PUBLISHER: The Business Research Company | PRODUCT CODE: 1435384
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435384
Foundries are specialized plants where machine parts are created by melting metal and pouring it into molds of specific shapes, producing castings essential for various metallic products. This process aids in metal manufacturing, cost reduction, and the production of durable goods.
Primary types of foundries include ferrous metal foundries and nonferrous metal foundries. Ferrous metal foundries work with different alloy varieties for diverse applications. Foundry types consist of pure-play foundries and integrated device manufacturers, catering to industries such as automobiles, pipes & fittings, agricultural machinery, electrical equipment, machine tools, and various other applications.
The foundries market research report is one of a series of new reports from The Business Research Company that provides foundries market statistics, including foundries industry global market size, regional shares, competitors with a foundries market share, detailed foundries market segments, market trends, and opportunities, and any further data you may need to thrive in the foundries industry. This foundries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The foundries market size has grown strongly in recent years. It will grow from $179.84 billion in 2023 to $189.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth observed in the historical period can be attributed to several factors, including increased demand from the automotive and aerospace industries, growth in construction and infrastructure development, manufacturing of consumer goods, requirements within the energy sector, and the globalization of supply chains.
The foundries market size is expected to see steady growth in the next few years. It will grow to $229.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. Forecasted growth is driven by the transition to electric vehicles, renewable energy projects, material science advancements, stricter environmental regulations, and increased demand for customization. Major trends include digital twin technology, advancements in casting processes, smart foundries, and the demand for lightweight materials.
The foundries market is poised for growth, supported by the anticipated stable economic growth in both developed and developing countries. According to the International Monetary Fund (IMF), global GDP is projected to grow by 3.4% in 2021, with developed economies also expected to experience steady growth in the forecast period. Additionally, emerging markets are forecasted to exhibit slightly higher growth rates compared to developed markets, contributing to increased investments in end-user markets and propelling the foundries market forward.
The expansion of the construction industry is expected to be a significant driver for the foundries market. The construction industry, encompassing the planning, design, development, and maintenance of physical structures and infrastructure, demands a diverse range of metal components. Foundries play a crucial role in producing these components, including structural steel beams, columns, brackets, and connectors, essential for buildings, bridges, and infrastructure projects. For example, in 2021, the UK's construction industry experienced a record growth of 12.7% compared to the previous year, according to a report by the Office for National Statistics. Furthermore, in December 2021, monthly construction output saw a 2.0% increase. This growth in the construction sector is a key factor driving the foundries market's expansion.
The foundries market experienced challenges during the forecast period due to the volatile global prices of steel, nonferrous metals, and other metals. The unpredictability in metal prices created a challenging environment for companies operating in the foundries sector. For instance, a report published by the Fabricator in May 2023, a US-based magazine catering to the metal forming and fabricating industry, highlighted the volatility in metal prices. Despite a price spike in the first quarter of 2023, survey respondents expressed expectations that prices would flatten out in July, August, or later. This price volatility posed difficulties for companies in the foundries market, making it challenging to secure stable purchasing contracts for raw materials. The uncertainty in metal prices affected the overall growth prospects of the foundries market during the specified forecast period.
Automated manufacturing systems are gaining widespread acceptance due to their ability to enhance productivity and reduce operational costs in metal manufacturing processes. These systems, which include technologies such as robotics and AI, minimize human intervention and enhance safety in various metal manufacturing activities such as processing, assembling, and material handling. The advantages of automation in metal manufacturing encompass increased efficiency, improved safety, enhanced product quality, the capability to perform complex tasks, process stability, production flexibility, and the elimination of routine manual tasks. For example, in November 2021, ABB Limited, a Switzerland-based manufacturing technology company, introduced a smart factory solution. This innovative system incorporates real-time ladle tracking, automated crane scheduling, a predictive thermal modeling engine, and other features. The ladle tracking engine employs radar and laser positioning technologies for precise vision, offering advantages over RFID solutions with less hardware and maintenance requirements. Automated crane scheduling includes job forecasting, route planning, and automatic job acknowledgment. This technological advancement is indicative of the industry's move towards enhanced automation to streamline manufacturing processes.
Major players in the foundries market are actively developing innovative solutions such as smart factory systems to expand their customer base, drive sales, and increase revenue. These Industry 4.0 solutions, known as smart factory solutions, involve the implementation of advanced technologies, systems, and strategies in manufacturing facilities to enhance operational efficiency, productivity, quality, and overall competitiveness. ABB Ltd., in November 2021, launched ABB Ability Smart Melt Shop, an advanced system featuring real-time ladle tracking, automated crane scheduling, predictive temperature modeling, and other functionalities. This technology enables steelmakers to transition to autonomous operations, improving safety and efficiency in the manufacturing process. The system contributes to enhanced compliance, increased casting speeds, and improved cost and energy efficiency for ladle furnaces in steelmaking.
Major companies operating in the foundries market report are 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 Byggtjanst Holding AB, Per-Erik Andersson Bygg AB, Perseroan Terbatas United Tractors, URS Corporation
The Asia-Pacific was the largest region in the foundries market in 2023. 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.
The countries 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 foundries market consists of sales of iron foundries, brass foundries, and bronze foundries. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Foundries Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on foundries market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for foundries ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The foundries market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.