Valley Cottage, NY -- (SBWIRE) -- 06/20/2019 -- A foundry is a factory that is engaged in the manufacturing of metal cast components for various industries such as automotive, steel, railway, construction, heavy machinery among others. Therefore, the growth and development of foundry industry is completely dependent on the demand for metal cast components from the various end use industries. Moreover, in order to cater the continuous escalating demand of growing populations across the globe, the future outlook of foundry industries is positive. Moreover, in order to get finished products with enhanced quality, some additives are added during the casting process and are known by foundry additives. Hence, with the increasing demand for finished and high quality products in the market, the demand for foundry additives is expected to increase over the forecast period.

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Global Foundry Additives Market: Dynamics

The foundry additives market is mainly driven by its own advantages offered to the manufacturers operating in the foundry industry. As with introduction of additives the casting defects gets eliminated or reduced. Hence, the overall casting quality get enhanced by the introduction of foundry additives. Additionally, the need for expensive specialty sands also gets eliminated and the overall cost efficiency of the plant get upgraded. Therefore, the foundry additives have become necessary elements of many foundry industries and its demand is projected to increase with the positive outlook of the end use industries. Furthermore, rising demand for metal products with the growing population across the globe is anticipated to force the manufacturers of various foundries expand their production in order to cater the increasing demand. Hence, the demand for foundry additives are also going to increase with healthy growth rate during the forecast period.

Global Foundry Additives Market: Segmentation

The global market for foundry additives can be segmented on the basis of type, composition, end use and region.

On the basis of type, the global foundry additives market is segmented as:

Iron oxides
Burn-out Additives
Engineered Additives
On the basis of composition, the global foundry additives market is segmented as:

Organic Additives
Inorganic Additives
Hybrid Additives
On the basis of end use, the global foundry additives market is segmented as:

Automotive Industry
Steel Industry
Construction Industry
Heavy Machinery
Electrical Industry
Railways
Mining
Global Foundry Additives Market: Regional Outlook

The global market of foundry additives is mainly dominated by Asia Pacific region. This can be attributed to the presence of most prominent foundries across the globe. China and India are the two major consumers of foundry additives in the region. As China is one of the leading iron and steel manufacturers across the globe is projected to maintain its dominance throughout the forecast period and also anticipated to create healthy demand for foundry additives during the projected period of time. Moreover, Europe is also expected to create healthy demand for foundry additives in the coming years. The demand of foundry additives in European market is mainly dominated by the Western Europe. Germany, France and Italy are the major consumers of foundry additives in the Western Europe market. Additionally, the growing demand in North American market for foundry additives is mainly dominated by U.S. Growing metal manufacturing and casting activities in the U.S. is the key reason behind growing demand from North American market.

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Global Foundry Additives Market: Market Participants

In the global market of foundry additives, huge rage of foundry additives are available in the market. Their use and consumption pattern is totally dependent of the application they are supposed to be used. Additionally, the market for foundry additives is highly fragmented and wide number of players are operating in the foundry additives market. Moreover, names of some of the manufacturers operating in the global market of foundry additives are:

Clariant
Chesapeake Specialty Products, Inc.
Imerys Group
REFCOTEC
ASK Chemicals
The HILL and GRIFFITH Company
Laviosa Chimica Mineraria SpA