Pune, India, Aug. 30, 2021 (GLOBE NEWSWIRE) --
The global automotive casting market size is expected to witness a lucrative growth during the forecast period, as governments across the world are increasing their focus on introducing strict rules and regulations to promote energy efficiency.
Some of the important trends impacting the automotive casting industry landscape are discussed below:
Cast iron commonly used in Asia Pacific:
Asia Pacific automotive casting market will be valued at more than $90 billion by 2027. Ductile iron and grey cast iron are the two most popular variants of cast iron in the automotive sector. These materials are majorly used in the production of disc brakes, cylinder heads, crank shafts, and engine blocks because of the presence of various useful properties like high thermal conductivity, stiffness, and wear resistance.
Raw materials like steel, cast iron and aluminum are commonly used in the manufacturing of automotive castings. The cast iron segment will witness a CAGR of 6% through 2027. Cast iron has been regularly used since the inception of the automotive sector.
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Die casting process gains momentum in APAC region:
Among die, investment and sand-casting methods widely used in the production of automotive components, die casting procedure will be used by automakers to manufacture high-quality castings. Die casting process is used to prepare automotive components that require the highest surface quality and supreme dimensional accuracy.
This procedure is also used to smelt non-ferrous metals like zinc, aluminum, and magnesium. Since die casting method has high tensile strength, it can be used to produce a mass batch of automotive parts, giving it a slight edge over other processes used for automotive casting in Asia Pacific.
Asia Pacific sees increased engine manufacturing:
Automotive casting is important to make engine blocks, exhaust manifolds, engine mounts, turbo chargers, and cylinder heads. Automotive casting market size in Asia Pacific from engine segment will increase at a CAGR of 6.6% up to 2027. Also, gas emissions from automotive exhausts have become a cause of concern for many vehicle owners. Continuous efforts are being made by the producers to reduce gas emissions of these exhausts. As a result, auto manufacturers are increasing their focus on making the exhaust equipment of vehicles as fuel efficient as possible, augmenting the need for automotive castings.
OEMs are the major distribution channels in North America:
North America automotive casting market size will reach $25 billion by 2027. The regional industry share from OEM segment is estimated to expand at over 5% CAGR between 2021-2027. OEMs are known to provide high quality automotive parts to manufacturers which result in the production of high-end vehicles. The companies create a sense of trust and confidence in the minds of their professional clients and are a preferred source of procuring various automotive components.
Today, automakers in North America have taken cognizance of the concerns surrounding increasing emission levels in the region. The demand for electric vehicles among the regional population has grown at a robust rate in recent years. Many car manufacturers today are making notable changes in their production processes to incorporate electric components, resulting in increased vehicle efficiency and performance. These factors will increase the importance of OEMs that sell components for electric vehicles.
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Light commercial vehicles foster market in North America:
The light commercial vehicle segment will be valued at $20 billion by 2027. Industrialization activities in North America are surging at a rapid rate, thereby stimulating the need for having additional resources for transportation of freight.
The concept of e-commerce is experiencing a period of boom in North America lately with an increasing percentage of regional population switching to online platforms to buy essential and luxury products. These factors will fuel the demand for light commercial vehicles as they will be extensively used to transport products across different cities and states.
COVID-19 effect on North America automotive casting market forecast:
The current COVID-19 pandemic negatively influenced the development of market in North America as the automotive industry suffered severe disruptions in their production processes. With the regional authorities placing restrictions on movement of people and goods along with social distancing norms and lockdowns, the demand for vehicles dipped to a great extent.
The automotive manufacturing plants in North America witnessed great disturbance in their supply chain processes due to shortage of manpower and transportation facilities. Many production facilities were temporarily shut down, leading to automakers incurring heavy losses. For example, renowned die cast manufacturer Pace Industries LLC was forced to shut down its five production plants in April 2020, which heavily affected its profit margins. However, today North America is witnessing an ease in its lockdown measures and restrictions, which will give the regional market a good chance to recover losses and get back on its feet.
Aluminum automotive casting has high demand in Europe market:
Europe automotive casting market revenue will become worth $28 billion by 2027. Automotive products made with aluminum casting will gain traction in Europe in the future. One of the most important reasons for this is that aluminum has many benefits that make it a good fit for manufacturing auto components. Some of these advantages are cost-effective, lightweight, high production efficiency and eco-friendly. The overall weight of automobiles is significantly reduced when aluminum-based auto components are installed. Lightweight vehicles are easier to maneuver, making them a preferred choice among customers.
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European automotive casting companies benefit from passenger car sales:
The sale of passenger cars is growing in Europe as the income level of the regional population is steadily rising. Authorities in the region are placing stringent regulations on the emission rates of these vehicles, prompting car manufacturers in Europe to use high-end technologies to limit the emission levels. The adoption of cutting-edge technologies is a factor contributing towards the heavy sales of automobiles in Europe. The region is home to some of the best automakers in the world like BMW, Mercedes Benz, Renault, and Peugeot.
The demand for vehicles will only grow in the future as they are the primary means for transport for many people in the world. Auto manufacturers today are coming up with creative ideas and techniques to make their vehicles as advanced and energy efficient as possible. The production of automotive castings will undergo some technological transformations and the use of eco-friendly and lightweight, yet sturdy materials will augment the demand for these castings. EV production and development of autonomous cars will drive innovations in the industry.
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