Foundry Binders Market: Introduction
The
global foundry binders market was
valued at US$ 3.3 Bn in 2019 and is anticipated to expand at a CAGR of ~4%
during the forecast period. Based on product type, the organic segment held a
prominent share of the global foundry binders market in 2019, as organic
binders have high thermal stability and are cost effective. The segment is
anticipated to dominate the foundry binders market in the near future. In terms
of industry structure, the jobbing segment accounted for a major share of the
global foundry binders market in 2019. A key advantage of the jobbing process
is that it leads to product variety, as resources can be allocated to a variety
of projects at the same time. Based on application, the ferrous metals segment
constituted a significant share of the global foundry binders market in 2019.
This can be ascribed to high demand for ferrous cast products in automotive and
construction industries.
Prominent
Drivers of Foundry Binders Market
The
increase in demand for better fuel efficiency and the enactment of stringent
pollution emission regulations are estimated to boost the trend of production
of automotive components by using lightweight materials over the next few
years. In the past, automotive components were primarily made of iron and
steel; however, of late, they are being replaced by aluminum. Aluminum
possesses comparable strength and durability, and is lightweight. The use of
lightweight materials reduces the overall weight of a vehicle, thereby
improving its fuel efficiency.
Aluminum
has been used in automobiles since more than two decades. It is primarily
employed in engines, power train castings, wheels, cast parts, and extrusions.
Introduction of new aluminum alloys and advanced production and welding
techniques is expected to significantly increase the use of aluminum sheets in
high-selling automobiles. However, the demand for aluminum is anticipated to be
significantly higher in electric vehicles.
Request Sample
https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=35249
The
global demand for light vehicles is projected to rise over the next few years.
According to the European Automobile Manufacturers’ Association, lightweight
vehicle production is estimated to reach 108 million units by 2022. This
is likely to boost the foundry industry and the foundry binders market during
the forecast period.
Asia
Pacific to Lead Foundry Binders Market
Asia
Pacific dominated the global foundry binders market in 2019. It has emerged as
a highly lucrative region in terms of industrial as well as urban development
over the past few decades, due to significant rise in urbanization and
industrialization in the region. Thus, the demand for cast products is high.
This is likely to propel the foundry binders market in Asia Pacific in the near
future.
China
was a major country in the Asia Pacific foundry binders market in 2019. This
can be ascribed to the expansion of the automotive industry in the country.
China is also one of the leading producers of foundry binders in the world.
More Trending Reports
In
terms of market share, Europe follows Asia Pacific in the global foundry
binders market. Germany is expected to dominate the foundry binders market in
Europe during the forecast period, due to the presence of a high number of
automobile manufacturers in the country. Thus, the foundry binders market in
Europe is likely to expand significantly during the forecast period.
The
foundry binders market in North America, Latina America, and Middle East &
Africa is projected to expand at a steady CAGR in the near future. Growth of
the automobile industry and governmental initiatives to develop infrastructure
are estimated to drive the foundry binders market in these regions in the near
future.
Major
Developments in Foundry Binders Market
In
May 2019, Vesuvius announced that it showcased 14 new product
and equipment technologies at GIFA 2019, a highly important trade fair in the
world for the foundry industry, held in June 2019 in Düsseldorf, Germany.
Moreover, in January 2017, Imerys acquired Damolin, a Denmark-based company
that manufactures mineral-based solutions. Damolin has more than 30 years’ of
experience in the manufacture of mineral reserves of moler, a highly absorbing
and lightweight mineral.
Request Covid19 analysis on this
market
https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=35249
Competition
Landscape of Foundry Binders Market
The
global foundry binders market is highly fragmented with the presence of a large
number of players operating at local, regional, and international levels. Key
players operating in the global foundry binders market include ASK Chemicals, Vesuvius,
HÜTTENES-ALBERTUS Chemische Werke GmbH, Imerys, United Erie, Mancuso Chemicals
Limited, Eurotek Foundry Products Ltd, Kao Corporation, RPMinerals, John
Winter, IVP Limited, and REFCOTEC.
Comments
Post a Comment