Advent of New Technologies and Increase in Demand from End-use Sectors to Aid Market Growth

Foundry binders are primarily used across metal casting factories around the world to prevent deformities in the final product. Foundry binders are increasingly being used in the casting process of a wide range of metals, including cast iron, aluminum, bronze, and steel. Over the past few decades, advancements in technology, coupled with the growing demand for casting products across various industrial domains have witnessed steady growth due to which, the foundry binders market has exhibited a positive growth rate. This trend is likely to continue during the forecast period.

With stringent laws and regulations pertaining to environment protection and safety, players involved in the current foundry binders market landscape are increasingly launching green and sustainable foundry binders that are manufactured using sustainable materials and manufacturing techniques. In their bid to expand their share in the market, several leading players are focusing on forging strategic partnerships with other regional players. In addition, several companies are also focusing on upgrading their existing production facilities and infrastructure, and integrate the latest advancements in technology into their operations– another factor that is likely to increase the demand for foundry binders during the assessment period.

At the back of these factors, the global foundry binders market is expected to surpass US$ 4.9 Bn mark by the end of 2030.

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Rise in Demand for No-bake Binder Systems to Augment Market Growth

Over the past couple of decades, the demand for no-bake binder systems has witnessed consistent growth due to notable advancements in the no-bake technology. Innovations around the no-bake foundry binders have gained considerable momentum over the past few years. This is expected to play an imperative role in the growth of the global demand for foundry binders during the assessment period. Some of the most popular types of foundry binders that are deployed include heat curing, cold box, and inorganic foundry binders such as heat cured sodium silicate, gassing, and self-set foundry binders.

Several players operating in the foundry binders market are increasingly focusing on the automated production to improve productivity and cater to the increasing demand from various end-use sectors. Superior work time, strip time ratio, ease of reclamation, favorable mold, and core strength are some of the glaring benefits offered by phenolic urethane no-bake foundry binders. Acid curing no-bake foundry binders, including furan and phenolic-resins are increasingly used in a range of applications in foundries worldwide. This is another factor that is anticipated to fuel the adoption of foundry binders worldwide.

Market Players Eye Strategic Partnerships, Focus on Introduction of New Technologies and Government Regulations to Influence Growth

In the current foundry binders market landscape, several companies are increasingly focusing on expanding their market share and presence by implementing organic as well as inorganic growth strategies. Increase in production capacities and modernization of the manufacturing infrastructure are expected to remain key strategies of market players to gain advantage in the market. Moreover, market players are eyeing strategic partnerships with other players to expand their market presence.

For instance, in July 2017, Omega Foundry Machinery entered a partnership with John Winter– a move that is expected to improve the development of no-bake foundry binders and equipment being manufactured. Several regulatory bodies are increasingly focusing on decreasing the environmental impact of foundries by encouraging the application of modern sand-molding systems that primarily rely on inorganic foundry binders. The Green Foundry LIFE project across the foundries in Europe is aimed at leveraging new technologies to minimize emission, enhance indoor air quality, etc. Such projects and initiatives are expected to generate considerable demand for environment-friendly foundry binders during the assessment period.

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Demand to Decline amid COVID-19 Pandemic

The outbreak of the novel COVID-19 pandemic is expected to have a strong impact on the growth of the foundry binders market in 2020. The metal industry around the world has witnessed sluggish growth in 2020 due to the COVID-19 crisis, following which, the demand for foundry binders has declined drastically. Cancellation of international trade fairs and closure of foundries are some of the major factors anticipated to contribute to the sluggish growth of the foundry binders market worldwide. Market players are likely to focus on product diversification amid the ongoing COVID-19 crisis and focus on revival strategies to gain a competitive edge post COVID-19.

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Analysts’ Viewpoint

The global foundry binders market is expected to expand at a sluggish CAGR of ~4% during the forecast period. The market growth can be primarily attributed to technological advancements, increasing demand from end-use industries, and rising focus on deploying environment-friendly technologies and manufacturing techniques. Market players should focus on forging strategic alliances with other players in the current market landscape. In addition, market players should also emphasize on improving their manufacturing infrastructure and leveraging new technologies to gain a competitive edge.

