Foundry products are defined as products that are derived from foundries. Foundries refer to workshops where metal castings are produced. Metal casting is a manufacturing process, where molten or liquid metal is poured into a mold which is made up of sand, metal, or ceramic. The mold contains a hollow cavity of the desired shape, to form geometrically complex parts. The metal casting process is applicable to all major metals that can be made into castings; common ones are iron, aluminum, magnesium, zinc, steel, and copper-based alloys. Metal castings are used in a wide range of applications such as in cars, trucks, planes, trains, mining and construction equipment, oil wells, pipes, toys, space shuttles, wind turbines, and nuclear plants. Manufacture of foundry products through the metal casting process is advantageous compared to other processes owing to its design flexibility, high production rate, and molding of large and complex parts. Additionally, easy way of fabricating wrought or cast products into complex structures while producing lightweight sheet metal parts is another advantage of foundry products.
Increase in need for infrastructure and power generation facilities is fuelling the foundry products market. Growth in the automotive industry in emerging economies such as Japan, China, and India is also driving the foundry products market. Expansion in the MSME (micro, small, and medium enterprises) industry is also one of the factors propelling the foundry products market. Furthermore, rise in technological innovations and rapid industrialization and urbanization are augmenting the foundry products market.
Implementation of stringent government regulations, rise in import costs, and low capacity utilization are hampering the foundry products market.
Based on product mix, the foundry products market can be segmented into grey iron, SG iron, non-ferrous, steel, and malleable, and others. The grey iron segment accounts for large share of the foundry products market owing to the wide use of grey iron in the automotive industry.
In terms of industry type, the foundry products market can be divided into micro, small, and medium size industry.
Based on end-use industrial applications, the foundry products market can be split into automotive, sanitary, pipes and fittings, power industry, electrical equipment, machine tools, earth moving industry, and others. The automotive segment accounts for major share of the market owing to the wide range of applications in automobiles. It is followed by sanitary and pipes and fittings segments.
In terms of geography, the foundry products market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. Asia Pacific is a rapidly growing region of the foundry products market owing to the rise in urbanization, industrial expansion, and increase in investments in the automotive industry in emerging economies such as Japan, China, and India. China is the largest producer of metal castings in Asia Pacific. Europe follows Asia Pacific owing to the presence of the vast automotive industry base in the region.
Key players operating in the foundry products market include Electrosteel Castings Limited, Hinduja Foundries Limited, Nelcast Limited, Brakes India limited, DCM Engineering, Saguenay Foundry Limited, Tata Motors Wheel Factory, Taiwan Semiconductor Manufacturing Company, and Global Foundries among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.