Foundry Chemicals Market to Reach US$3.2 Billion by 2031, Notes
Wilmington, Delaware, USA, August 24, 2022 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global foundry chemicals market was valued at US$2.5 billion in 2021. The global market is expected to grow at a CAGR of 2.6% during the forecast period, 2022 to 2031 The global foundry chemicals market is expected to hit the mark. of US$3.2 billion by 2031. Companies in the global foundry chemicals market are adopting the latest printing technologies that can accelerate the development of 3D sand and metal prototypes. It is also used in various crucial parts which are often required in several industries such as petrochemical, construction, aerospace and automotive. Market players are focusing on expanding the range of products they offer for foundry chemical coatings, foundry chemical additives, and foundry chemical binders. These diverse product offerings are expected to lead to a positive future of the foundry chemicals market.
Industry 4.0 innovations should benefit foundries who can use the data to guide their procedures. Strong demand for foundry chemical binders in the casting of bronze, cast iron, aluminum and steel is expected to fuel the market demand for foundry chemicals.
The leading vendors in the foundry chemicals market can improve casting quality and increase production by using foundry chemicals. Foundry products are widely used in a variety of global industries, including defense, automotive, medical, power generation, aviation, railroad, marine and petrochemicals. Castings are crucial for the production of almost all essential parts for these industries, including medical implants, turbine blades for aircraft, as well as brake rotors. The chassis, vehicle body and engines all use cast components. Increased need for fuel economy through optimization of cast components and lightweight and compact design is likely to drive the growing demand for foundry chemicals market.
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Key Findings of the Market Report
- The trend to produce automotive components from lightweight materials is expected to increase with demand for improved fuel economy and the adoption of strict emission regulations. Aluminum has replaced iron and steel in modern society. A lightweight alternative to steel, aluminum offers equivalent durability and toughness. The use of lightweight materials reduces the overall weight of a vehicle, which increases its fuel consumption. For more than 20 years, aluminum has been used primarily in vehicle engines, wheels, powertrain castings, cast components and extrusions. Accordingly, the growth of the foundry chemicals market is driven by the ever-increasing demand for these materials in the molding of automotive components.
- Based on application, cast iron constituted a major share of the global market in 2021. Owing to affordable manufacturing costs and easy availability of these casting components, the market category is expected to retain its popularity during the period of forecast.
- By type, in 2021, binders were a highly promising category in the global foundry chemicals market. Since there is such a need for binders in the casting of bronze, steel, cast iron and aluminum, it is expected to persist during the forecast period. The increasing use of binders is expected to become one of the major trends in the foundry chemicals market. It is anticipated that there will eventually be a significant increase in demand for phenolic, furan and organic alkyd binders.
- With a market share of nearly 40% by value in 2021, Asia-Pacific led the global foundry chemicals market. Due to rapid industrialization and modernization, the region is expected to be highly profitable during the forecast period. Additionally, the region’s growing use of foundry chemicals in the aerospace and automotive sectors is expected to fuel the growth of the market. Due to the rapid development of businesses such as railways and power transmission, China is an important player in the foundry chemicals market in Asia-Pacific.
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Global Foundry chemicals Market: drivers of growth
- In the medical field, casting components are also widely used. These include key components for MRI and CT scanners as well as cast prostheses like hip and knee joints. Additionally, casts are used in hospital infrastructure, including nodes in hospital beds.
- The flow category should become more promising. This can mainly be attributed to the increase in demand for foundry components all over the world. Foundry fluxes are extremely exothermic and are recommended for cleaning furnaces, especially holding and melting furnaces.
Global Foundry chemicals Market: Key Players
Some of the major players in the market are
- Cisco Systems, Inc.
- Sangoma Technologies Company
- Google LLC.
- Zoom Video Communications, Inc.
- 8×8, Inc.
- Dialpad, Inc.
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Global Foundry chemicals Market: Segmentation
- Additive agents
- Hot Packing Compounds
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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