Foundry Binders Market size is anticipated to reach USD 6 Billion by the end of 2036, growing at a CAGR of 4% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of foundry binders was USD 3.8 Billion. Growing demand for precision machined metal parts from a variety of industries, including electronics, automotive, aircraft, and construction, has significantly impacted the expansion of the market. For instance, by 2023, the value of the world's construction industry is projected to reach USD 10.5 trillion. Therefore, the expansion of these industries is also bolstering the market growth. These components are essential for a variety of devices and machinery used in the society of today. For example, there is a great need in the car industry for strong, lightweight materials that can withstand harsh pollution restrictions and increase fuel efficiency. As a result, precision casting is given more importance, which increases the demand for contemporary foundry binders that provide accurate details and strong mold stability.
Because they have less of an adverse effect on the environment than traditional binders like clay or resin-bonded sand, foundry binders are frequently chosen. Typically, they come from renewable sources like sugars, starches, or artificial polymers. This aligns with the increased focus on sustainability and lowering industrial operations' carbon impact. Therefore, this is a major factor escalating the growth of the foundry binders market.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 4% |
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Base Year Market Size (2023) |
~ USD 3.8 Billion |
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Forecast Year Market Size (2036) |
~ USD 6 Billion |
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Regional Scope |
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Product Type (Organic, Inorganic, Heat Curing, Coldbox, Polyurethane, Phenolic Resole, Epoxy)
Organic segment in the foundry binders market is expected to hold a share of 33% during the forecast period. In the upcoming years, there is anticipated to be a significant expansion in the market for organic binders. Demand for organic binders has surged across various end-use industries due to increased environmental concerns and the need for sustainable materials. Because of their better compressive strength and reduced carbon emissions, organic binders have been widely adopted, especially in the construction sector. Furthermore, producers are concentrating on creating organic, non-toxic substitutes due to growing awareness of the detrimental effects of synthetic binders on the environment and human health. Growth in the industry is anticipated as a result of this switch to organic binders.
End-users (Core Sand Casting, Mold Sand Casting)
Core sand casting segment in the foundry binders market is expected to hold a share of 53% during the forecast period. To create holes, undercuts, and cavities during the casting process that cannot be created directly during the casting process, a core is employed. The final cavity core type, design, and molten metal composition all play a role in selecting the core type.
Also, technological advancements such as 3D-printed cores for casting are driving the growth of the segment. The 3D printer can print the cores, which can then be inserted into a traditional mold. The technology avoids the time-consuming, conventional fabrication and assembly of the complex cores and minimizes subsequent machining, which results in fewer pieces and a significantly less tedious mold creation process. Up to a specific batch size, 3D printing is always more cost-effective than conventional methods overall since there are no tool costs. Therefore, the factors are propelling the growth of the segment.
Our in-depth analysis of the global foundry binders market includes the following segments:
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Application |
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Application |
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End-users |
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Industry Structure |
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APAC Market Forecast
Foundry binders market in Asia Pacific is poised to hold a share of 36% during the foreseen period. This region dominated the market because of its substantial presence in several foundry-dependent industries, including the manufacturing of machinery, automobiles, and aircraft. For instance, in 2021, there were 1.8 thousand narrow-body aircraft in the Asia Pacific aircraft fleet. The growth of the foundry binders market in the region was significantly influenced by South Korea, Japan, China, India, and other causes. In addition, the rapid industrialization, population growth, and increased investments in infrastructure development in the Asia Pacific region created a substantial demand for metal castings, which in turn fueled a need for foundry binders. Technological developments, favorable government regulations, and the region's capacity for cost-effective production all contributed to its supremacy in the foundry-binding industry.
North American Market Statistics
North American Foundry Binders Market is projected to hold a share of 27% by the end of 2036. The region's manufacturing industry is booming, particularly in industries like aerospace, defense, and automotive that rely significantly on metal castings. The market has expanded in North America due to factors such as the increased emphasis on ecologically friendly and sustainable production processes, the requirement for high-performance foundry binders, and technical improvements. Furthermore, the region's strong focus on research and development, along with the presence of important industry players and beneficial government regulations, have all contributed to the expansion of the North American foundry binders market.
Author Credits: Payel Roy, Dhruv Bhatia
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