Global Foundries Market Analysis 2023 – Market Size And Key Drivers

The Foundries Global Market Report 2023 by The Business Research Company, provides foundries market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Foundries Global Market Report 2023, the market size grew from $174.07 billion in 2022 to $188.51 billion in 2023 at a compound annual growth rate (CAGR) of 8.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of foundries is expected to grow to $250.01 billion in 2027 at a CAGR of 7.3%.

The foundries’ market growth is aided by stable economic growth forecasted in many developed and developing countries.

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The foundries market 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

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 modeling 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: