The foundries market has grown strongly, rising from $179.84 billion in 2023 to $189.69 billion in 2024 at a CAGR of 5.5%. The market is expected to reach $229.96 billion by 2028, driven by demand from the automotive and aerospace industries, infrastructure development, and consumer goods manufacturing. Future growth will be supported by electric vehicle adoption, renewable energy projects, and advancements in material science. Notable trends include digital twin technology, advanced casting processes, and smart foundries.
Major Driver In The Foundries Market
The foundries' market growth is supported by the stable economic growth forecasted in various developed and developing countries. The International Monetary Fund (IMF) predicts a global GDP growth of 3.4% in 2021, with both developed and emerging economies expected to experience stable growth throughout the forecast period. The IMF anticipates that emerging markets will continue to grow slightly faster than their developed counterparts. This sustained economic growth is anticipated to drive increased investments in end-user markets, thereby fostering growth in the foundries market during the forecast period. The market size for foundries is poised to increase from its 2023 value of W to W in 2024 and W in 2028.
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Foundries Market Competitive Landscape
Bouygues Construction, Vinci Construction Grand Projets SAS, HOCHTIEF AG, Bechtel Corporation, Turner Construction Company LLC, Shimizu Corporation, Skanska AB, Jacobs Engineering Group Inc., Fluor Corporation, AECOM Technology Corporation, Huntington Ingalls Industries Inc., Balfour Beatty plc, Carlisle Companies Inc., Kellogg Brown & Root Inc., Hensel Phelps Construction Company, Lend Lease Corporation, DPR Construction Inc., Clayco Inc., Mortenson Construction, Clark Construction Group LLC, Granite Construction Incorporated, McCarthy Building Companies Inc., Haskell Construction Company, Nordisk Byggtjänst Holding AB, Per-Erik Andersson Bygg AB, Perseroan Terbatas United Tractors, URS Corporation
Key Foundries Market Trend
Automated manufacturing systems are becoming popular due to their ability to enhance productivity and lower operating costs. These systems, which include technologies like robotics and artificial intelligence (AI), minimize human intervention and improve safety in metal manufacturing processes such as processing, assembling, and material handling. They enable metal manufacturing companies to boost efficiency, improve safety, enhance product quality, perform complex tasks, ensure process stability, and reduce routine manual tasks. For example, in November 2021, ABB Limited, a Switzerland-based manufacturing technology firm, introduced a smart factory solution featuring advanced real-time ladle tracking, automated crane scheduling, and a predictive thermal modeling engine. This system uses radar and laser positioning technologies for precise monitoring while requiring less hardware and maintenance compared to traditional radio-frequency identification (RFID) solutions.
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Foundries Market Segmentation
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 Covered: Iron Foundries, Steel Foundries, Nonferrous Metal Die-Casting Foundries, Aluminum Foundries (except Die-Casting), Other Nonferrous Metal Foundries (except Die-Casting)
By Geography:The regions covered in the foundries market report are Australia; China; India; Indonesia; Japan; South Korea; Bangladesh; Thailand; Vietnam; Malaysia; Singapore; Philippines; Hong Kong; New Zealand; USA; Canada; Mexico; Brazil; Chile; Argentina; Colombia; Peru; France; Germany; UK; Austria; Belgium; Denmark; Finland; Ireland; Italy; Netherlands; Norway; Portugal; Spain; Sweden; Switzerland; Russia; Czech Republic; Poland; Romania; Ukraine; Saudi Arabia; Israel; Iran; Turkey; UAE; Egypt; Nigeria; South Africa.
The Asia-Pacific was the largest region in the foundries market in 2023.
The Foundries Global Market Report 2024 furnishes information about the global foundries market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
