The global Foundry Service Market is estimated to be valued at US$ 126.27 Bn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Foundry services produce metal casting components by injecting molten metal into molds made from sand or metal. The use of advanced technologies such as 3D printing metals is gaining popularity and providing advantages such as reduced time and waste in manufacturing complex parts.
Market key trends:
One of the key trends driving growth in the foundry service market is the increasing adoption of 3D printing metals technology. 3D printing metals allows fabrication of complex geometries that are difficult to produce through traditional casting methods. It provides advantages such as near-zero material waste, reduced lead time, and localized production. 3D printing is being widely used in industries such as automotive, aerospace, and healthcare to manufacture lightweight and customized components. The technology is expected to fuel demand for advanced and specialized foundry services going forward.
The foundry service market can be segmented based on type into ferrous metal casting and non-ferrous metal casting. The ferrous metal casting segment currently dominates the market and accounted for over 60% share in 2023. Steel, cast iron, and other ferrous alloys are used extensively in automotive, industrial machinery, construction, and other sectors driving the demand for ferrous metal casting services.
The Global Foundry Service Market Demand is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand from the automotive industry.
Asia Pacific currently dominates the global foundry service market with over 40% share. The growth can be attributed to presence of major automotive hubs and foundry clusters in China and India. These countries are witnessing rapid economic growth and increasing vehicle ownership.
Key players operating in the foundry service market are Nemak, Waupaca Foundry, Inc., Hitachi Metals, Ltd., Bharat Forge Limited, Alcoa Corporation, Thyssenkrupp AG, General Motors Company, Castings PLC, Metal Technologies, Inc., AAM Casting, Grede Holdings LLC, CIE Automotive, Precision Castparts Corp., Reliance Foundry Co. Ltd., and Grupo Antolin-Irausa S.A. The market leaders are focusing on capacity and technology expansion to consolidate their position.