Major companies in the foundries market include Alcoa; Bharat Forge; Hitachi Metals; Precision Castparts and AMCOL Metalcasting. The global foundries market is expected to grow from $178. 64 billion in 2020 to $198.
New York, Feb. 09, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Foundries Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06018789/?utm_source=GNW
35 billion in 2021 at a compound annual growth rate (CAGR) of 11%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $242.9 billion in 2025 at a CAGR of 5%.
The foundries market consists of sales of molded castings by entities (organizations, sole traders and partnerships) that produce castings by pouring molten metal into molds. Foundries include iron foundries, steel investment foundries, steel foundries, non-ferrous metal die casting foundries, aluminum foundries and other non-ferrous metal foundries. The foundries market is segmented into ferrous metal foundries and nonferrous metal foundries.
Asia Pacific was the largest region in the global foundries market, accounting for 54% of the market in 2020. Western Europe was the second largest region accounting for 18% of the global foundries market. Africa was the smallest region in the global foundries market.
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refers to a machine, tool or technology such as robotic and AI technology that helps to reduce human intervention and improve safety in the metal manufacturing processes such as processing, assembling, material handling. This allows metal manufacturing companies to increase efficiency and production, improve safety on the manufacturing floor, enhance product quality, perform complex and varied tasks, enhance process stability, provide flexibility to produce products and eliminate routine manual tasks. According to a KPMG report, 63% of the executives say they are considering investing in automation. In 2018, according to an article in Production Machining, an online magazine, 56% of global companies consider automation in manufacturing processes and observed 30% of increase in their production. According to global robotics report 2016 by International Federation of Robotics (IFR), a robotic company, global industrial robots deployed in manufacturing processes are expected to increase to 2.6 million units by 2019.
The global prices of steel, nonferrous metals and other metals were volatile during the historic period and restrained the growth of the foundries market. During 2014-2018, steel prices showed an overall growing trend with tendencies to drop in the first half of each year, while world prices of copper showed a significant drop in 2016, after which they almost doubled in 2017 and 2018 .The volatility of metal prices created difficulties for companies in securing stable purchasing contracts for raw materials, restraining the growth of the foundries market.
The foundries market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the foundries market during forecast period.
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