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Foundry Chemical Market to Achieve US$ 3.46 Billion at a CAGR of 4.3% by 2034: Fact.MR Study

Iron Foundries to Contribute Handsomely to Global Foundry Chemical Sales Revenue Growth

Rockville, Dec. 01, 2023 (GLOBE NEWSWIRE) — The global Foundry Chemical Market is projected to be valued at US$ 2.27 billion in 2024 and is forecasted to expand at 4.3% CAGR over the next ten years (2024 to 2034). Increasing investments in the expansion of manufacturing activity around the world to promote economic growth is projected to primarily bolster foundry chemical demand in the future, suggests this research by Fact.MR, a market research and competitive intelligence provider.

High use of metal castings in different industry verticals such as aerospace, automotive, and manufacturing is forecasted to create growth scope for foundry chemical suppliers over the coming years. Rising focus on sustainability is projected to push companies to improve their foundry efficiency and reduce emissions from them thereby pushing foundry chemical sales going forward. Surging investments in the manufacturing industries around the world are also predicted to uplift foundry chemical demand in the long run.

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Key Segments of Foundry Chemical Industry Research Report    

By Product Type By Foundry Type By End Use By Region
  • Coatings
    • Solvent-based Coatings
    • Water-based Coatings
    • Others
  • Auxiliaries
  • Resins & Binders
  • Cold Box Systems
    • Alkaline Phenolic Resins
    • CO2 Cured Resins
    • Others
  • No-Bake Systems
    • Furan Resin
    • Phenolic Urethane Resins
    • Others
  • Hot Box/Shell Systems
  • Others
  • Iron
  • Steel & Alloy Steel
  • Aluminium
  • Chemicals
  • Manufacturing
  • Automotive
  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • MEA

Foundry chemical companies are especially focusing on acquisitions to amplify their business reach without having to spend on the development of a diversified portfolio.

  • In December 2021, Vesuvius, a renowned organization in the foundry business, announced that it had acquired a specialty refractory producer called Universal Refractories Inc., based in the United States. This acquisition cost Vesuvius US$ 57.1 million in cash and also strengthened the company’s stance in the North American region.

Key Takeaways from Market Study

  • The global foundry chemical market is set to be valued at US$ 2.27 billion in 2024.
  • Demand for foundry chemicals is projected to rise at a CAGR of 4.3% from 2024 to 2034.
  • The market is forecasted to reach US$ 3.46 billion by the end of 2034.
  • Increasing manufacturing activity, supportive government initiatives to boost industrialization, rising investments in the development of efficient foundries, and high demand for metal castings from the automotive and aerospace industries are key market growth drivers.
  • Fluctuations in the pricing of raw materials will be a major constraint for foundry chemical companies going forward.
  • Foundry chemical demand in South Asia & Oceania is set to increase at 6.1% CAGR over the next ten years.
  • Sales of foundry chemicals in iron foundries are projected to account for 61% of the global revenue share in 2024.
  • Foundry chemical shipments in East Asia are forecasted to account for a market valuation of US$ 1.97 billion by the end of 2034.
  • Foundry chemical sales in the United States are estimated to rise at 2.1% CAGR from 2024 to 2034.

“Developing countries will be the most opportune markets for foundry chemical manufacturers over the coming years,” says a Fact.MR analyst

Winning Strategy

Foundry chemical manufacturers are projected to focus heavily on mergers, collaborations, and acquisitions to improve their global market presence. Foundry chemical companies can also invest in the development of foundry chemicals that are compliant with the evolving sustainability norms.

Leading Market Players

  • ASK Chemicals
  • IVP Limited
  • Asahi Yukizai Corporation
  • SQ Group
  • Vesuvius
  • Çukurova Kimya
  • Hindusthan Adhesive & Chemicals
  • General Chemical Corp.
  • Hüttenes-Albertus International
  • KAO Chemicals
  • Fincast Foundry Flux Co.
  • Mazzon SpA
  • Ceraflux India Pvt. Ltd.

Competitive Landscape

Manufacturers of foundry chemicals are strategically engaging in mergers, acquisitions, and collaborations to broaden their business reach and enhance their global market share in the foundry chemical industry.

  • In June 2021, ASK Chemicals, a well-established distributor of foundry chemicals, revealed the signing of an agreement for the acquisition of the industrial resin business division of SI Group, a prominent supplier of performance additives. This strategic move bolstered ASK Chemicals’ position not only in the global foundry sector but also in the broader non-foundry market.

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Report Attribute Details
Value Projection (2034) USD 3.46 Billion
Growth Rate (2024-2034) 4.3% CAGR
No. of pages 170 Pages
No. of Tables 80 Tables
No. of Figures 112 Figures

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the global foundry chemical market, presenting historical demand data (2018 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based product type (coatings, auxiliaries, resins & binders, others), foundry type (iron foundries, steel & alloy steel foundries, aluminium foundries, other non-ferrous foundries), and end-use industry (chemicals, manufacturing, automotive, others), across six major regions of the world (North America, Europe, Latin America, East Asia, South Asia & Oceania, and the Middle East & Africa).

Checkout More Related Studies Published by Fact.MR Research:

Conformal Coatings Market: The global conformal coatings market is estimated to be US$ 12.4 billion in 2023 and is expected to grow at a CAGR of 4.0% to reach US$ 18.3 billion by the end of 2033.

High Temperature Coatings Market: The global high temperature coatings market is valued to be US$ 4.8 billion in 2023 and it is expected to grow at a CAGR of 4.8% to reach US$ 7.7 billion by the end of 2033.

Adhesive Resins Market: The global adhesive resins market is valued at US$ 18.7 billion in 2023 and is forecasted to top a market valuation of US$ 31 billion by the end of 2033, expanding at a CAGR of 5.1% over the next ten years.

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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Originally published at https://www.einpresswire.com/article/672227622/foundry-chemical-market-to-achieve-us-3-46-billion-at-a-cagr-of-4-3-by-2034-fact-mr-study

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