IMARC Group’s latest report, titled “Metal Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” finds that the global metal casting market size reached US$ 151.6 Billion in 2022. Metal casting refers to a manufacturing process that involves pouring high-temperature molten metal into a mold to form solidified metal parts of desired shapes and sizes. Some commonly used metals used in this process include zinc, aluminum, iron, steel, copper, and magnesium. It helps enhance energy efficiency, reduce production costs, and create new metal cast products. Moreover, metal casting foundries rely on metal recycling as a cost-efficient raw material source, thereby minimizing scrap metal. In recent years, metal casting has gained immense traction in the fabrication of cast metal products with complex shapes. These products find extensive applications across various industries, including automotive, construction, mining, aerospace, and defense.
Global Metal Casting Market Trends:
Significant growth across the end use industries represents the primary factor driving the market growth. For instance, with the expanding automotive sector, there has been an increased demand for metal casting to manufacture lightweight automotive parts due to stringent government regulations regarding vehicular emissions and energy efficiency requirements. Besides this, the escalating demand for light vehicles has accelerated the adoption of steel casting as it offers enhanced durability, flexibility, and weldability at high temperatures. Additionally, finished cast products are widely used in construction equipment, machinery, heavy vehicles, curtain walling, door handles, windows, and roofing. In line with this, the rising residential, commercial, and industrial construction activities on account of rapid urbanization and population growth have catalyzed the demand for metal casting. Furthermore, recent advancements in the metal casting process, such as the advent of the helium-assisted sand casting of aluminum alloys to produce castings with improved tensile and yield strength without affecting the overall cost, have propelled the market growth. Other factors, including the surging popularity of simulation-based castings, increasing production of electric vehicles (EVs), ongoing research and development (R&D) activities, and technological advancements, are also providing a positive thrust to the market growth. Looking forward, IMARC Group expects the market value to reach US$ 236.7 Billion by 2028, growing at a CAGR of 7.4% during 2023-2028.
- Based on the process, the market has been segregated into sand casting, gravity casting, high-pressure die casting (HPDC), low-pressure die casting (LPDC), and others.
- On the basis of the material type, the market has been divided into cast iron, aluminum, steel, zinc, magnesium, and others.
- The market has been classified based on the end use into automotive and transportation, equipment and machine, building and construction, aerospace and military, and others.
- Based on the component, the market has been categorized into alloy wheels, clutch casing, cylinder head, cross-car beam, crank case, battery housing, and others.
- On the basis of the vehicle type, the market has been segmented into passenger cars, light commercial vehicles, and heavy commercial vehicles.
- The market has been divided based on the electric and hybrid type into hybrid electric vehicles (HEV), battery electric vehicles (BEV), and plug-in hybrid electric vehicles (PHEV).
- Based on the application, the market has been classified into body assemblies, engine parts, transmission parts, and others.
- Region-wise, the market has been segmented into Asia Pacific, North America, Europe, Middle East and Africa, and Latin America.
- The competitive landscape of the market has also been examined, with some of the key players being Nemak Sab De CV (Alfa, Sab De CV), GF Casting Solutions AG (Georg Fischer Ltd), Dynacast Ltd, Ryobi Limited, Rheinmetall Automotive AG, Endurance Technologies Limited, Ahresty Corporation, Gibbs (Koch Enterprises Inc.), Aisin Automotive Casting, LLC (Aisin Seiki Co., Ltd.), MINO Industry USA, Inc, Thyssenkrupp AG and Shibaura Machine Co., Ltd.
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