Foundries Market Growth Trajectory Through 2024-2033

The Foundries Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Foundries Global Market Report 2024, 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.

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.

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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)

Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refer to a machine, tool, or technology such as robotics and AI that helps to reduce human intervention and improve safety in metal manufacturing processes such as processing, assembling, and 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. For instance, in November 2021, ABB Limited, a Switzerland-based manufacturing technology company, launched a smart factory solution. The new system is exceptional because it provides powerful real-time ladle tracking in addition to automated crane scheduling, a predictive thermal modelling engine, and other features. The tracking engine continuously monitors the movement of ladles using cranes and transfer carriages. In comparison to radio-frequency identification (RFID) solutions, radar and laser positioning technologies offer precise vision while requiring less hardware and maintenance. Job forecasting, route planning, and automatic job acknowledgment are all part of the automated crane scheduling process.

The foundries market report table of contents includes:

1. Executive Summary
2.Foundries Market Characteristics
3.Foundries Market Trends And Strategies
4. Foundries Market analysis
5.Foundries Market Size And Growth
6.Foundries Segmentation
7.Foundries Regional And Country Analysis
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27. Foundries Competitive Landscape And Company Profiles
28.Foundries Key Mergers And Acquisitions
29. Foundries Future Outlook and Potential Analysis

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