London, April 15, 2024 (GLOBE NEWSWIRE) -- Global foundry chemicals market is set to reach a valuation of US$3.25 Bn in 2031 from the value US$2.2 Bn attained in 2024. The market is predicted to secure a CAGR of 5.73% between 2024 and 2031. Market growth is attributed to the factors such as rising demand for renewable energy equipment and continuous investment in research and development by foundry chemical manufacturers.
The foundry chemicals market is a vital segment within the broader chemicals industry, serving the needs of metal casting operations worldwide. Foundry chemicals encompass a diverse range of products used in various stages of the casting process, including mold and core making, metal treatment, and surface finishing.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2023 | |
| Forecast Year | 2024 – 2031 | |
| Market Size in 2024 | US$2.2 Bn | |
| Estimated Market Size in 2031 | US$3.25 Bn | |
| CAGR | 5.73% | |
| Growth Drivers |
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| Segmentation |
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| Regional Coverage |
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The foundry chemicals market has experienced steady growth over the years, driven by increasing industrialization, infrastructure development, and demand for metal castings across various end-user industries.
Key trends in the market include the development of eco-friendly formulations, such as water-based binders and coatings, to address environmental concerns and regulatory requirements. Additionally, there is a growing focus on advanced materials and additive manufacturing techniques to improve casting quality and efficiency.
Demand for high-performance and sustainable foundry chemicals is expected to increase as industries seek to improve efficiency, reduce environmental footprint, and meet evolving market demands.
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Key Research Insights
- Asia Pacific remains the undisputed leader in the market.
- North America develops a mature market with ample room for innovation
- Europe constitutes a well-established market, holding significant global market share of 30%.
Insights into Segmentation Analysis
How is the Foundry Chemicals Market Categorized Based on Product Type?
Solvent-based coatings are formulations where the primary carrier or solvent is a volatile organic compound (VOC), such as toluene, xylene, or mineral spirits. These coatings typically consist of resins, pigments, additives, and solvents. When applied, the solvent evaporates, leaving behind a solid film of resin and pigment. Solvent-based coatings offer excellent durability, adhesion, and resistance to harsh environmental conditions. They are commonly used in industries such as automotive, aerospace, marine, and construction due to their fast drying times and high-performance properties.
Water-based coatings are formulations where water serves as the primary carrier instead of volatile organic compounds (VOCs). These coatings consist of resins, pigments, additives, and water as the solvent. Water-based coatings offer several advantages over solvent-based coatings, including lower VOC emissions, reduced toxicity, and easy cleanup.
How is the Foundry Chemicals Market Classified by Foundry Type?
Iron foundries are industrial facilities specialized in melting and casting iron into various shapes and products. These foundries typically use pig iron, scrap iron, and other iron-containing materials as feedstock, which are melted in a furnace and then poured into molds to form castings. Iron foundries play a crucial role in manufacturing components for a wide range of industries, including automotive, construction, machinery, and agriculture.
Steel foundries and alloy steel foundries are specialized facilities engaged in melting and casting steel and alloy steel components. Unlike iron foundries, which primarily work with iron, steel foundries use ferrous alloys containing primarily iron and carbon, with additional alloying elements such as chromium, nickel, manganese, or molybdenum to achieve desired properties such as strength, corrosion resistance, and heat resistance.
Key Report Highlights
- Emerging markets represent a significant opportunity for foundry chemical market player.
- Shift toward sustainability and the development of eco-friendly products is a significant trend in the market.
- Innovations in foundry processes have led to the development of new foundry chemicals.
Insights into Regional Analysis
Europe Holds Notable Market Share
- Europe constitutes a well-established market, holding roughly 30% of the global share. This strength stems from its long-standing manufacturing base and a growing focus on automation through Industry 4.0 initiatives.
- Europe's market is also driven by a unique factor like environmental sustainability.
- With heightened environmental concerns, the demand for eco-friendly foundry chemicals is on the rise.
- This presents a significant opportunity for manufacturers who can develop and offer sustainable solutions.
- Key players in Europe like Germany, Italy, France, and the UK are at the forefront of this trend.
Asia Pacific Stands out as Undisputed Leader in the Market
- Asia Pacific is the undisputed leader, dominating the global market with a staggering 40% share. This dominance is fuelled by the region's rapid industrialisation, particularly in China.
- China's expanding power, railway, and automotive industries heavily rely on aluminum castings, which require a significant amount of foundry chemicals.
- This region's growth trajectory is expected to remain strong for the foreseeable future.
Key Companies Profiled in the Global Foundry Chemicals Market
- Ask Chemicals
- KAO Chemicals
- Hindusthan Adhesive & Chemicals
- IVP Limited
- SQ Group
- Hüttenes-Albertus International
- Vesuvius
- Mancuso Chemicals Limited
- Asahi Yukizai Corporation
- Çukurova Kimya
- Mazzon SpA
- Fincast Foundry Flux Co.
- Ceraflux India Pvt. Ltd.
Global Foundry Chemicals Industry Analysis, Size, Share, Growth, Trends, and Forecast 2024-2031- (By Product Type Coverage, By Foundry Coverage,By Geographic Coverage and By Company): https://www.fairfieldmarketresearch.com/report/foundry-chemicals-market
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