The global foundry additives market is estimated to exceed $2 billion by 2022. Overall sales of foundry additives are predicted to more than double, surpassing US$ 3 billion by the end of 2032.
According to the analysis, the foundry additives market is expected to develop at a CAGR of 4%-5% between 2022 and 2032. Rising demand for additives to reduce casting defects in the automotive, construction, railway, and other industries is driving growth.
A foundry is a factory that is engaged in the manufacturing of metal cast components for various industries such as automotive, steel, railway, construction, heavy machinery among others. Therefore, the growth and development of foundry industry is completely dependent on the demand for metal cast components from the various end use industries. Moreover, in order to cater the continuous escalating demand of growing populations across the globe, the future outlook of foundry industries is positive. Moreover, in order to get finished products with enhanced quality, some additives are added during the casting process and are known by foundry additives. Hence, with the increasing demand for finished and high quality products in the market, the demand for foundry additives is expected to increase over the forecast period.
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Global Foundry Additives Market: Dynamics
The foundry additives market is mainly driven by its own advantages offered to the manufacturers operating in the foundry industry. As with introduction of additives the casting defects gets eliminated or reduced. Hence, the overall casting quality get enhanced by the introduction of foundry additives.
Additionally, the need for expensive specialty sands also gets eliminated and the overall cost efficiency of the plant get upgraded. Therefore, the foundry additives have become necessary elements of many foundry industries and its demand is projected to increase with the positive outlook of the end use industries.
Furthermore, rising demand for metal products with the growing population across the globe is anticipated to force the manufacturers of various foundries expand their production in order to cater the increasing demand. Hence, the demand for foundry additives are also going to increase with healthy growth rate during the forecast period.
Global Foundry Additives Market: Regional Outlook
The global market of foundry additives is mainly dominated by Asia Pacific region. This can be attributed to the presence of most prominent foundries across the globe. China and India are the two major consumers of foundry additives in the region. As China is one of the leading iron and steel manufacturers across the globe is projected to maintain its dominance throughout the forecast period and also anticipated to create healthy demand for foundry additives during the projected period of time.
Moreover, Europe is also expected to create healthy demand for foundry additives in the coming years. The demand of foundry additives in European market is mainly dominated by the Western Europe. Germany, France and Italy are the major consumers of foundry additives in the Western Europe market. Additionally, the growing demand in North American market for foundry additives is mainly dominated by U.S. Growing metal manufacturing and casting activities in the U.S. is the key reason behind growing demand from North American market.
Global Foundry Additives Market: Market Participants
In the global market of foundry additives, huge rage of foundry additives are available in the market. Their use and consumption pattern is totally dependent of the application they are supposed to be used. Additionally, the market for foundry additives is highly fragmented and wide number of players are operating in the foundry additives market. Moreover, names of some of the manufacturers operating in the global market of foundry additives are:
- Clariant
- Chesapeake Specialty Products, Inc.
- Imerys Group
- REFCOTEC
- ASK Chemicals
- The HILL and GRIFFITH Company
- Laviosa Chimica Mineraria SpA
The research report presents a comprehensive assessment of the Foundry Additives market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated Foundry Additives market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to Foundry Additives market segments such as geographies, application, and industry.
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Global Foundry Additives Market: Segmentation
The global market for foundry additives can be segmented on the basis of type, composition, end use and region.
On the basis of type, the global foundry additives market is segmented as:
- Iron oxides
- Burn-out Additives
- Engineered Additives
On the basis of composition, the global foundry additives market is segmented as:
- Organic Additives
- Inorganic Additives
- Hybrid Additives
On the basis of end use, the global foundry additives market is segmented as:
- Automotive Industry
- Steel Industry
- Construction Industry
- Heavy Machinery
- Electrical Industry
- Railways
- Mining
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