies to operate in global value chains and seeks innovation in terms of increased productivity with the use of advanced machinery and equipment.
The government policies are focusing on the jumpstart of Industry 4.0 by introducing policies and conducting activities that are working on Industry 4.0 projects that further promote innovation to benefit the economy of the nation. Crucible lifter systems remain intertwined with Industry 4.0 and optimize production efficiency. Industry 4.0 embraces advanced manufacturing technologies to enhance efficiency and competitiveness, which further influences the crucible lifters market.
Increasing demand for metal cast products in manufacturing industries, such as automotive and aerospace, is anticipated to drive the market during the forecast period. Metal casting in foundries is a popular manufacturing process and involves pouring molten metal into a die or sand mold to get the desired shape. It helps produce complex and large-size components for various industrial equipment/components. The rising need for energy-efficient and high-precision components in vehicles is boosting the metal casting industry. Furthermore, the rising need for metal casting is fueling the use of crucible lifters in foundries.
Rising adoption of material handling equipment in the casting industry drives the market. In the crucible lifters, safety concerns are the prime factor considered by the industry. Using a crucible lifter ensures the safety of users while simultaneously preventing molten metals from contaminating other materials holding crucibles. Therefore, the rising usage of material handling equipment in the casting industry boosts the crucible lifters market.
High costs of crucible lifters is anticipated to hamper the market. Crucible lifters are designed to withstand relatively high temperatures during the lifting of molten metals. The crucible lifters are made of materials with a much higher melting point than that of the materials to be melted, which increases the material and manufacturing price of these lifters. Moreover, the cleaning and maintenance of these crucible lifters costs are relatively high, due to the dried metals on the lifter hooks.
The integration of Artificial Intelligence is assisting the manufacturing industry by improving efficiency, reducing costs, enhancing product quality, and optimizing and predicting maintenance needs. However, crucible lifters integrate with AI tools monitors and optimizes the pouring of molten liquid in the die. Moreover, the requirement and need for maintenance of these crucible lifters is being able to predict to avoid unwanted damages. Furthermore, increasing awareness for efficiency in production process is anticipated to boost the market in the future.
The report on the global crucible lifter market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Crucible Lifter Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast |
Base Year |
2022 |
Historic Data |
2016 and 2021 |
Forecast Period |
2023–203 |
Segmentation |
Product (Internal Lifter and External Lifter), Diameter (Less than 500 mm, 500-1000 mm, and Above 1000 mm), Lifting Capacity (Less than 500 kg, 500-1000 kg, and Above 1000 kg), and End-user (Foundries and Laboratory) |
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered |
Bradley Lifting Corporation; Morgan Advanced Materials plc; MIFCO - McEnglevan Industrial Furnace Company, Inc.; Acetarc Ltd.; Heat Master; Heatech Engineers; ACCO Mateiral Handling Equipment; and New London Foundry |
Based on product, the crucible lifter market is bifurcated into internal lifter and external lifter.
The internal lifter segment is expected to expand at a CAGR of 6.7% during the forecast period. Internal crucible lifter allows quick and easy movement of crucibles without removing the furnace top cover. Crucible is lifted through top opening without removing the furnace top cover, reducing down-time and saving valuable man-hours. Moreover, these internal lifters are easy to handle, prevent damage to heater panels, and eliminates costly repairs, thereby boosting the segment.
On the basis of diameter, the crucible lifter market is segmented into less than 500 mm, 500-1000 mm, and above 1000 mm. The less than 500 mm segment is expected to expand at a CAGR of 6.6% during the forecast period. The inner diameter of the lifter jaw needs to be slightly larger than the outer diameter of the crucible rim to ensure a secure hold without over compressing the material. Diameter of lifters are depending on specific need and shape of crucible. Different materials of crucible lifters expand or contract at different rates due to heat.
In terms of lifting capacity, the crucible lifter market is classified as less than 500 kg, 500-1000 kg, and above 1000 kg. The less than 500 kg segment is expected to expand at a significant CAGR during the forecast period. The crucible lifters weight capacity significantly exceeds the full weight of the crucible and molten metal it carry. These lever operated crucible lifters handle heavy crucibles with less physical efforts. Less than 500 kg crucible lifters are mainly used in small foundries and manufacturing units.
In terms of end-use, the crucible lifter market is categorized into foundries and laboratory.
The foundries segment is expected to expand at a CAGR of 6.4% during the forecast period. A foundry is a factory that produces metal castings. Metals are cast into shapes by melting them into a liquid, pouring the metal into a mold, and removing the mold material after the metal has solidified as it cools. The most common metals processed are aluminium and cast iron. The increasing demand for die cast products is driven by rising lightweight materials in various industries, leading to a rise in the demand for high-quality die casting services. The rising demand for die-cast materials boosts the segment.
On the basis of region, the global crucible lifter market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The market in Asia Pacific is expected to expand at a CAGR of 6.8% during the forecast period, due to the rapid industrialization and urbanization. Crucible lifters are crucial tool in die casting industry for handling hot crucibles when filled with molten metal. The wide presence of manufacturing industries in China and India are contributing to the market expansion. Furthermore, increasing investments in manufacturing industries increase the usage of die cast production, thereby fueling the crucible lifter market in this region.
In-depth Analysis of the Global Crucible Lifter Market
Historical, Current, and Projected Market Size in terms of Value
Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
Industry Drivers, Restraints, and Opportunities Covered in the Study
Recent Industry Trends and Developments
Competitive Landscape & Strategies of Key Players
Neutral Perspective on the Global Crucible Lifter Market Performance
Key players operating in the crucible lifter market include Bradley Lifting Corporation; Morgan Advanced Materials plc; MIFCO - McEnglevan Industrial Furnace Company, Inc.; Acetarc Ltd.; Heat Master; Heatech Engineers; ACCO Mateiral Handling Equipment; and New London Foundry. Market players are adopting key strategies, such as acquisitions, collaborations, and geographic expansion, to increase their presence in the market.
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Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
According to this Growth Market Reports report, the crucible lifter market is projected to register a CAGR of 6.2% during the forecast period 2023-2031, with an anticipated valuation of USD 27,102.5 Million by the end of 2031.
Rising industrialization, economic growth, and Industry 4.0.
Bradley Lifting Corporation; Morgan Advanced Materials plc; MIFCO - McEnglevan Industrial Furnace Company, Inc.; Acetarc Ltd.; Heat Master; Heatech Engineers; ACCO Mateiral Handling Equipment; and New London Foundry are among the few players that operate in the global crucible lifter market.
The COVID-19 pandemic hampered the crucible lifter market. Manufacturers of crucible lifter faced several challenges during the pandemic, due to restrictions and the closure of manufacturing sites. The outbreak of COVID-19 impacted the manufacturing sector by affecting production, demand, and supply chains, which considered as three critical areas that support normal manufacturing cycles and procedures.
In addition to market size (in US$ Million), company market share (in % for the base year 2021), impact of key regulations, current and future market trends, penetration & growth prospect mapping, and market entry strategies are included in the report.
The base year considered for the global crucible lifter market report is 2022. The complete analysis period is 2016 to 2031, wherein, 2016 to 2021 are the historic years, and the forecast is provided from 2023 to 2031.