Inside the Booming Foundry Market
As the economy has ebbed and flowed over the past two years, foundries across the nation have emerged with strong demand and a bullish outlook. Across the industries we serve at Prospect Foundry, increased production has led to the need for a healthy, reliable supply chain of casting services. We are proud to serve as a Tier 1 supplier to many of America’s strongest industries. Here is a closer look at the outlook for foundry goods in some of our major markets.
Construction & Mining
According to the Association of Equipment Manufacturers, 75% of member institutions saw a rise in construction equipment orders in the third quarter of last year. This surge in demand also resulted in 80% of members reporting a lengthening of their backlog. The latest data shows that machinery for mining and construction in the U.S. finished 2021 with a roughly 17.5% increase. Prospect Foundry faithfully serves the construction and mining industries through our production of bearing caps, brackets, housings, manifolds, turbo chargers, and a variety of other products. We can expect the demand for this sector to continue to remain strong throughout 2022.
With transportation accounting for the largest proportion of metal casting demand worldwide, the trends in the transportation sphere greatly affect the development of foundry products. The market for transportation equipment is rapidly changing, with electric vehicles becoming a major focus over the past few years. As the emphasis on more efficient vehicles continues over the coming economic cycles, innovation and craftsmanship will be more important than ever in the casting business.
Net farm income increased by roughly 20% in both 2020 and 2021. These numbers are substantially above the averages from the past few decades, signaling a major production boom in the agricultural industry. Though growth expectations are expected to taper to more normalized levels in the coming years, agricultural machinery was up 21% last year, which continues to bolster the need for high-quality casting products from foundries. From seeder boots and baler needles, to axle hubs and transmission cases, Prospect Foundry provides a host of customized products to major agricultural operations around the U.S.
Foundries Are Hiring
As a result of the sizable demand increases we have seen across our markets, foundries are urgently hiring in a variety of capacities. With nearly 90% of foundries reporting that more manufacturing workers are needed, it has never been a better time to enter the casting industry. Working in a foundry enables employees to engage in a fulfilling career of real-world, hands-on work. At Prospect Foundry, we treat our employees like family because we know they are our most vital asset. As we continue to meet the demands of a booming casting market, we welcome new additions to our team who are hungry for growth and a collaborative atmosphere.
Work with Prospect Foundry
Since 1936, Prospect Foundry has been a market leader in complex cored gray and ductile iron castings. We attribute these 85 years of successful service to our consistent and unyielding commitment to craftsmanship and quality. When it comes to casting projects of all sizes, choose a supplier that can offer a fully integrated solution by utilizing design expertise and a seamless supply chain, delivering world-class products in a finished and timely manner.