WASHINGTON, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Global Metal Casting Market from Vantage Market Research, this research helps businesses thrive by offering in-depth market analyses and insights. To thrive in this swiftly changing market landscape, businesses must take up the world-class solution such as this Metal Casting Market research report. This report helps you effortlessly figure out brand awareness and perception of your brand and product among potential customers of Metal Casting industry. This market research report also covers strategic profiling of major players in the market, meticulously analysing their core competencies, and drawing a competitive landscape for the market. Top players and brands are analysed with respect to their actions such as developments, product launches, acquisitions, mergers, joint ventures and competitive research in the market.
The global Metal Casting Market is expected to gain significant growth in the forecast period of 2022 to 2028. Vantage Market Research analyses that the market is growing with a CAGR of 8.7% in the forecast period of 2022 to 2028 and is expected to reach USD 50.97 Billion by 2028.
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List of Prominent Players in the Metal Casting Market:
- Ryobi Limited (Japan)
- Nemak (Mexico)
- GF Automotive (Switzerland)
- Rheinmetall Automotive (Germany)
- Dynacast (US)
- Ahresty Corporation (Japan)
What is Metal Casting? How Big is Metal Casting Market Size?
Market Dynamics:
Stringent Emission and Fuel Efficiency Regulations to Fuel Global Metal Casting Market
The increase in demand for aluminium owing to the increased fuel economy and emission regulation is anticipated to augment the growth of the metal casting market during the forecast period. Most of the OEMs now days have significantly increased the use of lightweight materials such as aluminium and composite in order to reduce fuel consumption since it is been estimated that they consume low energy during acceleration. The proper range and selection of material, design, manufacturing, and assembly will result in essential light weighting of the products. Aluminium is considered to be one of the most efficient lightweight materials in the automotive industry and is manufactured by forming techniques; this inclination of weight reduction will drive the metal casting market in the years to come.
Increasing Sales of Electric and Hybrid Vehicles to Stimulate Market Growth
The rising sale of electric and hybrid electric vehicle (HEV) market is expected to augment the growth of the metal casting market. According to IEA, global electric car stock reached 10 million in 2020 and electric car sales reached a record of 3 million in 2020, which is 40% more from 2019. This is attributable to the rising concerns of global warming and air pollution and increasing government support and regulations to reduce air pollution. Furthermore, better fuel efficiency and lower greenhouse gas emissions with the use of effective environment sustainable batteries and other products are driving the growth of the HEV market. The decreased cost of EV batteries has led to a decrease in cost of the electric vehicles which is further expected to drive the demand for metal casting. Furthermore, the increasing adoption of personal and luxurious vehicles has also increased the global sales of electric and hybrid electric vehicle and hence its production by the manufacturers as well which in turn is expected to support the growth of the metal casting market in the forecast period.
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Key Highlights from the Report:
- Under the material type segment, the iron sub-segment is anticipated to dominate the segment for the metal casting market. Cast iron is believed to be the common material for major metal casting products. The majority of cast iron is used to manufacture parts of automotive and electrical parts which contribute the maximum share of the revenue.
- Die casting sub-segment held the largest market share in 2021. This is the fastest segment growing in the metal casting market, as maximum products are made using this process. It is the easiest and a cost-effective way of manufacturing metal cast parts.
- Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. This region is growing at a rapid pace due to its high demand and growing manufacturing facility provided by the key market players in the metal casting market.
COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy & power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2021 & 2022
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
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The report on Metal Casting Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
Asia Pacific Dominates the Global Metal Casting Market
Asia Pacific has dominated the global metal casting market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing demand for passenger cars from consumers owing to the economic growth and rising disposable income of the consumers in the region. Furthermore, increasing demand for luxury vehicles is also expected to support the regional growth of the market.
North America & Europe is likely to witness substantial growth in the metal casting market during the forecast period. This is attributable to the presence of prominent manufacturers of electric vehicle industry, such as Tesla Motor Inc., Ford Motor Company, and Bayerische Motoren Werke AG, which are located in the U.S. and Germany. Additionally, the increased production of automobiles is also expected to support the growth of the metal casting market in near future.
Browse market data Tables and Figures spread through 150 Pages and in-depth TOC on Metal Casting Market Forecast Report (2022-2028).
Some of The Key Questions from Our Customers Are:
- Which are the top companies in the market?
- How will the market change in the next years?
- What are the drivers and restraints of the market?
- Which regional market will show the highest growth?
- What will be the CAGR and size of the market throughout the forecast period?
- Which area offers the most significant benefit for the world market?
- What are the threats to business and the impact of the current scenario on growth and market perception?
- What are the likely advanced scenarios and maximum incentive to see movement by application, type, and region?
Recent Developments:
April, 2020: Arconic Corporation launched advanced aluminum sheet, plate, extruded and architectural products that primarily advance the ground transportation, aerospace, industrial, packaging, and commercial building markets. The Company’s common stock was expected to begin trading on the New York Stock Exchange under the ticker "ARNC" at 9:30 a.m. Eastern Daylight Time on April 1, 2020.
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 26.55 Billion |
| Revenue Forecast by 2028 | USD 50.97 Million |
| CAGR | 8.7% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Ryobi Limited (Japan), Nemak (Mexico), GF Automotive (Switzerland), Rheinmetall Automotive (Germany), Dynacast (US), Ahresty Corporation (Japan) |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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