Foundry Coatings Market Size to Grow At 4% CAGR From 2024 to 2030.

Foundry Coatings Market size (2024-2030)

As per our research report, the Foundry Coatings Market size is estimated to be growing at a CAGR of 4% from 2024 to 2030.

Foundry coatings are specialized chemicals formulated to endure the extreme temperatures of molten metals and serve as a protective layer between the molten metal and mold surfaces. These coatings are utilized to minimize or prevent defects, metal penetration, erosion, and burn-on, thereby enhancing casting quality and surface finish. Foundry coatings are typically applied in a liquid form to sand molds and sand cores, where the liquid evaporates upon contact with the molten metal, leaving behind a protective layer. They can be alcohol-based, water-based, or made from other substances. The composition of foundry coatings includes refractory minerals, carriers, binders, suspending agents, and various special additives. With advancements in technology, foundry coatings are continually being developed to improve production quality, reduce scrap, and lower the costs associated with repairs due to defective castings.

The foundry coatings market is witnessing substantial growth driven by the rising demand for lightweight materials in critical sectors such as aerospace and industrial machinery. As these industries seek enhanced fuel efficiency, performance, and quality, foundry coatings are increasingly employed to manufacture lightweight, durable components. These coatings are crucial for producing lightweight components, essential for reducing vehicle weight. In the automotive sector, these chemicals facilitate the production of high-quality engine components, transmission parts, and other critical elements.

The advent of stricter environmental regulations has spurred innovation and development in the foundry coatings industry. The growing emphasis on green practices has boosted the demand for eco-friendly foundry coatings. Consumers and manufacturers are favoring environmentally friendly chemicals designed to minimize environmental impact and health risks. Consequently, there is a rising usage of inherently non-toxic chemicals in the production of eco-friendly foundry coatings.

The COVID-19 pandemic significantly impacted the foundry chemicals market, leading to slower growth due to supply chain disruptions, temporary factory closures, and decreased demand for end-user products. The foundry coatings market was similarly affected, with reduced metal casting production and consumption in industries like automotive, aerospace, machinery, agriculture, and energy. However, the market is gradually recovering as businesses resume operations and economic activities pick up. To mitigate future disruptions, manufacturers are focusing on safety measures, maintaining supply chain functionality, and exploring automation and digitalization opportunities.

In February 2024, ASK Chemicals, a leading foundry chemicals company, announced its participation in the forthcoming International Foundry Exhibition (IFEX) in Bangalore. The company plans to showcase its latest advancement in feeding technology, ECOCAST ONE, which is the most cost-effective compaction riser developed to date. Additionally, ASK Chemicals will unveil newly developed foundry chemicals from its recently acquired Ranjangaon, Pune, production facility.

KEY MARKET INSIGHTS:

• Based on the Metal Type, the iron foundries segment has captured a leading market share due to the higher demand for iron casting compared to other materials, primarily because casting iron is relatively easier than casting steel or other metals. Over the next decade, iron foundries are projected to dominate foundry chemical sales, driven by the high strength and low cost of iron casting. This makes iron casting an attractive choice for a wide range of applications across various industries and vehicles. Additionally, the increasing use of steel and aluminum in the manufacture of diverse automotive and aerospace components is expected to create new business opportunities for foundry chemical suppliers. These suppliers are looking to expand their sales in foundries that will be incorporating steel and aluminum in the future.
• Based on the End-User, Castings are crucial for essential components across almost all industries. In the medical sector, castings are used for vital parts in scanners and computed tomography machines, as well as for prosthetic devices such as hip and knee joints. In the energy sector, castings are integral to hubs for wind energy turbines, applications involving wind and wave power, and pumps and valves for the oil and gas industry. The demand for improved fuel efficiency and adherence to stricter emission regulations is expected to accelerate the growth of the lightweight material automobile component manufacturing industry. Aluminum has largely supplanted iron and steel as the primary materials for automotive components, offering similar strength and durability while being significantly lighter.
• Based on the region, the Asia-Pacific region, encompassing major automotive centers such as China, India, Japan, and South Korea, is projected to be the fastest-growing segment of the foundry coatings market. Due to the presence of significant and emerging economies like China and India, the Asia-Pacific region leads both the production and consumption of foundry coatings and metal castings. In the United States, a rising demand for metal castings used in automotive and aerospace parts is anticipated, creating a lucrative business opportunity for foundry coating manufacturers.
• Companies playing a leading role in the Foundry Coatings Market profiled in this report are ASK Chemicals, IVP Limited, Asahi Yukizai Corporation, Vesuvius, KAO Chemicals, and Hindusthan Adhesive & Chemicals.

Global Foundry Coatings Market Segmentation:

By Metal Type:

• Grey Iron
• Ductile Iron
• Aluminum
• Steel
• Copper
• Zinc

By End User:

• Automotive
• Aerospace
• Electronics
• Construction
• Industrial Machinery
• Agriculture
• Others

By Region:

• Asia-Pacific
• North America
• Europe
• South America
• Middle East and Africa

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