Wilmington, Delaware, United States, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of global foundry chemicals market stood at US$ 2.5 Bn in 2021. The global market is anticipated to expand at a CAGR of 2.6% during the forecast period, from 2022 to 2031.The global foundry chemicals market is likely to touch the mark of US$ 3.2 Bn by 2031. Companies in the global foundry chemicals market are embracing latest printing technologies that can speed up the development of sand prototypes, and 3D metal. It is also utilized in various crucial parts that are often required in several industries such as petrochemical, construction, aerospace, and automotive. Market players are are concentrating on expanding the range of products they offer for foundry chemical coatings, foundry chemical additive agents, and foundry chemical binders. Such diverse product offerings are expected to drive positive future of foundry chemicals market.
The innovations of Industry 4.0 are expected to benefit foundries that can make use of data to guide their procedures. High demand for foundry chemicals binders in the casting of bronze, cast iron, aluminum, and steel is anti9cipated to fuel market demand for foundry chemicals.
Key vendors in foundry chemicals market can enhance casting quality and boost production by using foundry chemicals. Products from foundries are widely employed in a variety of global industries, including defence, automotive, medical, power generation, aircraft, railroads, marine, and petrochemical industries. Castings are crucial to the production of almost all essential parts for these industries, including medical implants, turbine blades for aeroplanes, as well as braking discs. Chassis, vehicle bodywork, and engines all make use of cast components. Higher need for fuel economy through cast component optimization and lightweight and compact design is likely to drive Increasing demand for foundry chemicals market.
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Key Findings of Market Report
- The trend of producing automobile components from lightweight materials is projected to increase with the demand for improved fuel economy and the adoption of stringent emission rules. Aluminum has taken the place of iron and steel in modern society. A lightweight alternative to steel, aluminum provides equivalent durability and toughness. Utilizing lightweight materials lowers a vehicle's total weight, increasing its fuel economy. Since more than 20 years ago, aluminum has predominantly been employed in vehicle engines, wheels, power train castings, cast components, and extrusions. As a result, the growth of the market for foundry chemicals is being driven by the steadily increasing demand for these materials in the molding of automotive components.
- Based on application, cast iron constituted a sizable portion of the global market in 2021. Due to the affordable manufacturing costs and simple availability of these casting components, the market category is anticipated to retain its popularity during the forecast timeline.
- Depending on type, in 2021, binders were a very promising category of the global foundry chemicals market. Since there is such a strong need for binders in the casting of bronze, steel, cast iron, and aluminium, this is anticipated to persist over the forecast period. Increasing use of binders is expected to emerge as one of the key trends in the foundry chemicals market. It's anticipated that there will be a significant increase in demand for phenolic, furan, and organic alkyd, binders eventually.
- With a value share of almost 40% in 2021, Asia Pacific led the global market for foundry chemicals. Due to rapid industrialization and modernization, the region is predicted to be very profitable over the forecast timeline. Additionally, the region's growing usage of foundry chemicals in the aerospace and automotive businesses is anticipated to fuel market growth. Due to the rapid development of businesses including railroads and power transmission, China is a significant player in the Asia Pacific foundry chemicals market.
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Global Foundry Chemicals Market: Growth Drivers
- In the field of medicine, casting components are also extensively used. These include key components for MRI and CT scanners as well as cast prosthesis like hip and knee joints. Additionally, castings are utilized in the hospital's infrastructure, including nodes in hospital beds.
- The fluxes category is anticipated to become more promising. This can be primarily attributed to the rise in demand for casting components throughout the world. Fluxes from foundries are extremely exothermic and are advised for cleaning furnaces, particularly holding and melting furnaces.
Global Foundry Chemicals Market: Key Players
Some of the key market players are
- Cisco Systems, Inc.
- Sangoma Technologies Corporation
- Google LLC.
- Zoom Video Communications, Inc.
- 8x8, Inc.
- Dialpad, Inc.
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Global Foundry Chemicals Market: Segmentation
Type
- Binders
- Additive Agents
- Coatings
- Fluxes
- Hot Topping Compounds
- Others
Application
- Iron
- Steel
- Aluminum
- Others
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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