Foundry Chemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
Fairfield Market Research, a leading market research firm, has released a comprehensive report on the global foundry chemicals market, indicating its current valuation at US$ 2.2 billion in 2024. The market is poised to grow at a CAGR of 5.73% and is projected to reach US$ 3.25 billion by the end of 2031.
Foundry chemicals are indispensable to the casting process in foundries, serving diverse functions and available in various forms, including binders, coatings, auxiliaries, and more, tailored to specific roles within foundry operations.
Key Factors Driving the Sales of Foundry Chemicals:
Growing Need for Enhancing Foundry Productivity:• Foundry chemicals optimize the casting process by improving molding materials' flowability and compactibility, leading to faster and more precise mold creation.
• Reduced casting errors, rework, and scrap result in significant time and resource savings.
• Foundry chemicals play a critical role in ensuring casting quality by eliminating impurities, reducing porosity, and enhancing surface finishes, crucial in industries like automotive and aerospace.
Emphasis on Developing Low-cost and Property-boosting Foundry Additives:
• Innovative and cost-effective additives enhance casting qualities and reduce production costs, contributing to competitiveness in the industry.
• Customizable foundry additives address cost-efficiency and environmental concerns, fostering innovation and sustainability.
Factors Affecting the Demand Growth for Foundry Chemicals:
Escalating Raw Material Costs:• Global foundry chemicals market faces constraints due to rising raw material costs, impacting businesses globally.
• Fluctuating prices of resources like pig iron, scrap, ferroalloys, and minerals have led to the closure of some foundry facilities and reduced capacity utilization, particularly in regions like India.
Region-wise Analysis:Asia Pacific Generating High Demand for Foundry Chemicals:
• Rapid industrialization, infrastructural expansion, and urbanization fuel demand for metal casting in sectors like construction, automotive, and manufacturing.
• Cost-effective production due to lower labor and raw material expenses make Asia Pacific an attractive destination for foundry chemical manufacturers.
Manufacturers Drawn to Europe for Innovation:
• Stringent environmental and safety regulations drive innovation in sustainable foundry chemicals in Europe.
• The region's manufacturing sector's demand for high-quality castings fosters innovation and collaboration in materials science and manufacturing technology.
Competitive LandscapeThe market is slightly consolidated, with key players like • Vesuvius
• SQ Group
• Ask Chemicals
• Asahi Yukizai Corporation
• KAO Chemicals
• IVP Limited
• Hüttenes-Albertus International
• Mancuso Chemicals Limited
• Mazzon SpA
• Fincast Foundry Flux Co.
• Ceraflux India Pvt. Ltd.
• Hindusthan Adhesive & Chemicals
• Çukurova Kimya
leading the way. Market consolidation through mergers, acquisitions, and partnerships reshapes competition dynamics, affecting market share and pricing strategies.
Foundry Chemicals Market Research Segmentation:By Product Type:
• Coatings (Solvent-based, Water-based, Others)
• Auxiliaries
• Resins & Binders (Cold Box Systems, No-bake Systems, Hot Box / Shell Systems, Others)
• Others
By Foundry Type:
• Iron Foundries
• Steel and Alloy Steel Foundries
• Aluminum Foundries
• Other Non-ferrous Foundries
By Region:
• North America
• Latin America
• Europe
• East Asia
• South Asia and Pacific
• Middle East and Africa
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