Foundries Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends

What combination of drivers is leading to accelerated growth in the foundries market?
The expansion of the foundries market is reinforced by the anticipated sustained economic growth in numerous developed and underdeveloped countries. To exemplify, the World Bank reports that China's gross domestic product (GDP) elevated to $17.94 trillion in 2022, a rise from its previous $17.82 trillion in 2021. Moreover, the GDP of India witnessed growth rates within 8% to 8.5% for the year 2022-2023 and an even higher rate of 9.2% for 2021-2022. Stable growth is also forecasted for developed economies throughout the predicted period while emerging markets are set to grow at a marginally quicker pace than developed ones. This stable economic development is projected to enhance investments in the final user markets, driving the foundries market throughout the impending period.

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What is the projected compound annual growth rate (CAGR) of the foundries market from 2025 to 2034, and what factors influence it?
In recent times, there has been a robust growth in the market size of foundries. The market, which was worth $190.81 billion in 2024, is predicted to further accelerate to $201.64 billion in 2025, with a compound annual growth rate (CAGR) of 5.7%. Factors such as demands from the automotive and aerospace industries, advancements in construction and infrastructure, manufacturing of consumer goods, energy sector needs, and the global expansion of supply chains have been pivotal contributors to the growth witnessed in the historic period.

The market size for foundries is predicted to experience consistent expansion in the next several years, growing to a value of $238.17 billion in 2029 with a compound annual growth rate (CAGR) of 4.2%. Multiple factors are driving the growth for this period, including the shift towards electric vehicles (evs), projects focusing on renewable energy infrastructure, progresses in material science, stringent environmental standards, and services in customization and prototyping. The forecast period will also see key progressions such as the application of digital twin technology, progress in casting procedures, improvements in casting technologies, the digital transformation and enhancement of foundries, and an increased demand for lightweight materials.

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How are the latest trends influencing the growth of the foundries market?
Across the projected timeline, the worldwide costs of steel, nonferrous metals, and other metals experienced fluctuations, limiting the foundries market expansion. As per a publication from the Fabricator, an American magazine catering to the metal forming and fabricating industry, in May 2023, despite experiencing a cost surge in 2023's first quarter, 65% of survey participants anticipate costs to stabilize by July, August or afterwards. The unpredictable nature of metal costs made it challenging for businesses to lock in stable buying contracts for raw materials, hence impeding the development of the foundries market.

What are the major segments of the foundries market and their role in driving growth?
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:
1) By Ferrous Metal Foundries: Gray Iron Foundries, Ductile Iron Foundries, Cast Iron Foundries, Steel Foundries
2) By Nonferrous Metal Foundries: Aluminum Foundries, Copper Foundries, Zinc Foundries, Magnesium Foundries, Other Nonferrous Foundries

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Which regions are key players in the growth of the foundries market?
Asia-Pacific was the largest region in the foundries market in 2024. Western Europe was the second-largest region in the foundries market. The regions covered in the foundries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the foundries market?
Major companies operating in the foundries market include General Foundries Inc., Waupaca Foundry Inc., Neenah Foundry Company, Gibbs Die Casting Corporation, Precision Castparts Corp., Hitachi Metals Ltd., DONGGUAN ALFA METAL WORKSHOP CO. LTD, Ryobi Limited, Grede Foundries Inc., Georg Fischer Ltd., Alcoa Corporation, Reliance Foundry Co. Ltd., Brukar Inc., John Winter & Co Ltd, Cifunsa Foundry, MetalTek International, Bharat Forge Ltd., Walbro LLC, Wescast Industries Inc., Nemak S.A.B. de C.V., Consolidated Metco Inc., Howmet Aerospace Inc., Cadillac Casting Inc., Harrison Steel Castings Company, Zollern GmbH & Co. KG, Brembo S.p.A., Eck Industries Inc., Hubbardton Forge

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What Is Covered In The Foundries Global Market Report?

•Market Size Forecast: Examine the foundries market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the foundries market for a structured understanding.
•Key Players Overview: Analyze major players in the foundries market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the foundries market.
•Segment Contributions: Evaluate how different segments drive overall growth in the foundries market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the foundries market.
•Industry Challenges: Identify potential risks and obstacles affecting the foundries market.
•Competitive Landscape: Review strategic developments in the foundries market, including expansions, agreements, and new product launches.

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