Foundry Binders Market is Estimated at USD 4.9 Bn with a CAGR of 4% by 2030

Posted by mandar on March 24th, 2021

Foundry Binders Market: Introduction

The global foundry binders market was valued at US$ 3.3 Bn in 2019 and is anticipated to expand at a CAGR of ~4% during the forecast period. Based on product type, the organic segment held a prominent share of the global foundry binders market in 2019, as organic binders have high thermal stability and are cost effective. The segment is anticipated to dominate the foundry binders market in the near future. In terms of industry structure, the jobbing segment accounted for a major share of the global foundry binders market in 2019. A key advantage of the jobbing process is that it leads to product variety, as resources can be allocated to a variety of projects at the same time. Based on application, the ferrous metals segment constituted a significant share of the global foundry binders market in 2019. This can be ascribed to high demand for ferrous cast products in automotive and construction industries.

Prominent Drivers of Foundry Binders Market

The increase in demand for better fuel efficiency and the enactment of stringent pollution emission regulations are estimated to boost the trend of production of automotive components by using lightweight materials over the next few years. In the past, automotive components were primarily made of iron and steel; however, of late, they are being replaced by aluminum. Aluminum possesses comparable strength and durability, and is lightweight. The use of lightweight materials reduces the overall weight of a vehicle, thereby improving its fuel efficiency.

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Aluminum has been used in automobiles since more than two decades. It is primarily employed in engines, power train castings, wheels, cast parts, and extrusions. Introduction of new aluminum alloys and advanced production and welding techniques is expected to significantly increase the use of aluminum sheets in high-selling automobiles. However, the demand for aluminum is anticipated to be significantly higher in electric vehicles.

The global demand for light vehicles is projected to rise over the next few years. According to the European Automobile Manufacturers’ Association, lightweight vehicle production is estimated to reach 108 million units by 2022. This is likely to boost the foundry industry and the foundry binders market during the forecast period.