Wilmington, Delaware, United States, Oct. 31, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global foundry binders market stood at US$ 3.75 million in 2023, and the global market is projected to reach US$ 5.1 billion in 2031. The global foundry binders market is anticipated to expand at a CAGR of 3.9% between 2023 and 2031.
Foundry binders stand as essential components in the intricate process of metal casting, playing a pivotal role in the creation of molds for the fabrication of complex metal components used across diverse sectors, including automotive, aerospace, construction, and more. Their primary function revolves around binding molding sand to form a durable and rigid structure, capable of withstanding the formidable conditions of high temperatures and pressures associated with metal casting.
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These foundry binders come in two primary categories: organic and inorganic. The choice between these binders is contingent on specific applications, with each type offering distinct advantages. Organic binders, typically derived from natural materials like clay or starch, exhibit exceptional cohesiveness and collapsibility. On the other hand, inorganic binders, often based on minerals such as sodium silicate or phosphate, provide heightened stability at high temperatures and emit fewer emissions during casting processes.
A deeper analysis of the foundry binders market reveals the critical role they play in shaping the production of intricate metal components via the casting process. As industries continue to demand higher precision and exhibit a growing commitment to environmental sustainability, the foundry binders industry is responding with innovative formulations designed to meet these evolving needs. These formulations are geared towards sustainability, addressing the industry's penchant for sustainable practices.
Key Takeaways of Market Report
- Global foundry binders market to generate absolute dollar opportunity worth US$ 5.1 billion until 2031.
- Global foundry binders market from 2023 to 2031 is 3.9%
- Global foundry binders market is currently valued at US$ 3.6 billion in 2022.
- Global foundry binders market stood at US$ 3.75 billion in 2023.
- Market value of the global foundry binders market management from 2018 to 2022 is 3.7%
- Asia Pacific is said to grow at a market share of 58.8% in 2022.
Foundry Binders Market: Growth Drivers
- The foundry binders industry is experiencing a notable surge in demand driven by the growing need for finely engineered metal components across a spectrum of sectors, including automotive, aerospace, construction, and electronics.
- These components play a pivotal role in various machinery and equipment vital for today's society. For instance, the automotive sector's quest for lightweight yet durable materials has intensified to enhance fuel efficiency and comply with stringent environmental regulations.
- In the automotive industry, there is a compelling shift towards achieving increased fuel efficiency and reduced emissions, driven by global environmental concerns and stringent emission regulations. This shift necessitates the adoption of lighter materials to construct vehicles.
- Lighter automobiles consume less fuel, emit fewer greenhouse gases, and align with a more sustainable future. Foundry binders are indispensable in this transformative process. Precision casting becomes paramount as automakers increasingly incorporate lighter materials such as aluminum and advanced alloys into their designs.
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Foundry Binders Market: Regional Landscape
- Asia Pacific emerged as the dominant force in the global foundry binders market, accounting for a substantial 58.8% of the market share. This commanding position can be attributed to the region's ongoing modernization efforts and the surging demand for precision-cast components, particularly in the thriving automotive and aerospace sectors.
- The economic growth and technological advancements observed across multiple countries in Asia Pacific have spurred the need for high-precision metal components, further accelerating the growth prospects of the foundry binders market in this dynamic region.
- Europe also secured a noteworthy share of the global foundry binders market in 2022. This region's foundry binders market is poised for significant expansion due to the rapid adoption of industrial automation and the relentless pursuit of technological advancements within various industries. These developments reflect the region's commitment to staying at the forefront of innovation and its dedication to maintaining a strong presence in the foundry binders industry.
Foundry Binders Market: Key Players Developments
- Akcros Chemicals marked a significant milestone on July 4, 2023, with the successful completion of its acquisition of Eurotek Foundry Products Limited.
- On September 22, 2022, global chemical giant BASF SE forged a collaborative partnership with Univar Solutions. Through this partnership, an agreement to distribute pure methyl formate (MeFo) across the United States and Canada was secured by BASF.
Foundry Binders Market: Segmentation
By Product Type
- Organic
- Heat Curing
- No-Bake
- Furan
- Polyurethane No-Bake
- Alkyd
- Phenolic
- Easter Cured
- Others
- ColdBox
- Polyurethane Coldbox
- Phonelic Resole
- Epoxy
- Others
- Inorganic
- Self- Set
- Gassing
- Heat Cured Sodium Silicate
By Industry Structure
- Jobbing
- Automated
By Application
- Ferrous
- Non-Ferrous
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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