Foundry Binders Market: Overview

  • Foundry binders are utilized in metal casting factories. Binders retain casting materials in place to avoid deformity in final metal products. Foundry binders are employed in casting of different metals such as aluminum, cast iron, bronze, and steel.
  • Usually, sand casting is used for casting of metals, as sand is inexpensive, readily available, and green. Sand casting is compatible with all types of binder systems.

Rise in Demand for Casting Products from End-use industries to Drive Foundry Binders Market

  • Foundry binders are widely used in various sectors across the globe such as automotive, aerospace, power generation, railways, petrochemical, medical, defense, and marine. Almost all key components of these industries, such as brake disks, medical implants, marine engines, and aircraft turbine blades are dependent on castings.
  • Cast components are used in engines, chassis, and vehicle bodies. Foundries are increasingly witnessing technological advancements and high demand for fuel efficiency through lightweight construction and optimization of cast components.
  • Cast components used in the building & construction industry are pressure and drainage pipes, surface boxes, castings for radiators and boilers, cooker and stove castings, and sanitary castings. Castings are also employed in power generation equipment such as transformers and generators, and electric motors.
  • Casting components are widely used in the medical sector. They are an integral part of computerized tomography and scanners. Casting components are used for cast prostheses such as knee joints and hip joints. Castings are also employed in the infrastructure of hospitals (nodes in hospital beds). Castings are used in several aspects of the energy industry such as pumps and valves used in the oil & gas sector; cast nodes for offshore and on-shore structures; hubs for wind energy turbines; and wind and wave power applications.
  • Economic growth in developing regions such as Asia Pacific, Latin America, and the Middle East is driving the need for urbanization. More than 50% of the global population was living in urban areas in 2018. This percentage is projected to increase to 66% by 2050. Asia and Africa are urbanizing more rapidly than other regions. Urban population in Asia and Africa is anticipated to rise to around 65% and 62%, respectively, during the forecast period. These factors are projected to fuel building & construction, automotive, and industrial sectors, which rely highly on casting products. Growth of building & construction, automotive, and industrial sectors is anticipated to drive the foundry industry across the globe over the next few years, thereby boosting the demand for foundry binders during the forecast period.

Slowdown of Global Foundry Industry Due to Newer Technologies to Hamper Foundry Binders Market

  • Foundry is an energy-intensive industry. Major consumption of electric energy occurs in the melting division of a foundry. Melting and pouring processes are key factors influencing energy consumption. This affects the quality of casting. Studies on energy consumption pattern of induction furnaces reveal that the specific energy consumption is about 18% higher than the standard norms specified by regulatory bodies.
  • Foundry is inherently hazardous. Its primary activity is melting metals, which frequently requires temperatures higher than 2,600°F (1,425°C). These high temperatures call for foundry safety procedures that are equally intense.
  • Casting products usually come with minor defects such as gas porosity, shrinkage defects, mold material defects, pouring metal defects, and metallurgical defects. It is difficult to achieve precision and complex geometries with the casting process.
  • The global foundry industry is likely to contract during the forecast period, owing to the emergence of high-precision technologies such as 3D printing and other competitive technologies. Environment-related concerns and high-energy consumption are key factors anticipated to make foundry processes less popular than other manufacturing processes over the next few years.
  • Metals such as steel and iron are largely being replaced by lighter metals, plastics, and composites, as they are lighter, inexpensive, and more durable. Cast iron and steel foundries are key consumers of foundry binders. Decline in usage of cast iron and steel components is estimated to hamper the global foundry industry. This, in turn, is projected to adversely affect the global foundry binders market during the forecast period.

Increase in Demand for Green Foundry Binders to Offer Lucrative Opportunities for Global Market

  • The foundry industry provides various cast components for different end-use industries such as automotive, shipbuilding, and construction. However, conventional core binders emit up to 70% of a foundry’s volatile organic compound (VOC) emissions during the casting process. Thus, most of the foundry operators are focusing on replacing these conventional core binders with low-emission core binders.
  • Convectional core binders can be replaced by green foundry binders. Green foundry binders would help lower emissions, improve indoor air quality, and support the circular economy through reuse of foundry sand that is usually landfilled. The use of green foundry binders would help lower 80% of hazardous airborne emissions. Thus, the usage of green foundry binders is likely to create lucrative opportunities for the foundry binders market during the forecast period.

