South Korea Foundry Products Market was valued at USD 7 Billion in 2022 and is projected to reach USD 10 Billion by 2030, growing at a CAGR of 4.8% from 2024 to 2030.
The South Korea Foundry Products Market is experiencing notable growth, driven by advancements in technology and the increasing demand from various industries. Foundry products are essential in manufacturing, particularly in the production of automotive, electronics, and heavy machinery components. These products, primarily including castings and molds, play a pivotal role in meeting the diverse requirements of industrial sectors.
South Korea's foundry industry is a critical part of its manufacturing landscape, with a highly advanced and efficient production system. In 2024, the South Korean foundry market was valued at around $12 billion, with projections showing steady growth over the next decade. This growth is attributed to a robust demand for high-performance components in sectors such as automotive, aerospace, and electronics.
Industries heavily relying on foundry products include the automotive sector, where aluminum and iron castings are used extensively in engine components, transmission parts, and chassis. The rise of electric vehicles (EVs) has led to increased demand for lightweight materials and precise casting for battery systems and structural components. Similarly, the electronics industry depends on foundry products for creating precise parts for consumer electronics, semiconductors, and telecommunication equipment.
The demand for advanced foundry products is also being driven by the growing trend of automation and robotics. Manufacturers are now looking for materials that offer both strength and lightness, such as aluminum and magnesium alloys, which are integral in the production of robotic parts, drones, and smart machinery. These materials must meet stringent specifications for durability and performance, which places higher demands on South Korea’s foundries.
One of the key factors affecting the foundry products market is the continuous innovation in casting technologies, such as 3D printing and moldless casting. These advancements allow for the production of more intricate designs and lower production costs, meeting the increasing need for customized products. As industries require increasingly complex parts, foundries are adapting by embracing these new techniques to stay competitive.
The South Korean foundry products market remains competitive, with several leading companies pushing the envelope on quality, efficiency, and sustainability. Industries are increasingly looking for suppliers who can offer not just high-quality products, but also solutions that align with environmental and sustainability goals. The ability to adapt to these market shifts will determine which companies thrive in this growing sector.
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Neenah Foundry
Metal Technologies
Cifunsa
Wescast Industries
INTAT Precision
Chassix
Aarrowcast
Cadillac Casting
Rochester Metal Products
Georg Fischer
Faw Foundry
Huaxiang Group
Meide Casting
Kobe Steel
Zollern
MetalTek
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Foundry Products Market
Ferrous Alloys
Non-Ferrous Alloys
Gray Cast Iron
Ductile Iron
Aluminum Alloys
Brass and Bronze Alloys
Automotive Industry
Aerospace and Defense
Construction and Infrastructure
Heavy Machinery
Consumer Goods
Pipelines and Valves
Sand Casting
Investment Casting
Die Casting
Shell Molding
Lost Foam Casting
Automotive Components
Aerospace Equipment
Industrial Equipment
Marine (Shipbuilding)
Electronics
Ferrous Materials
Non-Ferrous Materials
Recycled Materials
Alloy Compositions
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Foundry Products Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Foundry Products Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Foundry Products Market, By Type
6. South Korea Foundry Products Market, By Application
7. South Korea Foundry Products Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Foundry Products Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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