New York, US, May 24, 2022 (GLOBE NEWSWIRE) -- Aluminum Castings Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Aluminum Castings Market Information by End-Use Industry, Process, and Region - Forecast till 2030”, the market is estimated to grow at a 7.56% CAGR to reach USD 92.8 Billion by 2030.
Market Synopsis
Aluminum casting is a complex technique of developing simple to complicated components by pouring liquid aluminum under extreme pressure. It is extensively utilized in various industries due to its lightweight nature, ability to offer a higher surface finishing, and withstand extreme temperatures. This process helps developers create parts faster than any other alloy material. Owing to aluminum’s versatility, it has uses for different purposes.
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Report Scope:
| Report Attribute | Details |
| 2030 Market Size | USD 92.8 Billion |
| CAGR | 7.56% (2021–2030) |
| Base Year | 2020 |
| Forecast Period | 2021-2030 |
| Historical Data | 2019 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By End-Use Industry, Process and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The growing automobile sector and growing demand from various industries. |
| Increasing demand for general utility and sports utility vehicles |
Market Competitive Landscape:
The important vendors in the aluminum castings market include
- Endurance Technologies India
- Aluminum Corporation of China Limited China
- Alcast Technologies Ltd. Canada
- Dynacast Charlotte USA
- Alcoa Corporation USA
- Gibbs Die Casting Corp USA
- Arconic Inc., the USA
- Ryobi Limited Japan
- Nemak S.A.B. de C.V. Mexico
- Kaiser Aluminum USA
- Martinrea Honsel Germany
- Rockman Industries Ltd. India
- Rio Tinto UK
Market USP Covered:
Market Drivers:
The aluminum casting market benefits largely from the escalating demand among major end-use sectors like aerospace & defense, building & construction and automotive. Surging applications of aluminum in the automotive industry in view of the accelerated demand for fuel-efficient and lightweight vehicles for carbon emission reduction can also bolster the market growth in the ensuing years.
The fast-expanding construction industry in emerging countries could be a lucrative opportunity for vendors that offer various types of casting products. Rising focus on development of infrastructure and the increasing investments in the same favor the construction industry in these countries. Even the support from the government in the form of considerable spending on several infrastructure projects such as water supply, transportation, energy networks and telecommunications benefit the construction sector and ultimately be opportune for the aluminum casting industry.
Market Restraints:
High costs associated with casting materials like aluminum could discourage the product demand in the coming years, proving to be a major challenge for the global market.
Browse In-depth Market Research Report (140 Pages) on Aluminum Castings: https://www.marketresearchfuture.com/reports/aluminum-castings-market-6719
COVID 19 Analysis
The COVID-19 outbreak has brought down the demand for the aluminum casting market, given the shutdown of production facilities. Even as the healthcare sector is working on curbing the spread of SARS-CoV-2, numerous renowned companies are striving to foster their supply chains while accelerating operations to stop further losses.
Furthermore, with the lifting up of the worldwide lockdown and the novel coronavirus cases coming under control, the global market for aluminum casting can pick up speed in subsequent years.
Market Segmentation
By End-Use Industry
Major end-user industries in the aluminum castings market include Transportation, Industrial, Building & Construction, and more. The transportation segment can expect to be in the lead in the years to come owing to the surging preference for lighter vehicles, which is giving way to the replacement of steel and iron parts with aluminum products. The heightened demand for cast aluminum in automobiles can be the result of the surging preference for light vehicles with a higher fuel efficiency.
By Process
The processes covered in the report are Sand Casting, Permanent Mold Casting, and Die Casting. The die casting process is leading the worldwide market and can attain a high growth rate in the years ahead, thanks to this process’s high efficiency as well as affordability. This process offers an extensive range of components and shapes compared to other types of casting processes. The process has gained high traction in the automobile industry for developing parts such as wheel spacers and engine blocks.
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Regional Insights
Asia Pacific is the global leader and will continue to dominate the worldwide market all through the evaluation period. The APAC market is also touted to secure the highest growth rate over the ensuing period, as a result of the thriving automotive sector in fast-developing countries like India, Thailand, Indonesia and China. China has however emerged as the most lucrative market in the region, having accumulated the highest share in 2018. The country is known for its large-scale automobile production in the world and manufacturers huge volumes of luxury automobiles as well as electric vehicles. The exploding population along with the surge in their income levels has bolstered the demand for aluminum casting in a number of end-use industries in the region, like construction, and automotive, to name a few.
In North America, the escalating preference for lightweight vehicles will raise the demand for aluminum casting in the automotive sector. The emergence of the North American Free Trade Agreement (NAFTA) and the focus on achieving the objective of 54.5 mpg fuel efficiency by 2025 will also favor the aluminum casting market in the region. These factors are compelling the automotive companies to bring down the car body’s weight by at least 25%, thereby steering their focus on using aluminum casting.
Europe will also be a highly bankable market in the upcoming years, thanks to the presence of a well-established automotive industry, backed by strict regulations focused on bringing down CO2 emissions. Euro 6b emission standards, Euro 6c with real driving emissions (RDE) coupled with the World Harmonized Light Vehicle Testing Procedure (WLTP) will most likely bolster the need for lightweight materials like aluminum in the region. This will, in turn, augment the market demand between 2020 and 2030.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
