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.
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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.
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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.
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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.
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.
Global Foundry Binders Market: Segmentation
Foundry Binders Market, by Product Type
- Organic
- Heat Curing
- No-bake
- Furan
- Polyurethane No-bake
- Alkyd
- Phenolic
- Easter Cured
- Others
- Heat Curing
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