Stable Economic Growth Fuels Expansion In The Foundries Market: Strengthening the Growth Trajectory of the Foundries Market

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What Is the Expected CAGR for the Foundries Market Through 2025?
The market size of foundries has seen a consistent expansion over the recent years. The market is predicted to expand from a whopping $178.25 billion in 2024 to an impressive $184.08 billion in 2025, with a compound annual growth rate (CAGR) of 3.3%. Factors contributing to the growth during this historic period include demand from the automotive and aerospace industries, construction and infrastructure development, the manufacture of consumer goods, requirements of the energy sector, and globalization of supply chains.

What's the Projected Size of the Global Foundries Market by 2029?
In the coming years, the foundries market is anticipated to experience consistent growth, reaching a size of $215.19 billion in 2029, with a compound annual growth rate (CAGR) of 4.0%. Factors contributing to this growth in the forecast period include the shift to electric vehicles (evs), projects related to renewable energy infrastructure, progress in material science, stricter environmental regulations and customized and prototyping services. Some significant trends during the forecast period are the implementation of digital twin technology, advancements in casting processes, development of advanced casting technologies, digital transformation in foundries, and the increasing demand for light materials.

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Top Growth Drivers in the Foundries Industry: What's Accelerating the Market?
The growth of the foundries market is being bolstered by consistent economic expansion projected in numerous developed and emerging nations. For example, data from the World Bank indicates that China's gross domestic product (GDP) ballooned to $17.94 trillion in 2022, a rise from $17.82 trillion in 2021. Concurrently, India experienced an increase in its GDP, growing anywhere from 8% to 8.5% in 2022-2023, and 9.2% in 2021-2022. During the forecast period, developed economies are also predicted to display steady growth rates. Furthermore, it's expected that emerging markets will continue their slight pace of growth over developed markets throughout the forecast period. This reliable economic expansion is likely to stimulate investment in end-user markets, propelling the foundries' market growth over the forecast period.

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What Are the Key Trends Driving Foundries Market Growth?
Global market values for steel, nonferrous metals, and other metallic materials experienced fluctuations within the forecast period, which consequently hindered the expansion of the foundries market. As per a report published by a US-based magazine, the Fabricator, catering to the metal shaping and processing industry, despite experiencing a surge in prices in Q1 2023, around 65% of those surveyed anticipate that prices will stabilize in July, August or later. The unpredictable nature of metal prices posed challenges for businesses in acquiring consistent procurement contracts for raw materials, subsequently hampering the development of the foundries market.

What Are the Main Segments in the Foundries Market?
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 Top Companies are Driving 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

Which Regions Will Dominate the Foundries Market Through 2029?
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.

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