Global Foundry Chemicals Market
Posted by manisha on December 28th, 2020
Global Foundry Chemicals Market was valued US$ XX Bn in 2019 and is expected to grow US$ 3.01 Bn by 2027, at a CAGR of XX% during the forecast period.
The report study has analyzed the revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
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. However, other metals, like bronze, brass, steel, magnesium, and zinc, are also used to produce castings in foundries. In the process, foundry chemicals such as coatings and binders for the casting process may appear insignificant at first glance. But away from it - they play a vital role in the production process.
Aluminum cast parts are light in weight and have the strength of steel. The appearance and visual value of aluminum-made parts are also superior to that of other metal alloys. Castings made from aluminum are versatile, corrosion-resistant, and can be used for different purposes. These qualities allow manufacturers to produce multiple products using aluminum parts. The finished products also have a longer lifespan, so giving consumers more value.
An exciting, competitive, and energy-efficient U.S. metal casting industry is vigorous to the U.S. economy and national security. Cast metal products are found in almost every sector of the economy. Nearly 90% of all manufactured products contain one or more metal castings. Cast manufactured components include automotive parts, like engine blocks, transmission housings, and suspension parts. Castings are also used in parts for pumps & compressors, pipes & fittings, mining & oil field equipment, recreational equipment, surgical equipment, and in many other areas. Markets for castings are progressively competitive and customers for cast metal products are placing greater demands on the industry for high quality, competitively priced castings. In the industry’s largest market, the automotive sector, customers are increasingly demanding light-weight, high strength cast metal components to respond to fuel economy requirements. These are the key driving factors for the growth of the global foundry chemicals market.
Stringent environmental regulations imposed on the foundry industry are unfavorably affecting the consumption of foundry chemicals across the globe. Environmental regulations for foundries are mainly related to the disposal of waste gases, wastewater, and mineral residues. Raw materials, like additives and fuels, are used during the production of casting parts. This leads to the emission of dangerous gases. Dust from the process may contain metals and metal oxides. During the melting process, elements evaporate and tiny metal dust particles are out.
BTX (benzene toluene and xylene) and phenolic emissions are associated with foundry operations, together with dangerous gases. Therefore, the adverse environmental effects of gases and chemicals are expected to hinder the growth of the global foundry chemicals market during the forecast period.
According to type, the binders segment held the largest market share of the global foundry chemicals market in 2018 and is expected to continue its dominance during the forecast period (2020-2027). As binders retain casting materials in place so that deformity does not rise in the final metal products. Foundry binders are employed in the casting of different metals, like aluminum, cast iron, bronze, and steel.
Binders are used in ferrous and non-ferrous foundries. Generally, sand casting is employed for the casting of metals, as sand is low-cost, readily available, and green sand casting is compatible with all types of binder systems.
Global Foundry Chemicals Market1
In terms of the application, cast iron accounted for the largest market share of the global foundry chemicals market in 2018. The segment is expected to maintain its attractiveness in the foundry chemicals market during the forecast period, because of the easy availability and low production cost of these casting components.
Aluminum is expected to hold the highest CAGR of a XX% of the global market during the forecast period. Aluminum castings are highly employed in automotive parts. The rise in the trend of using aluminum-cast automotive parts, led by their lightweight, is expected to boost the demand for aluminum foundries in the future.
Region-wise, Asia-Pacific dominated the global foundry chemicals market with ~40% share in 2018, in terms of value. This is mainly because of rapid industrialization and rise in the demand for foundry products in the automotive and aerospace industries. The Asia Pacific is also becoming a manufacturing hub for many industries, thus creating high domestic demand for foundry castings. This, in order, is expected to fuel the demand for foundry chemicals in the region.
The demand for casting products for usage in applications, like tractors, automobiles, auto components, and construction equipment has been rising in the foundry industry in emerging countries, like India. The auto components sector is one of the major consumers of castings. This is expected to drive the foundry industry, so forcing the foundry chemicals market.
The objective of the report is to present a comprehensive analysis of the Global Foundry Chemicals Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
Global Foundry Chemicals Market, By Type
• North America
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About the Authormanisha
Joined: June 26th, 2020
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