The Foundry Service Market Is Estimated To Witness High Growth Owing To Increasing Automotive Production
SWOT Analysis
Strength: The foundry service market provides opportunities for automation and digitization which enhances productivity and quality. The market players have vast experience and technical expertise to cater complex needs of various industries. Increased R&D further helps foundries to deliver innovative and customized solutions.
Weakness: High initial investments and maintenance costs associated with foundry equipment poses major challenges. Volatile raw material prices and shortage of skilled labor further increases operational challenges.
Opportunity: Growing application of metal castings across automotive, industrial machinery and construction sectors boost the demand for foundry services. Expanding metal fabrication industry also offers new growth prospects.
Threats: Substitution threat from other material like plastics and composites poses challenges. stringent government regulations regarding emission control and environment protection increases compliance costs.
Key Takeaways:
The Global Foundry Service Market Size is expected to witness high growth, exhibiting CAGR of 6.8% over the forecast period, due to increasing demand from automotive industry. Growing automotive production supported by recovery in vehicle sales across the regions is driving the growth of the market.
The Asia Pacific region dominated the Foundry Service Market in 2021 with a share of over 40%, owing to strong presence of foundry industries in China and India. China is the largest consumer of foundry services, accounting for over 30% of global demand. North America and Europe are other major markets for foundry services supported by strong presence of automotive and machinery manufacturers.
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., Grupo Antolin-Irausa S.A. The market is highly competitive with major players focusing on technical expertise, automated production and expanding presence across regions.
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