Wilmington, Delaware, United States, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The value of global foundry chemicals market stood at US$ 2.5 Bn in 2021. The global market is anticipated to expand at a CAGR of 2.6% during the forecast period, from 2022 to 2031.The global foundry chemicals market is likely to touch the mark of US$ 3.2 Bn by 2031. Companies in the global foundry chemicals market are embracing latest printing technologies that can speed up the development of sand prototypes, and 3D metal. It is also utilized in various crucial parts that are often required in several industries such as petrochemical, construction, aerospace, and automotive. Market players are are concentrating on expanding the range of products they offer for foundry chemical coatings, foundry chemical additive agents, and foundry chemical binders. Such diverse product offerings are expected to drive positive future of foundry chemicals market.
The innovations of Industry 4.0 are expected to benefit foundries that can make use of data to guide their procedures. High demand for foundry chemicals binders in the casting of bronze, cast iron, aluminum, and steel is anti9cipated to fuel market demand for foundry chemicals.
Key vendors in foundry chemicals market can enhance casting quality and boost production by using foundry chemicals. Products from foundries are widely employed in a variety of global industries, including defence, automotive, medical, power generation, aircraft, railroads, marine, and petrochemical industries. Castings are crucial to the production of almost all essential parts for these industries, including medical implants, turbine blades for aeroplanes, as well as braking discs. Chassis, vehicle bodywork, and engines all make use of cast components. Higher need for fuel economy through cast component optimization and lightweight and compact design is likely to drive Increasing demand for foundry chemicals market.
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Key Findings of Market Report
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Global Foundry Chemicals Market: Growth Drivers
Global Foundry Chemicals Market: Key Players
Some of the key market players are
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Global Foundry Chemicals Market: Segmentation
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