Foundry Additives Market

Foundry Additives Market Overview

The global foundry additives market is expected to reach around US$ 2 Bn in 2022. The overall sales of foundry additives are expected to increase by 1.5x, exceeding US$ 3 Bn by the end of 2032.

According to the study, the foundry additives market is projected to exhibit growth at a CAGR of around ~4%- 5% CAGR between 2022 and 2032. Growth is primarily driven by rising demand for additives to eliminate the casting defects witnessed in automotive, construction, railway, and other industries.

Foundry additives are catalyst like chemical substance that can hasten any chemical reaction without any emission. They can also be reused due to its minimal contamination rate. These factors are likely to propel the demand for foundry additives in the coming years.

Also, silica moldings are increasingly being used  in the construction, electronics, medical, and automotive industries to reduce the thermal expansion. Hence, the use of foundry additives is expected to surge over the forecast period.

Apart from this, application of foundry additives lowers the demand for specialty sands, which, in turn, reduces the overall cost of the finalized product. Such benefits are anticipated to create prolific growth opportunities for the market.

Which are the Key Trends Fueling the Growth in Foundry Additives Market?

Application of metal cast components within the automotive, construction, medical, and heavy machineries industries is increasing. This is projected to surge the demand for foundry additives during the casting process, thereby driving the market.

In addition to this, as foundry additives has low contamination and emission rate, end users are increasing the adoption of these additives to adhere to reduce the carbon emission. This will further bolster the growth in the market.

Also, the stringent government regulations to adhere to environmental regulations is surging the demand for light weight vehicles with more power and low emission. In response to this, application of foundry additives in automotive industries is increasing, augmenting the sales in the market.

Moreover, advent of advanced technologies such as 3D printing in foundry industries will create lucrative prospects for the market. For instance, in 2020, Humtown Products was rewarded the  Manufacturer of the Year award by the National Association of Manufacturers (NAM) for its first-ever 3D sand additive.

Which are the Factors Restricting the Growth in Global Foundry Additives Market?

Stringent government regulations imposed on the foundry industries due to the concerns related to the emission rate is projected to hinder the growth in the foundry additives market.

Additionally, volatile raw material prices is projected to affect the cost of the product in industries. This is might limit the sales of foundry additives in the coming years. Moreover, use of foundry additives such as iron oxide leads to health problems such as breathing problems, skin rashes, burns, discoloring of eyes, and irritation.

How will Demand for Foundry Additives Increase in Asia Pacific?

According to Future Market Insights (FMI), Asia Pacific is expected to dominate the market owing to the increasing adoption of foundry additives in automotive industry, especially across India and China.

Additionally, expansion of iron and steel industries in China is projected to push the demand for foundry additives. Furthermore, growing investments in the railway and construction sectors, especially India, is projected to increase the demand for iron oxides and engineered additives. This is expected to fuel the growth in foundry additives market.

Nikhil Kaitwade

Principal Consultant

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What is the Foundry Additives Market Outlook in Europe?

As per the study, Europe is anticipated to exhibit fastest growth in the market during the forecast period. Growth is attributed to the rising demand for iron oxide in coatings and plastic industries.

FMI opines, the U.K. and Germany, collectively, are expected to hold maximum share in the Europe foundry additives market. Additionally, advent of advanced technology such as 3D printing in the foundry industries to develop innovative additives is projected to enhance the growth in the market.

Market Competition

Key players profiled in the global foundry additives market include Clariant, The HILL and GRIFFITH Company, Imerys Group, ASK Chemicals, Chesapeake Specialty Products Inc., REFCOTEC, and Laviosa Chimica Mineraria SpA, among others.

Leading players are focusing on improving their manufacturing processes in order to gain a competitive edge in the market. They are also updating their product portfolio to expand their consumer base.

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Scope of Report

Key Segments Profiled in the Foundry Additives Market

Type:

• Iron Oxides
• Engineered Additives
• Burn-out Additives

Composition:

• Organic Additives
• Inorganic Additives
• Hybrid Additives

End Use:

• Steel Industry
• Heavy Machinery
• Construction Industry
• Automotive Industry
• Railways
• Electrical Industry
• Mining

Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• Asia Pacific excluding Japan (APEJ)
• Japan
• Middle East & Africa