New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Persistence Market Research reveals that the global foundry chemicals market is set to reach a valuation of US$ 3.34 billion by the end of 2033. The market is projected to expand at a CAGR of 4.3% from 2023 to 2033, mainly owing to the growing demand for foundry chemicals in casting industries.
The global foundry chemicals market is predominantly centered in Asia Pacific, with China and India collectively holding over 50% market share. The surge in manufacturing and industrialization in the Asia Pacific region is poised to drive increased demand for foundry products and chemicals in the coming years.
Foundry chemicals enhance processing capabilities in casting, contributing to heightened production and profitability for stakeholders. These chemicals are increasingly adopted in advanced foundries and refractories, offering various grades and types tailored to different foundry specifications and operating temperatures. This diversity provides improved performance and expanded choices for end-users.
Leading foundry chemical manufacturers are strategically enhancing their market position through acquisitions and expansions. Some engage in research and development to introduce new products with enhanced features. The emergence of eco-friendly foundry chemicals is a growing trend in the market.
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Key Takeaways from Market Study
- The global foundry chemicals market is estimated at US$ 2.19 billion in 2023.
- Demand for foundry chemicals is projected to rise at 4.3% CAGR over the assessment period (2023 to 2033).
- By product type, resins and binders account for 48% share of the market in 2023.
- The iron foundries segment accounts for a leading market share in 2023.
- East Asia is a key regional market holding 55% share of the market in 2023.
“Functional, operational, and economic advantages of foundry chemicals underscore their fundamental role in the foundry and casting industry. As novel technological innovations emerge and the demand for foundry products continues to rise, the foundry chemicals market is poised for sustained growth in the years ahead,” reveals an analyst at Persistence Market Research.
Competitive Landscape
The global market for foundry chemicals is somewhat consolidated with the presence of a few dominating market players. These companies collectively hold 45% to 50% of the market share. Some of the top manufacturers profiled in the research study are Vesuvius, SQ Group, Ask Chemicals, Asahi Yukizai Corporation, and KAO Chemicals.
Key market trends observed during the last few years are regional expansion through acquisition and collaborations, and launch of environment-friendly products.
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Market Segmentation:
By Product Type: Coatings, Auxiliaries, Resins & Binders, Others
By Foundry Type: Iron Foundries, Steel and Alloy Steel Foundries, Aluminium Foundries, Other Non-ferrous Foundries
By Region: North America, Latin America, Europe, East Asia, South Asia and Pacific, Middle East and Africa
Conclusion
Demand for foundry chemicals has been predominantly influenced by certain macroeconomic factors along with demographic factors including the growing population, increasing demand for houses, urbanization trend, and growth in global GDP, among others. Further, government initiatives, technological advancements in the construction industry, environmental regulations, etc., are pushing the traditional market towards more sustainable products, where materials like these chemicals are expected to play a crucial role owing to their functional and operational features.
More Market Insights Available
In its latest report, Persistence Market Research offers an unbiased analysis of the global foundry chemicals market, providing historical data from 2018 to 2022 and forecast statistics for the period 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented based on product type, foundry type, and region.
Foundry Chemicals Market Drivers: 2023-2031
- Expanding Automotive Industry: The global automotive industry is a significant consumer of foundry products. As the automotive sector continues to expand, particularly in emerging economies, the demand for Foundry Chemicals is set to surge. These chemicals play a vital role in the production of engine components, transmission parts, and other critical automotive elements.
- Infrastructure Development Boom: Infrastructure development projects, such as construction of bridges, roads, and buildings, have witnessed remarkable growth, particularly in developing regions. Foundry Chemicals are essential for producing the metal components required in these construction projects.
- Environmental Regulations and Green Practices: Stringent environmental regulations are pushing the industry towards eco-friendly Foundry Chemicals. The adoption of green practices is not only a regulatory requirement but also a market demand, as environmentally friendly products are increasingly preferred.
- Technological Advancements: Continuous advancements in foundry chemical formulations and processes are enhancing the efficiency of foundry operations. These innovations are resulting in improved product quality, reduced waste, and cost savings.
- Economic Growth in Emerging Markets: The ongoing economic growth in regions like Asia-Pacific and Latin America is boosting industrial activities. This industrial expansion, in turn, necessitates a higher consumption of Foundry Chemicals.
- Shift Towards Lightweight Materials: In response to the automotive industry's pursuit of fuel efficiency, there is a growing demand for lightweight materials. Foundry Chemicals are instrumental in producing lightweight castings, which are vital in reducing vehicle weight and improving fuel efficiency.
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Market Challenges: 2023-2031
- Raw Material Price Volatility: The Foundry Chemicals industry relies on various raw materials, including metals, minerals, and chemicals. The prices of these inputs can be highly volatile, subject to global market trends, geopolitical factors, and supply chain disruptions.
- Environmental Concerns: Increasing environmental awareness and regulations require foundry chemical manufacturers to adhere to stricter emissions standards and environmental sustainability practices.
- Competition from Alternative Technologies: Emerging technologies such as 3D printing are challenging traditional foundry processes. While these alternatives may not completely replace foundry chemicals, they can disrupt the market by offering more efficient and cost-effective solutions.
- Supply Chain Disruptions: The global supply chain has faced disruptions in recent years due to various factors, including natural disasters, geopolitical tensions, and the COVID-19 pandemic.
- Technological and Process Innovation: Rapid technological advancements can render existing foundry processes and products obsolete if companies fail to adapt.
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