Foundry Binders Market Drivers, Industry Capacity, Revenue and Growth Rate Forecast

foundry binders market

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.

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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.

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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 2022. The metal industry around the world has witnessed sluggish growth in 2022 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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