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Global Metal Casting Market to Reach US$ 35.4 Billion by 2024, Impelled by Burgeoning Automotive Sector

According to the latest report by IMARC Group, titled “Metal Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global metal casting market size reached US$ 22.1 Billion in 2018. Metal casting refers to the process in which metal parts of desired shapes are formed by pouring high-temperature molten metal into a mold made up of sand, metal or ceramic. Once the liquid metal solidifies, it is then removed from the mold to yield the cast metal product. This process is widely utilized for the production of complex shapes at a relatively affordable price point. Some of the most commonly used metal casting materials include zinc, iron, steel, magnesium, copper and aluminum. Cast metal products find various applications across numerous industry verticals, including mining, aerospace, construction, defense and automotive.

Global Metal Casting Market Trends:

The market is primarily driven by the significant growth across the end use industries. On account of inflating disposable income levels and improving living standards, there has been an increasing demand for vehicles across the globe, especially in developing economies. Since steel cast is extremely durable and flexible while offering improved weldability at high temperatures, the increasing adoption rates of lightweight automotive materials has bolstered the demand for steel casting. Moreover, metal casting is widely utilized by the construction industry on account of its recyclability. Rapid urbanization and population growth, along with the expansion of residential, commercial and industrial sectors, have provided a boost to construction activities on the global level. Furthermore, technological advancements in the production process, along with extensive research and development (R&D) activities undertaken by several market players are also contributing to the market growth. For instance, the helium-assisted sand casting of aluminum alloys is gaining widespread preference as the process produces castings that have relatively improved tensile as well as yield strength with no significant increase in the overall cost. Stringent regulations mandating the use of energy-efficient materials in the automotive industry and the advent of simulation-based castings are some of the other factors providing a thrust to the market. On account of the aforementioned factors, the market is projected to reach a value of US$ 35.4 Billion by 2024, growing at a CAGR of around 8% during 2019-2024.

Market Summary:

  • On the basis of the process, the market has been divided into gravity casting, high-pressure die casting (HPDC), low-pressure die casting (LPDC) and sand casting.
  • Based on the material type, the market has been categorized into aluminum, cast iron, magnesium, zinc and others.
  • On the basis of the components, the market has been classified into alloy wheel, battery housing, clutch casing, cross car beam, crankcase, cylinder head and others.
  • Based on the vehicle type, the market has been segregated into passenger cars, light commercial vehicles and heavy commercial vehicles.
  • On the basis of the electric and hybrid type, the market has been divided into hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV).
  • Based on the application, the market has been categorized into body assemblies, engine parts, transmission parts and others.
  • On the geographical front, the market has been segregated into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
  • The competitive landscape of the market has been examined, along with the detailed profiles of the key players operating in the market. Some of these players include NEMAK SAB de CV, GF Casting Solutions AG, Dynacast Ltd., Ryobi Limited, Rheinmetall Automotive AG, Endurance Technologies Limited, Ahresty Corporation, Gibbs (Koch Enterprises Inc.), Aisin Automotive Casting, LLC, MINO Industry USA, Inc., Thyssenkrupp AG, and Toshiba Machine Co., Ltd.

 

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