According to statistics, 54% of the metal casting used in automotive is obtained from grey iron and is utilized to manufacture automotive parts such as cylinder block, clutch plate, and brake drum. Further, ductile iron, which forms 20% of the automobile industry's metal castings, is used to develop crankshafts, camshafts, and several other parts. Lastly, around 9% of automotive industries use steel casting to manufacture machine parts and gears.
Access Full Report @ https://www.databridgemarketresearch.com/reports/global-foundry-chemicals-market
Global Foundry Chemicals Market is expected to reach USD 3,068.56 million by 2028 from USD 2,220.48 million in 2020, growing with a steady CAGR of 4.4% in the forecast period of 2021 to 2028. The opportunities for the foundry chemicals market are the technical advancements in equipment and techniques used in foundries as well as the increasing demand for steel in the global market. Some of the significant drivers associated with the global foundry chemicals market are the increasing global demand for metal casting in the automotive market and the growing demand for metal casting in manufacturing heavy machinery.
The increasing global demand for metal casting in the automotive market across the world will drive the market's growth rate
The automobile market is one of the fastest-growing and developing markets worldwide. Although millions of automobiles are produced every day globally, the demand for automotive is still unmet and is on the rise. Metal castings, particularly the castings of metals such as steel and iron, find immense application in automotive industries to construct durable and robust automobile bodies and parts. As a result, the increasing global demand for automotive substantially means a growing demand for metal casts, which act as a driver for the global foundry chemicals market because foundry chemicals are required exponentially to produce these metal castings.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2021 to 2028
|
|
Base Year
|
2020
|
|
Historic Years
|
2029 (Customizable to 2013 - 2018)
|
|
Quantitative Units
|
Revenue in USD Million, Volumes in Units, Pricing in USD
|
|
Segments Covered
|
Type (Benzene, Formaldehyde, Naphthalene, Phenol, Xylene and Others), Product Type (Binders, Additive Agents, Coatings, Fluxes and Others), Foundry Type (Ferrous and Non-Ferrous), Foundry Tool Type (Showel, Trowels, Lifter, Hand Riddle, Vent Wire, Rammers, Swab, Sprue Pins and Cutters and Others), Foundry Process Type (Thermal galvanization and Electro Less Nickel Plating), Foundry System Type (Sand Cast Systems and Chemically Bonded Sand Cast Systems), Application (Cast Iron, Steel, Aluminium and Others), Distribution Channel (E-Commerce, Specialty Stores, B2B/Third Party Distributors and Others)
|
|
Countries Covered
|
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
|
|
Market Players Covered
|
Saint-Gobain Performance Ceramics & Refractories (U.S.), Carpenter Brothers, Inc. (U.S.), Coleshill Aluminium (U.K.), CS Additive GmbH (Germany), CAGroup (Australia), Mancuso Chemicals Limited (Canada), Ceraflux India Pvt. Ltd. (India), Forace Polymers (P) Ltd. (India), Scottish Chemical (India), DuPont (U.S.), Ultraseal India Pvt. Ltd. (India), Imerys (France), Shandong Crownchem Industries Co., Ltd (China), and Cavenaghi S.p.A (Italy) among others
|
|
Data Points Covered in the Report
|
In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis
|
Segment Analysis:
Global foundry chemicals market is segmented into eight notable segments which are based on the type, product type, foundry type, foundry tool type, foundry process type, foundry system type, distribution channel and application.
- On the basis of type, the foundry chemicals market is segmented into benzene, formaldehyde, naphthalene, phenol, xylene and others. In 2021, benzene segment is expected to dominate the global foundry chemicals market with 22.07% market share because benzene based foundry chemicals are widely used in various types of applications. Also most of the manufactures are providing benzene based foundry chemicals which help to boost its demand in the forecast year.
- On the basis of product type, the foundry chemicals market is segmented into binders, additive agents, coatings, fluxes and others. In 2021, the binders segment is expected to dominate the global foundry chemicals market with a 27.35% market share because binders based foundry chemicals are providing huge amount of core strength due to which it is highly demanded among the end users which helps to boost its demand in the forecast year.
- On the basis of foundry type, the foundry chemicals market is segmented into ferrous and non-ferrous. In 2021, ferrous segment is expected to dominate the global foundry chemicals market with 81.14% market share because foundry chemicals are widely used in ferrous metal castings due to its high property which helps to boost its demand in the forecast year.
- On the basis of foundry tool type, the foundry chemicals market is segmented into showel, trowels, lifter, hand riddle, vent wire, rammers, swab, sprue pins and cutters and others. In 2021, shovel segment is expected to dominate the global foundry chemicals market with a 20.96% market share because showel based foundry tool type consists of a square metal pan fitted with a wooden handle due to which it is highly used in wide applications which helps to boost its demand in the forecast year.
