Tag: Foundry

Andalusite Market Size Worth $280.1 Million By 2025

The global andalusite market size is expected to reach USD 280.1 million by 2025, expanding at a revenue-based CAGR of 7.3%, according to a new report by Grand View Research, Inc. The growing consumption of andalusite in refractories owing to increasing demand from end-use industries such as steel and chemicals is propelling the market growth. Growing consumption of steel in construction and automotive industries is expected to propel the demand for refractories as the global steel industry consumes around 60 to 70% of refractories produced. This is likely to augment the market growth over the coming years.

Andalusite is used as foundry sand in metal casting, which is widely used in manufacturing various automotive components such as power-train, support systems, suspensions, casings, and gears. In the U.S., nearly 35% of the casting produced is used in the automotive industry. The growing demand for lightweight vehicles such as lightweight trucks is anticipated to augment the growth of the foundry market, which in turn is anticipated to propel the demand for andalusite over the coming years.

Market players are established in South Africa and Peru owing to the presence of large amount of reserves. The companies in these countries are adopting strategies such as mergers and acquisitions and capacity expansions in order to strengthen their market share and increase their regional presence. Latin Resources Limited is looking for a joint venture to develop its Guadalupito Andalusite and Mineral Sands Project situated in Northern Peru. The conceptual annual production at the site for andalusite is expected to be of 155 kilotons. Key market players include Andalusite Resources, Imerys Refractory Minerals, Resco Products, and Andalucita S.A.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/global-andalusite-market

Further key findings from the report suggest:

  • The refractories segment is anticipated to progress at a revenue-based CAGR of 7.3%, in terms of revenue over the forecast period on account of the growing demand from steel, cement, aluminum, iron, and glass industries
  • Europe emerged as the leading regional market and accounted for 61.0% of the overall volume share in 2018. This can be attributed to the increasing production of metal casting especially in Russia and France
  • Asia Pacific was the second-largest regional market and held a revenue share of 25.3% in 2018. This can be attributed to the increasing steel production and growing construction industry in China and India
  • Made in China 2025 plan was aimed to expand the domestic manufacturing sector, which in turn is likely to boost the demand for refractories and foundries. This is anticipated to augment the andalusite market growth over the coming years
  • South Africa is the largest producer of andalusite in the world. Its production declined from 270 kilotons in 2016 to 200 kilotons in 2017 and 2018, owing to heavy rains in the country.

Furfuryl Alcohol Market Size Worth $772.6 Million By 2027

The global furfuryl alcohol market size is anticipated to reach USD 772.6 million by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.2% from 2020 to 2027. The growth in the market can be attributed to mounting demand for furfuryl alcohol from furan foundry binders. The principal use of the product is as a monomer in resins synthesis for bonding foundry sands in the conventional FURAN-NO-BAKE method and production of molds and cores, such as Warm-box, Hot-box, and gas hardened processes.

The product is extensively used in the production of furan resins and foundry sand binders owing to its unique properties. The flexibility of the product is huge as a binder base. It is also used in adhesive formulations either by itself or in combination with urea, acetone or phenol to produce solid resins. These types of resins are used for manufacturing aircraft components, fiberglass, and in the automotive industry. Growing demand for furfuryl alcohol resins from the construction and automotive sectors is expected to drive the market in the near future.

Growth in end-use industries across key countries in Asia Pacific is estimated to fuel the demand for furfuryl alcohol over the forecast period. However, the outbreak of coronavirus disease in Wuhan, China, in December 2019 has negatively influenced the Chinese markets as well as the economy. Shutdown of factories, trade bans, and domestic lockdowns are estimated to hamper the market growth in the country over a short period. The further spread of pandemic to India, Japan, South Korea, and Pakistan has blocked the raw material supply. China, the most affected Asian economy and the leading manufacturer, has observed a complete lockdown of manufacturing units in the country, which is estimated to result in the supply-demand gap in the short run.

Manufacturers involved in the market are integrated across the value chain. Companies such as TransFurans Chemicals bvba, ILLOVO SUGAR AFRICA (PTY) LTD, Pennakem, LLC, Hongye Holdings Group Corp., Ltd., and Hebeichem are among the key players as they have higher furfuryl alcohol output as compared to other players in the market. The leaders are well-equipped with large manufacturing facilities and are engaged in several research and development activities. These players are also leaders in the global market in terms of revenue, employee count, global footprint, and clientele base. ILLOVO SUGAR AFRICA (PTY) LTD. is integrated across the value chain. The company uses own sugarcane bagasse for furfural production and also manufactures furfuryl alcohol by using the furfural produced in their plant.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/furfuryl-alcohol-market

Further key findings from the report suggest:

  • In 2019, resins emerged as the largest application segment owing to growing utilization of furfuryl alcohol in the production of furan resins and foundry sand binders for the foundry sector
  • In 2019, foundry emerged as the largest end-use segment due to wide utilization of furfuryl alcohol in the production of molds and cores for metal casting
  • In 2019, Asia Pacific emerged as the largest regional segment owing to mounting demand for furfuryl alcohol from several end-use industries, especially in India and China.