Introduction
The global foundry market is integral to various industries, including automotive, electronics, construction, and industrial machinery. Forecasts show the market will grow from USD 201.716 billion in 2019 to USD 209.533 billion by 2026, driven by demand for lightweight vehicles and stringent emission regulations.
Key Drivers and Global Foundry Market Trends
- Automotive Industry: Demand for electric vehicles (EVs) is boosting the use of aluminum and copper, essential for their construction due to their favorable properties.
- Construction Sector: Significant growth in construction, particularly in the US, China, and India, relies heavily on foundry products for infrastructure development.
- Technological Advancements: Innovations such as mechanization and new alloys improve efficiency and product quality in the foundry industry.
Global Foundry Market Insights
- China: Leading producer with 48.75 million metric tons of castings in 2019.
- India and the United States: Each produced approximately 11.5 million metric tons, showcasing significant market roles.
- Europe and Asia Pacific: Continued investments in foundry technologies and infrastructure drive market growth.
Impact of COVID-19
The pandemic reduced demand from key sectors like automotive and construction and disrupted supply chains. However, recovery is expected as these industries bounce back, with construction and automotive sectors leading the resurgence.
Major Players in the Foundry Market
- Georg Fischer
- Alcoa
- Hitachi Metals
- Bharat Forge
- Precision Castparts
- Crescent Foundry Pvt Ltd
- Seco Industries s.r.o.
- Grand Foundry Ltd
- Liaoning Borui Machinery Co., Ltd (Dandong Foundry)
- Nelcast Ltd
These companies stand out due to their production capabilities, technological advancements, and strategic R&D investments.
Conclusion
The foundry market is set for steady growth, fueled by automotive and construction sectors, advancements in technology, and robust regional production capacities. Despite the challenges of COVID-19, the market’s long-term outlook remains positive, supported by continuous demand across various industries.
