Foundry Coating Market Trends and Forecast
The future of the global foundry coating market looks promising with opportunities in the steel casting and aluminum casting markets. The global foundry coating market is expected to grow with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are rising demand for high-quality castings in automotive and aerospace industries, increasing use of foundry coatings to enhance surface finish and reduce casting defects, and technological advancements leading to more efficient and eco-friendly coating solutions.
• Lucintel forecasts that metallic coating is expected to witness the highest growth over the forecast period.
• Within this market, steel casting is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Foundry Coating Market
• United States: Ashland Global Holdings announced the expansion of its foundry coatings product line, targeting increased efficiency in metal casting processes, aiming to capture 20% market share by 2025.
• Germany: Hüttenes-Albertus launched a new eco-friendly foundry coating, aligning with the German governmentÄX%$%Xs sustainability goals, and plans to reduce carbon emissions in foundries by 30% by 2026.
• China: ASK Chemicals set up a new R&D facility in Shanghai, focusing on innovative foundry coating solutions to meet local market demands, aiming for a 15% growth in sales by 2025.
• India: Durrans Group announced a collaboration with Indian foundries to introduce advanced coatings, supported by government incentives for technology upgrades, targeting a 25% production efficiency increase by 2024.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Foundry Coating Market by Segment
The study includes a forecast for the global foundry coating market by type, application, and region.
Foundry Coating Market by Type [Value from 2018 to 2030]:
• Metallic Coating
• Alcohol-Based Coating
• Water-Based Coating
• Others
Foundry Coating Market by Application [Value from 2018 to 2030]:
• Steel Casting
• Aluminum Casting
• Others
Foundry Coating Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Foundry Coating Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies foundry coating companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the foundry coating companies profiled in this report include-
• REFCOTEC
• Southeastern Foundry Products & Foundry Coatings
• ASK Chemicals
• Asbury Carbons
• HA International
• Steelage Refractories Private Limited
• Polytrade
Recent Development in the Foundry Coating Market
• ASK Chemicals: In early 2024, ASK Chemicals announced the launch of a new range of water-based foundry coatings designed to enhance casting surface quality and reduce emissions. This innovation is expected to help foundries comply with stricter environmental regulations while maintaining high production standards.
• Vesuvius plc: Vesuvius introduced its latest range of high-performance foundry coatings under the brand name "FoundryMaster" in 2023. These coatings are engineered to provide superior thermal stability and resistance to metal penetration, catering to the increasing demand for high-quality castings in the automotive and aerospace industries.
• HA International: In mid-2023, HA International expanded its product line with the launch of EcoResin, an environmentally friendly foundry coating. This product aims to reduce the carbon footprint of foundry operations and is formulated to offer excellent performance without compromising on environmental sustainability.
• Imerys: Imerys announced in late 2023 that it had developed a new series of foundry coatings that incorporate advanced refractory materials to improve casting accuracy and reduce defects. These coatings are particularly beneficial for complex casting processes, such as those used in the production of turbine blades and engine components.
• Foseco: Foseco, a subsidiary of Vesuvius, unveiled its new Ultraseal range of foundry coatings in early 2024. These coatings are designed to enhance the surface finish of castings and provide better protection against casting defects. The Ultraseal range has been well received by foundries looking to improve product quality and operational efficiency.
Features of the Global Foundry Coating Market
Market Size Estimates: Foundry coating market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Foundry coating market size by type, application, and region in terms of value ($B).
Regional Analysis: Foundry coating market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different types, applications, and regions for the foundry coating market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the foundry coating market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for foundry coating market?
Answer: The global foundry coating market is expected to grow with a CAGR of 4.3% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the foundry coating market?
Answer: The major drivers for this market are rising demand for high-quality castings in automotive and aerospace industries, increasing use of foundry coatings to enhance surface finish and reduce casting defects, and technological advancements leading to more efficient and eco-friendly coating solutions.
Q3. What are the major segments for foundry coating market?
Answer: The future of the foundry coating market looks promising with opportunities in the steel casting and aluminum casting markets.
Q4. Who are the key foundry coating market companies?
Answer: Some of the key foundry coating companies are as follows:
• REFCOTEC
• Southeastern Foundry Products & Foundry Coatings
• ASK Chemicals
• Asbury Carbons
• HA International
• Steelage Refractories Private Limited
• Polytrade
Q5. Which foundry coating market segment will be the largest in future?
Answer: Lucintel forecasts that metallic coating is expected to witness the highest growth over the forecast period.
Q6. In foundry coating market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the foundry coating market by type (metallic coating, alcohol-based coating, water-based coating, and others), application (steel casting, aluminum casting, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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