FoundryBinders Market: Introduction
The global foundrybinders market was valued at US$ 3.3 Bn in 2019 and isanticipated to expand at a CAGR of ~4% during the forecast period. Based onproduct type, the organic segment held a prominent share of the global foundrybinders market in 2019, as organic binders have high thermal stability and arecost effective. The segment is anticipated to dominate the foundry bindersmarket in the near future. In terms of industry structure, the jobbing segmentaccounted for a major share of the global foundry binders market in 2019. A keyadvantage of the jobbing process is that it leads to product variety, asresources can be allocated to a variety of projects at the same time. Based onapplication, the ferrous metals segment constituted a significant share of theglobal foundry binders market in 2019. This can be ascribed to high demand forferrous cast products in automotive and construction industries.
Prominent Drivers of FoundryBinders Market
Theincrease in demand for better fuel efficiency and the enactment of stringentpollution emission regulations are estimated to boost the trend of productionof automotive components by using lightweight materials over the next fewyears. In the past, automotive components were primarily made of iron andsteel; however, of late, they are being replaced by aluminum. Aluminumpossesses comparable strength and durability, and is lightweight. The use oflightweight materials reduces the overall weight of a vehicle, therebyimproving its fuel efficiency.
Aluminumhas been used in automobiles since more than two decades. It is primarilyemployed in engines, power train castings, wheels, cast parts, and extrusions.Introduction of new aluminum alloys and advanced production and weldingtechniques is expected to significantly increase the use of aluminum sheets inhigh-selling automobiles. However, the demand for aluminum is anticipated to besignificantly higher in electric vehicles.
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The globaldemand for light vehicles is projected to rise over the next few years.According to the European Automobile Manufacturers’ Association, lightweightvehicle production is estimated to reach 108 millionunits by 2022. This is likely to boost the foundry industry and the foundrybinders market during the forecast period.
Asia Pacific to Lead FoundryBinders Market
AsiaPacific dominated the global foundry binders market in 2019. It has emerged asa highly lucrative region in terms of industrial as well as urban developmentover the past few decades, due to significant rise in urbanization andindustrialization 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 nearfuture.
China was amajor country in the Asia Pacific foundry binders market in 2019. This can beascribed to the expansion of the automotive industry in the country. China isalso one of the leading producers of foundry binders in the world.
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In terms ofmarket share, Europe follows Asia Pacific in the global foundry binders market.Germany is expected to dominate the foundry binders market in Europe during theforecast period, due to the presence of a high number of automobilemanufacturers in the country. Thus, the foundry binders market in Europe islikely to expand significantly during the forecast period.
The foundrybinders market in North America, Latina America, and Middle East & Africais projected to expand at a steady CAGR in the near future. Growth of theautomobile industry and governmental initiatives to develop infrastructure areestimated to drive the foundry binders market in these regions in the nearfuture.
Major Developments in FoundryBinders Market
In May2019, Vesuvius announced that it showcased 14 new productand equipment technologies at GIFA 2019, a highly important trade fair in theworld for the foundry industry, held in June 2019 in Düsseldorf, Germany.Moreover, in January 2017, Imerys acquired Damolin, a Denmark-based companythat manufactures mineral-based solutions. Damolin has more than 30 years’of experience in the manufacture of mineral reserves of moler, a highlyabsorbing and lightweight mineral.
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Competition Landscape of FoundryBinders Market
The globalfoundry binders market is highly fragmented with the presence of a large numberof players operating at local, regional, and international levels. Key playersoperating in the global foundry binders market include ASK Chemicals, Vesuvius,HÜTTENES-ALBERTUS Chemische Werke GmbH, Imerys, United Erie, Mancuso ChemicalsLimited, Eurotek Foundry Products Ltd, Kao Corporation, RPMinerals, JohnWinter, IVP Limited, and REFCOTEC.