Recent Developments, Expansions, Acquisitions, and New Contracts

  • In January 2020, BASF SE completed the acquisition of Solvay’s polyamide business. The transaction would increase BASF SE’s polyamide capabilities with innovative and well-known products such as Technyl. This is expected to enable BASF SE to support its customers with even better engineering plastics solutions for autonomous driving and e-mobility.
  • In August 2018, Kao Corporation completed the acquisition of Washing Systems, LLC. This acquisition expanded Kao Corporation’s chemical solution business for commercial laundry.

Asia Pacific to Dominate Foundry Binders Market

  • Asia Pacific dominated the global foundry binders market in 2019. The region is expected to remain highly lucrative during the forecast period. Demand for foundry binders is high in Asia Pacific, due to rapid industrialization, and rise in demand for foundry products in automotive and aerospace industries in the region.  
  • Europe is estimated to be a highly attractive region of the global foundry binders market during the forecast period. Its share is estimated to rise significantly in the global foundry binders market during the forecast period. This can be primarily ascribed to increase in demand for foundry binders in the automobile industry in the region.
  • The foundry binders market in North America is estimated to expand steadily during the forecast period, due to increase in demand for cast products in various industries such as automobile, aerospace, and manufacturing during the forecast period

Highly Competitive Foundry Binders Market

  • The global foundry binders market is highly fragmented with the presence of large number of players operating at local, regional, and international levels
  • Key players operating in the global foundry binders market include
    • ASK Chemicals
    • Vesuvius
    • HÜTTENES-ALBERTUS Chemische Werke GmbH
    • Imerys
    • United Erie
    • Mancuso Chemicals Limited
    • Eurotek Foundry Products Ltd
    • Kao Corporation
    • RPMinerals
    • John Winter
    • IVP Limited, and REFCOTEC

Foundry Binders Market – Scope of the Report

The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global foundry binders market to accurately gauge its potential development. The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the foundry binders market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the foundry binders market will progress during the forecast period of 2020 to 2030.

The report offers intricate dynamics about the different aspects of the foundry binders market that aid companies operating in the market in making strategic development decisions. TMR’s study also elaborates on the significant changes that are highly anticipated to configure the growth of the foundry binders market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the foundry binders market, and estimate statistics related to the market progress in terms of value (US$ Mn) and volume (thousand tons).

This study covers a detailed segmentation of the foundry binders market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the foundry binders market, wherein various developments, expansions, and winning strategies practiced and executed by leading players have been presented in detail.

Key Questions Answered in TMR’s Report on Foundry Binders Market

The report provides detailed information about the foundry binders market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth potential of the market. Information mentioned in the report answers path-breaking questions for companies that are currently functioning in the market and are looking for innovative ways to create a unique benchmark in the foundry binders market, so as to help them make successful strategies and take target-driven decisions.

  • Which product type of foundry binders market will emerge as a major revenue generator for the market during the forecast period?
  • How are key market players successfully earning revenue out of the advantages of foundry binders?
  • What will be the Y-o-Y growth of the foundry binders market between 2020 and 2030?
  • What are the winning imperatives of market frontrunners in the foundry binders market?
  • Which application is expected to have maximum potential for foundry binders during the foreseeing period?

Research Methodology – Foundry Binders Market

The research methodology adopted by analysts for combining the foundry binders market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the industry-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the foundry binders market.

During the primary research phase, analysts interviewed industry stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. On the basis of data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the foundry binders market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, industry association publications, and company websites to obtain the necessary understanding of the foundry binders market.

Foundry Binders Market – Segmentation

TMR’s research study assesses the global foundry binders market based on product type, industry structure, application, and region. This report presents extensive market dynamics and progressive trends associated with different segments, and how they are influencing the growth prospects of the foundry binders market.

Product Type

  • Organic
  • Heat Curing
    • No-bake
    • Furan
    • Polyurethane No-bake
    • Alkyd
    • Phenolic
    • Easter Cured
    • Others (Acrylic and Silicone)
  • Coldbox
  • Polyurethane Coldbox
  • Phenolic Resole
  • Epoxy
  • Others (Alkaline Phenolic and Hybrid Phenolic Epoxy)
  • Inorganic
    • Self-set
    • Gassing
    • Heat Cured Sodium Silicate

Industry Structure

  • Polyurethane No-bake
  • Automated

Application

  • Ferrous Metals
  • Non-ferrous Metals

Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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Foundry Binders Market

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