Stable Economic Growth Boosts Foundries Market to $229.96B by 2028 at 5.5% CAGR

The new report published by The Business Research Company, titled "Foundries Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the foundries market size has grown strongly in recent years. It will grow from $179.84 billion in 2023 to $189.69 billion in 2024 at a compound annual growth rate (CAGR) of 5.5%. The foundries market size is expected to see steady growth in the next few years. It will grow to $229.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.9%.

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Stable Economic Growth Fuels Expansion In The Foundries Market
The foundries' market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth is 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end-user markets, thereby driving the foundries market during the forecast period.

Transforming Metal Manufacturing With Automated Systems By Enhancing Productivity And Quality
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refer to a machine, tool, or technology such as robotics and AI that helps to reduce human intervention and improve safety in metal manufacturing processes such as processing, assembling, and material handling. This allows metal manufacturing companies to increase efficiency and production, improve safety on the manufacturing floor, enhance product quality, perform complex and varied tasks, enhance process stability, provide flexibility to produce products, and eliminate routine manual tasks. For instance, in November 2021, ABB Limited, a Switzerland-based manufacturing technology company, launched a smart factory solution. The new system is exceptional because it provides powerful real-time ladle tracking in addition to automated crane scheduling, a predictive thermal modelling engine, and other features. The tracking engine continuously monitors the movement of ladles using cranes and transfer carriages. In comparison to radio-frequency identification (RFID) solutions, radar and laser positioning technologies offer precise vision while requiring less hardware and maintenance. Job forecasting, route planning, and automatic job acknowledgment are all part of the automated crane scheduling process.

The foundries market covered in this report is segmented -
1) By Type: Ferrous Metal Foundries, Nonferrous Metal Foundries
2) By Foundry Type: Pure Play Foundry, Integrated Device Manufacturers
3) By Application: Automobile, Pipes and Fittings, Agricultural Machinery, Electrical Equipment, Machine Tools, Other Applications

Subsegments Covered: Iron Foundries, Steel Foundries, Nonferrous Metal Die-Casting Foundries, Aluminum Foundries (except Die-Casting), Other Nonferrous Metal Foundries (except Die-Casting)

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Major companies operating in the foundries market report are Bouygues Construction, Vinci Construction Grand Projets SAS, HOCHTIEF AG, Bechtel Corporation, Turner Construction Company LLC, Shimizu Corporation, Skanska AB, Jacobs Engineering Group Inc., Fluor Corporation, AECOM Technology Corporation, Huntington Ingalls Industries Inc., Balfour Beatty plc, Carlisle Companies Inc., Kellogg Brown & Root Inc., Hensel Phelps Construction Company, Lend Lease Corporation, DPR Construction Inc., Clayco Inc., Mortenson Construction, Clark Construction Group LLC, Granite Construction Incorporated, McCarthy Building Companies Inc., Haskell Construction Company, Nordisk Byggtjänst Holding AB, Per-Erik Andersson Bygg AB, Perseroan Terbatas United Tractors, URS Corporation

Contents of the report:
1. Executive Summary
2. Foundries Market Report Structure
3. Foundries Market Trends And Strategies
4. Foundries Market - Macro Economic Scenario
5. Foundries Market Size And Growth
…..
27. Foundries Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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