- On the basis of foundry process type, the foundry chemicals market is segmented into thermal galvanization and electro less nickel plating. In 2021, thermal galvanization is expected to dominate the global foundry chemicals market with a 53.98% market share and is expected to reach 1,675.94 million by 2028 growing at the highest CAGR of 4.6% in the forecast period of 2021 to 2028.
- On the basis of foundry system, the foundry chemicals market is segmented into sand cast systems and chemically bonded sand cast systems. In 2021, chemically bonded sand cast system is expected to dominate global foundry chemicals market with a 53.02% market share because thermal galvanization is the appropriate process type in foundry chemicals due to which it is highly adopted among the end users which helps to boost its demand in the forecast year.
- On the basis of application, the foundry chemicals market is segmented into cast iron, steel, aluminium and others. In 2021, the cast iron is expected to dominate the global foundry chemicals market with an 36.12% market share because foundry chemicals are widely used in cast iron application due to its high property which helps to boost its demand in the forecast year.
The cast iron segment will dominate the application segment of the foundry chemicals market
The cast iron segment will emerge as the dominating segment under application. This is because of the growing number of infrastructural development activities in the market especially in the developing economies. Further, growth and expansion of the chemicals and materials industry all around the globe will further bolster the growth of this segment.
- On the basis of distribution channel, the foundry chemicals market is segmented into e-commerce, specialty stores, B2B/third party distributors and others. In 2021, the B2B/third party distributers segment is expected to dominate the global foundry chemicals market with an 40.98% market share because B2B/third party distributors based distribution channel are widely used in order to commercialization of foundry chemicals in the market which helps to boost its demand in the forecast year.
The B2B/third party distributers segment will dominate the distribution channel segment of the foundry chemicals market
The B2B/third party distributers segment will emerge as the dominating segment distribution channel segment. This is because of the growing number of distributors and manufacturers in the market especially in the developing economies. Further, growth and expansion of research development services on a global scale will further bolster the growth of this segment.
Major Players
Data Bridge Market Research recognizes the following companies as the market players in market: Saint-Gobain Performance Ceramics & Refractories (U.S.), Carpenter Brothers, Inc. (U.S.), Coleshill Aluminium (U.K.), CS Additive GmbH (Germany), CAGroup (Australia), Mancuso Chemicals Limited (Canada), Ceraflux India Pvt. Ltd. (India), Forace Polymers (P) Ltd. (India), Scottish Chemical (India), DuPont (U.S.), Ultraseal India Pvt. Ltd. (India), Imerys (France), Shandong Crownchem Industries Co., Ltd (China), and Cavenaghi S.p.A (Italy).
Market Development
- In December 2019, DuPont acquired Desalitech Ltd., a closed-circuit reverse osmosis company, to establish an upper hand in the water purification industry. This will not only help the company to enter into this industry but also boost the economic growth of the company.
- ASK Chemicals Group completed the acquisition of SI Group's industrial resin business in November 2021. With this acquisition, ASK Chemicals strengthens its position in the foundry sector while also making a significant first step toward developing a phenolic industrial resins business, a lucrative industry with promising future prospects.
- Charlotte Pipe and Foundry, a manufacturer of cast iron and plastic pipe and fittings based in Neenah, Wisconsin, acquired Neenah Enterprises, a construction and industrial castings manufacturer, in July 2022.
Regional Analysis
Geographically, the countries covered in the market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region in foundry chemicals market during the forecast period 2021 to 2028
Asia-Pacific dominates the foundry chemicals market as China's production, import and consumption of foundry chemicals is increasing. The Asia-Pacific region is dominating because of increasing demand for foundry chemicals for steel production.
Europe is estimated to be the fastest-growing region in foundry chemicals market the forecast period 2021 to 2028
Europe is expected to witness significant growth during the forecast period. While in Europe, Germany dominates due to increasing the high automotive production in the region.
COVID-19 Impact
As a result of global lockdowns, the COVID-19 pandemic had an impact on the market. Shutdown of production facilities, lockdown and movement restrictions and supply chain discrepancies caused during this tenure contracted the market's growth rate. Although COVID-19 and the associated lockdown severely impacted automotive production and sales, Maruti Suzuki India Limited alone in the month of September 2020 sells around 423,689 units alone. On the light shed by both the statistics, it can be easily concluded that an extensive amount of foundry chemicals had to be utilized to meet the required metal casting demand by the automotive industry. The increase in the number of distributors and manufacturers worldwide is expected to drive market growth in the post-pandemic scenario.
For more detailed information about the foundry chemicals market, visit: https://www.databridgemarketresearch.com/reports/global-foundry-chemicals-market
