The global metal casting market exhibited strong growth during 2015-2020. Metal casting is a process in which molten metal is poured into a hollow container of desired geometrical shape to form a solidified part. There are many reliable and effective metal casting materials such as, gray iron, ductile iron, aluminum, steel, copper and zinc. Metal casting can produce objects with complex shapes and is cheaper compared to other manufacturing processes for medium to large quantities of castings produced. Cast metal products are an integral part of the human life and economy as they are found in 90% of the manufactured goods and equipment, ranging from home appliances and surgical equipment to critical components for aircraft and automobiles.
Metal casting technology offers numerous advantages; it aids in improving energy efficiency, lowering production costs, enhancing environmental quality, and creating innovative new cast products. Due to these advantages, it is used in pipes and fittings, mining and oilfield machinery, internal combustion engines, railroads, valves and farm equipment, which depend heavily on casting to create uniform products. Further, metal casting foundries rely on metal recycling as a cost-efficient source of raw material, which significantly reduces scrap metal. Besides this, the ongoing research in the field of metal casting ensures innovations and improvements in the casting process, including the development in lost foam casting and computer-based visualization tools for die casters to create alternative means for molding. These advanced casting technologies allow foundry researchers to produce defect-free castings and help them to explore detailed phenomena associated with the new casting process parameters. Moreover, the deteriorating environmental conditions have prompted manufacturers to formulate simulation-based castings to reduce wastage and operational costs. Looking forward, IMARC Group expects the global metal casting market to grow at a CAGR of 7.6% during 2021-2026.
The report has also analysed the competitive landscape of the market with some of the key players being 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, Toshiba Machine Co., Ltd, etc.
Key Questions Answered in This Report:
According to the estimates by IMARC Group, the global metal casting market is expected to witness a CAGR of 7.60% from 2021 to 2026.
Increasing deployment of metal casting in pipes and fittings, mining and oilfield machinery, internal combustion engines, railroads, valves, and farm equipment, etc., represents one of the key factors impelling the global metal casting market growth.
The rising demand for energy-efficient materials in the automotive industry and the advent of simulation-based castings are some of the key trends in the global metal casting market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary shutdown of numerous end use industries for metal casting.
On the basis of the process, the market has been bifurcated into gravity casting, high-pressure die casting (HPDC), low-pressure die casting (LPDC), and others, where gravity casting currently accounts for the largest market share.
On the basis of the material type, the market has been classified into aluminum, cast iron, magnesium, zinc, and others. Amongst these, cast iron accounts for the majority of market share.
On the basis of the components, the market has been categorized into alloy wheels, battery housing, clutch casing, cross car beam, crank case, cylinder head, and others. At present, alloy wheels currently account for the largest market share.
On the basis of the vehicle type, the market has been divided into passenger cars, light commercial vehicles, and heavy commercial vehicles. In this segment, passenger cars dominate the global market for metal casting.
On the basis of the electric and hybrid type, the market has been bifurcated into hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV), and battery electric vehicles (BEV), where hybrid electric vehicles hold the largest market share.
On the basis of the application, the market has been segregated into body assemblies, engine parts, transmission parts, and others, where body assemblies currently account for the largest market share.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Asia Pacific dominates the largest market share.
The key companies in the global metal casting market are 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, Toshiba Machine Co., Ltd, etc.
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