Foundries refer to a type of plant where machine parts are made by melting metal and pouring it into containers with specific shapes to produce castings by pouring molten metal into Molds that are used in production of different types of metallic products to ease metal manufacturing, reduce cost of operations and produce high strength products.
Sizing and Forecast
The foundries market size has grown strongly in recent years. It will grow from $179.84 billion in 2023 to $189.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The growth in the historic period can be attributed to automotive and aerospace industry demand, construction and infrastructure development, consumer goods manufacturing, energy sector requirements, globalization of supply chains.
The foundries market size is expected to see steady growth in the next few years. It will grow to $229.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to transition to electric vehicles (evs), renewable energy infrastructure projects, advancements in material science, stricter environmental regulations, customization and prototyping services. Major trends in the forecast period include digital twin technology implementation, technological advances in casting processes, advanced casting technologies, digitalization and smart foundries, demand for lightweight materials.
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Segmentation & Regional Insights
The foundries market covered in this report is segmented –
1) By Type: Ferrous Metal Foundries, Nonferrous Metal Foundries
2) By Foundry Type: Pure Play Foundry, Integrated Device Manufacturers
3) By Application: Automobile, Pipes and Fittings, Agricultural Machinery, Electrical Equipment, Machine Tools, Other Applications
Subsegments Covered: Iron Foundries, Steel Foundries, Nonferrous Metal Die-Casting Foundries, Aluminum Foundries (except Die-Casting), Other Nonferrous Metal Foundries (except Die-Casting)
The Asia-Pacific was the largest region in the foundries market in 2023. Western Europe was the second-largest region in the foundries market. The regions covered in the foundries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
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 is 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 the forecast period.
Key Industry Players
Major companies operating in the foundries market report are Bouygues Construction, Vinci Construction Grand Projets SAS, HOCHTIEF AG, Bechtel Corporation, Turner Construction Company LLC, Shimizu Corporation, Skanska AB, Jacobs Engineering Group Inc., Fluor Corporation, AECOM Technology Corporation, Huntington Ingalls Industries Inc., Balfour Beatty plc, Carlisle Companies Inc., Kellogg Brown & Root Inc., Hensel Phelps Construction Company, Lend Lease Corporation, DPR Construction Inc., Clayco Inc., Mortenson Construction, Clark Construction Group LLC, Granite Construction Incorporated, McCarthy Building Companies Inc., Haskell Construction Company, Nordisk Byggtjänst Holding AB, Per-Erik Andersson Bygg AB, Perseroan Terbatas United Tractors, URS Corporation
The foundries market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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