09 January 2020
Visiongain’s new report Aluminum Casting Market Report 2020-2030: Forecasts by Process (Die Casting, Permanent Mold), End Use (Building & Construction, Industrial, Transportation, Others), and by region and analysis of leading companies operating in this industry.
The global aluminum casting market is anticipated to surpass USD 120 billion by 2030 by growing at a lucrative CAGR of 9.6% during the forecast period from 2020 to 2030.
Casting means pouring liquid metal into molds or molten metal. Aluminum casting requires the pouring as a liquid metal of aluminum alloys. To turn it into a liquid form, aluminum is heated and then poured into molds. The mold needs to be accurate and well finished as it has a direct impact on the finished casting of aluminum. This provides a high level of conductivity and corrosion protection. This provides all shapes with high tensile strength and high stability. It can be easily customized through heat treatment. Due to its efficient characteristics, the automotive industry is using an aluminum casting method on a large scale.
Due to the increasing population demand for vehicles, the growth of the aluminum casting industry has increased tremendously. The growth of the industry is also driven by increased demand for consumer goods, high investment in mining, construction, and electronics, expansion in industries and emerging economies. Aluminum is substituted by magnesium as a liquid metal which limits the growth of the casting market for aluminum. Aluminum's preference for iron and steel in the automotive sector is the major market opportunity.
However, stringent government regulations aimed at reducing greenhouse gas emissions is anticipated to restrain market growth over the forecast period.
Also, it is anticipated that the growing automotive and construction industry across the globe is fueling global aluminum casting market growth. More than 50% of cast products on the market are used in the automotive sector. Die casting provides cost-saving opportunities, however, it faces competition from substitute materials like steel and plastics. Increasing demand for cast goods has led to the segment's growth in the automotive sector. The demand for powertrain and structural automotive components for aluminum products is steadily increasing.
During the forecast period, the industrial sector is expected to be the most promising segment. The segment's growth can be attributed to traditional agricultural countries, including India and Brazil, being modernized. Similarly, the growing infrastructure in China, India & other Asian economies is seen as the key factor fueling the demand for construction equipment over the forecast period.
Asia-Pacific is currently the largest aluminum casting market where India and China are the largest markets at the country level. During the forecast period, the Asia-Pacific aluminum casting market is expected to register the highest CAGR, as it is the most populated region in the world, and the demand for transportation & construction sectors are on the rise.
Some of the key aluminum casting market players include Alcast Technologies, Alcoa Corporation, Aluminum Corporation of China Limited, Bodine Aluminum, Inc., Consolidated Metco, Inc., Dynacast, Eagle Aluminum Cast Products, Endurance Technologies Limited, Fairfield Aluminum Casting Company (FALCO), Gibbs Die Casting Corporation, Kaiser Aluminum, La Aluminum Casting Company, Martinrea Honsel Germany GmbH, Ningbo Innovaw Mechanical Co., Ltd., Pace Industries, Rio Tinto, Rockman Industries Limited, Ryobi Ltd., Walbro among other prominent players.
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