What Factors Propelled The Growth Of The Foundries Market In The Past?
The foundries market has seen considerable growth due to a variety of factors.
• In the past years, there has been a significant expansion in the foundries market size. The projections indicate an increase from $190.81 billion in 2024 to $201.64 billion the following year, equating to a 5.7% compound annual growth rate (CAGR). The historic growth can be traced back to factors such as demand in the automotive and aerospace industries, development in construction and infrastructure, manufacturing of consumer goods, energy sector needs, and the globalization of supply chains.
What Is The Projected Growth Of The Foundries Market?
The foundries market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the foundries market is slated to witness stable expansion. With a compound annual growth rate (CAGR) of 4.2%, this market is expected to reach $238.17 billion by 2029. The growth in this forecast period is likely due to the shift towards electric vehicles (evs), projects related to renewable energy infrastructure, advancements in the field of material science, strict environmental regulations, and services for customization and prototyping. The time period is also expected to see significant trends like the implementation of digital twin technology, advancements in casting processes, cutting-edge casting technologies, digitalization, smart foundries, and increased demand for lightweight materials.
Which Factors Are Boosting Growth In The Foundries Market?
Many developed and developing countries are forecasted to experience stable economic growth, which is a positive factor for the expansion of the foundries market. For example, the World Bank has reported that China’s gross domestic product (GDP) increased to $17.94 trillion in 2022 from $17.82 trillion in 2021. Moreover, India's GDP also saw an increase, growing by 8% to 8.5% in 2022-2023 and 9.2% in 2021–2022. In the forecast period, developed economies are projected to have stable growth. Furthermore, in the same timeframe, emerging markets are likely to grow at a slightly faster rate than their developed counterparts. The anticipated stable economic growth is set to boost investments in end-user markets, which in turn is predicted to push growth in the foundries market in the period under forecast.
What Are The Principal Market Segments In The Global Foundries Healthcare Industry?
The foundries market covered in this report is segmented –
1) By Type: Ferrous Metal Foundries, Nonferrous Metal Foundries
2) By Foundry Type: Pure Play Foundry, Integrated Device Manufacturers
3) By Application: Automobile, Pipes and Fittings, Agricultural Machinery, Electrical Equipment, Machine Tools, Other Applications
Subsegments:
1) By Ferrous Metal Foundries: Gray Iron Foundries, Ductile Iron Foundries, Cast Iron Foundries, Steel Foundries
2) By Nonferrous Metal Foundries: Aluminum Foundries, Copper Foundries, Zinc Foundries, Magnesium Foundries, Other Nonferrous Foundries
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Which Emerging Market Trends Are Altering The Foundries Market?
Fluctuations in the global prices of steel and nonferrous metals among others, during the prediction period, held back the expansion of the foundries market. As per an article by the Fabricator, a US-centric magazine catering to the metal shaping and manufacturing sector, even though there was a rise in price in Q1 2023, 65% of those surveyed believe that prices will stabilize around July, August or afterwards. The instability in metal prices posed challenges for businesses in obtaining steady purchase agreements for raw materials, consequently inhibiting the growth of the foundries market.
Who Are the Key Players in the Foundries Market?
Major companies operating in the foundries market include:
• General Foundries Inc.
• Waupaca Foundry Inc.
• Neenah Foundry Company
• Gibbs Die Casting Corporation
• Precision Castparts Corp.
• Hitachi Metals Ltd.
• DONGGUAN ALFA METAL WORKSHOP CO. LTD
• Ryobi Limited
• Grede Foundries Inc.
• Georg Fischer Ltd.
• Alcoa Corporation
• Reliance Foundry Co. Ltd.
• Brukar Inc.
• John Winter & Co Ltd
• Cifunsa Foundry
• MetalTek International
• Bharat Forge Ltd.
• Walbro LLC
• Wescast Industries Inc.
• Nemak S.A.B. de C.V.
• Consolidated Metco Inc.
• Howmet Aerospace Inc.
• Cadillac Casting Inc.
• Harrison Steel Castings Company
• Zollern GmbH & Co. KG
• Brembo S.p.A.
• Eck Industries Inc.
• Hubbardton Forge
What are the Regional Insights into the Foundries Market?
Asia-Pacific was the largest region in the foundries market in 2024. Western Europe was the second-largest region in the foundries market. The regions covered in the foundries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
