Selbyville, Delaware, Aug. 24, 2021 (GLOBE NEWSWIRE) -- According to the report published by Global Market Insights Inc., the global Aluminum Casting Market size is projected to be worth more than US$120 billion by 2027. The report offers an in-depth analysis of the market size & estimations, opportunities & drivers, wavering trends in the market, major pockets of investment, top winning strategies, and an insight into the competitive scenario.
The aluminum casting market is largely driven by the growing use of lightweight aluminum cast products in automotive and transportation applications. The product demand is also increasing owing to the growth of modern infrastructures in developing economies. In addition, the demand for high-performance materials with superior impact resistance, anti-corrosion properties, and flexibility in industrial tools and equipment will augment the market share over the forecast period.
Request for Sample Report: https://www.gminsights.com/request-sample/detail/5092
The aluminum casting industry share from industrial tools and equipment could expand at a 7% CAGR over 2021-2027. This is attributable to the wide use of aluminum cast products in lawnmowers, small appliances, handheld tools, and other equipment.
Key reasons for aluminum casting market growth:
- Growing demand for aluminium die casting products.
- Increasing application in industrial tools and equipment.
- Strict fuel efficiency norms in North America.
2027 forecasts show the ‘aluminum die casting’ segment retaining its dominance:
The market for aluminum die casting is slated to grow at a rapid pace during the projected timeframe 2021-2027. The product demand is primarily driven by extensive application in automotive, aerospace, construction, and other areas.
North America to continue its top status in terms of revenue:
North America aluminum casting industry size is estimated to be worth more than US$19 billion by 2027 led by consistent demand across building & construction, automotive, and consumer appliance sectors. The U.S. and Canada are likely to hold a notable share of the regional market owing to stricter fuel efficiency standards in the aerospace and automotive sectors.
Impact of COVID-19 on aluminum casting market forecast:
The COVID-19 pandemic has had a slight impact on the aluminum casting industry due to a weakened product demand across key end-use verticals. The temporary shutdown of construction activities and manufacturing operations across automotive and aerospace sectors have led to a decline in the product demand.
Request for customization of this report: https://www.gminsights.com/roc/5092
Leading market players:
The key market players analyzed in the global aluminum casting market report include Aluminum Corporation of China Ltd., Alcoa Corp., Endurance Technologies Ltd., Alcast Technologies, Ryobi Ltd., Dynacast, and Bodine Aluminum Inc. to name a few.
About Global Market Insights Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level, and cross-sectional statistics that make our offering a stand-out for decision-makers.
