Jan 26, 2021   SOURCE: PR NewsWire

Global Foundry Chemicals Market to Thrive on the Rising Demand for Lightweight, Fuel-efficient Vehicles: TMR

ALBANY, N.Y., Jan. 26, 2021 /PRNewswire/ -- The foundry refers to a factory producing various metal castings. In this process, metals are melted and molded into different sizes and shapes. After melting, the liquid is then poured into a desired mold, which is then eliminated once the metal is solidified. Cast iron and aluminum are the most common metals owing to the low cost and plentiful availability. Fluxes, coatings, additive agents, and binders are different types of foundry chemicals. The demand for parting agents, sand additives, mold binders, and core in aluminum, steel, and iron foundries always remain high. These factors are estimated to support growth of the global foundry chemicals market over the projection timeframe, from 2019 to 2027.

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In an effort to better production efficiency and quality of products, foundry chemicals are developing constantly. They are taking help of various technological innovations, such as 3D sand printing technology to achieve desired quality and production efficiency. Technological advancements are likely to open plethora of opportunities for the global foundry chemicals market over the assessment timeline, from 2019 to 2027.

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Increased demand for foundry chemicals, such as aluminum in the making of lightweight vehicles is foreseen to create augmented demand for foundry chemicals. Expanding at around ~3% CAGR, the global foundry chemicals market is likely to reach US$ 2.9 Bn by 2027.

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Key Findings of Foundry Chemicals Market Study

Growing Demand for Fuel Efficient Vehicles to Work in Favor of the Market

The casting products are increasingly utilized in different applications, such as construction equipment, auto components, automobiles, and tractors. Foundry chemicals are extensively used in the making of various auto components, which is likely to bode well for the global foundry chemicals market in the years to come. In addition to automotive, marine, defense, medical, petrochemicals, and aerospace also make extensive use of foundry chemicals.

Iron and steel melt shops generate high demand for foundry chemicals, which has resulted in various technological developments like sleeve construction kit (SCK) for spot feeding of heavy duty steel and iron casting, and cutting-edge developments in spot feeders for pliable iron castings. Such innovations are anticipated to benefit the manufacturers in the global foundry chemicals market in the years to come.

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Incorporation Technological Developments to Overcome Market Challenges

Harmful effects of foundries' casting operations cause major concerns about environment. In an effort to meet up with the increasingly strict carbon regulations laid down by different government agencies, manufacturers are thinking of ways to change their ways of doing business and its operations so as to achieve the much needed long-term sustainability. With the introduction of environment-friendly technologies, such as MIRATEC TC technology by ASK Chemicals, different companies are trying to reduce adverse effects of their operations on the environment. Such technological developments are likely to widen scope of the global foundry chemicals market in the years to come.

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Foundry Chemicals Market: Key Driving Factors 

    --  Increased use of foundry chemicals, such as aluminum, by the automotive
        industry for making lightweight vehicles and achieving fuel efficiency
        is likely to bolster demand for these chemicals. Aluminum has been
        increasingly replacing iron and steel in the making of automotive parts,
        thanks to its lightweight, durability, and strength.
    --  Foundries are increasingly integrating technological developments in the
        making of various casting parts. Certain technologies, such as automated
        3D printing of complex parts, are increasingly utilized in aluminum,
        steel, and iron applications.  This factor is fueling demand for
        industry specific foundry chemicals.
    --  Strict environmental regulations formulated for the foundry industry are
        likely to affect the consumption of foundry chemicals adversely across
        the globe.

Foundry Chemicals Market: Key Market Participants

Some of the prominent industry players in the global foundry chemicals market include HÜTTENES-ALBERTUS Chemische Werke GmbH, Georgia-Pacific Chemicals LLC, Mancuso Chemicals Limited, ASK Chemicals GmbH, General Chemical Corp., and Vesuvius Corporate.

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