New York, Aug. 29, 2023 (GLOBE NEWSWIRE) -- The metal casting market size is projected to grow at a CAGR of over ~ 6 % from 2023 to 2035. The market is expected to garner a revenue of USD 280 billion by the end of 2035, up from a revenue of ~USD 135 billion in the year 2022. The major factor driving the sector's growth is a rise in the production of automobiles. In 2022, there has been a rise in the production of automobiles by about 4% in the world, which equates to approximately 84 automotive produced.
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Metal casting is a method employed in the automotive industry for producing a variety of equipment out of ferrous, non-ferrous, and their alloys. Different casting techniques are used in this business to produce these parts since they are an efficient approach to building parts that are inexpensive, lightweight, and simple to install.Moreover, die casting is the most used method in casting automotive. In die casting metals such as zinc, and aluminum the extensively used metals owing to their advantages. For instance, in the case of aluminum, it is said to be environmentally friendly since it causes the least amount of emission and low waste into the environment. Also, the use of recycled aluminum is growing which is also estimated to cause low carbon emissions in the air. For instance, new aluminum manufactured by recycling scraps of aluminum is set to emit close to 10% as compared to aluminum made from bauxite ore. This is since, it is estimated to use less than 95% of energy. Therefore, this factor is set to boosting the market for metal casting.
Metal Casting Market: Key Takeaways
- Market in Asia Pacific region to propel the highest growth
- The Automotive & transportation segment to garner the highest growth
- Market in Europe region to have notable growth.
Growing Construction Activities to Boost the Growth of Global Metal Casting Market
The number of built-up areas (BUAs) globally was projected to be 794,431 in 2016. About 849,406 people are expected to live there by 2022. And by 2050, it's anticipated that 2 million buildings would be built. Casting is an adaptable process for creating structural iron and steel components with complex geometries or with shapes that would be challenging to create from forged steel. This is projected to give the building a great appearance and boost its durability. As a consequence, owing to this factor the market is expanding.
Metal Casting Market: Regional Overview
The global metal casting market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Wind Energy to Drive the Market Growth in Asia Pacific
The Asia Pacific metal casting market is poised to hold the highest share of 35% by the end of 2035. The major element to drive the market share is growing wind energy in this region. For instance, it is believed that China, the country possessing the highest carbon emissions, is going to boost its offshore wind generating capacity by about 92 GW between 2021 and 2030. Due to its strength and ability to sustain the strain put on it by the mass of the blades, the hub of a wind turbine is constructed of ductile cast iron. Therefore, the market is estimated to grow in this region.
Rising Demand for Electric Vehicles to Influence the Expansion of Market in Europe
The market in Europe for metal casting is estimated to also have significant growth over the forecast period. The growth of the market in this region could be attributed to the rising demand for electric vehicles. After a spike in sales in 2020, the number of electric car sales in Europe increased by more than 64% year over year to approximately 3 million in 2021.
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Metal Casting, Segmentation by Application
- Automotive & Transportation
- Building & Construction
- Industrial
The automotive & transportation segment is anticipated to garner the highest revenue by the end of 2035. The growth of the segment is set to rise on account of rising adoption of automotive owing to growing disposable income. Both the average worldwide household's spending and disposable income are predicted to increase by about 3% in 2022. Therefore, their purchasing power for automotive is growing further boosting the market growth.
Metal Casting, Segmentation by Process
- Gravity
- High & Low Pressure
- Sand
The sand segment is expected to have significant growth in the market over the forecast period. The growth of the segment is influenced by the growing demand for smartphones. In 2023, there are projected to be about 5 billion users of smartphones around the world, which amounts to approximately 84% of the global population utilizing a smartphone. Hence, the demand for a sand process is on a surge since it is used in producing equipment of various sizes.
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Metal Casting, Segmentation by Material
- Aluminum
- Iron
- Steel
A few of the well-known market leaders in the metal casting market that are profiled by Research Nester are Ahresty Corporation, Aisin Automotive Casting, Dynacast Endurance, GF Casting Solution, Gibbs Die Casting, Mino Industrial, Nemak, Rheinmetall Automotive, Doosan Heavy Industries & Construction, Endurance Technologies Limited, and others.
Recent Development in the Market
- Doosan Heavy Industries & development, a South Korean business, and Saudi Aramco Development Co. recently announced a joint venture for the development of a forging and metal casting factory in Saudi Arabia that will produce around 60,000 tons of metal casting annually and cost USD 834 million.
- In order to offer expert services and a broad range of products globally announced, Switzerland-based GF Casting Solutions and Mexico-based Bocar Group, a leading provider of assembly and light metal casting solutions, have entered into an agreement. By uniting the strengths of these industry leaders in high pressure die casting parts, the collaboration intends to provide consumers with more value.
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