The Business Research Company’s Foundries Global Market Report 2021 – COVID-19 Impact and Recovery
LONDON, GREATER LONDON, UK, September 22, 2021 /EINPresswire.com/ — The foundries market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in the end user markets, thereby driving the foundries market during forecast period.
The global foundries market size is expected to grow from $178.64 billion in 2020 to $198.35 billion in 2021 at a compound annual growth rate (CAGR) of 11%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $242.90 billion in 2025 at a CAGR of 5%.
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The global foundries market report is segmented by type into ferrous metal foundries, nonferrous metal foundries, by application into automobile, pipes & fittings, agricultural machinery, electrical equipment, machine tools, others.
Automated manufacturing systems are gaining popularity as they enhance manufacturing productivity and reduce operating costs. Automation systems refers to a machine, tool or technology such as robotic and AI technology that helps to reduce human intervention and improve safety in the metal manufacturing processes such as processing, assembling, material handling. This allows metal manufacturing companies to increase efficiency and production, improve safety on the manufacturing floor, enhance product quality, perform complex and varied tasks, enhance process stability, provide flexibility to produce products and eliminate routine manual tasks.
Major players covered in the global foundries industry are Alcoa, Bharat Forge, Hitachi Metals, Precision Castparts, AMCOL Metalcasting.
Asia Pacific was the largest region in the global foundries market, accounting for 54% of the market in 2020. Western Europe was the second largest region accounting for 18% of the global market. Africa was the smallest region in the global foundries market.
Foundries Global Market Report 2021 – By Type (Ferrous Metal Foundries, Nonferrous Metal Foundries), By Application (Automobile, Pipes & Fittings, Agricultural Machinery, Electrical Equipment, Machine Tools), COVID-19 Impact and Recovery is one of a series of new reports from The Business Research Company that provides foundries market overview, forecast foundries market size and growth for the whole market, foundries market segments, and geographies, foundries market trends, foundries market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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Metal Manufacturing Global Market Report 2020 – By Type (Iron And Steel Mills And Ferroalloy Manufacturing, Nonferrous Metal Production And Processing, Alumina And Aluminum Production And Processing, Foundries, Steel Product Manufacturing), By End Use (Construction, Manufacturing), COVID-19 Impact And Recovery
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