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Global Metal Casting Market: Information by Material Type (Cast Iron, Aluminum, Stainless Steel, Zinc and Magnesium), Process (Sand Casting, Die Casting, Shell Mold Casting, Gravity Casting and Vacuum Casting), End-Use Industry (Automotive & Transportation, Building & Construction, Mining, Equipment & Machine and Consumer Goods) and Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2024
Generally, the global metal casting market is driven by the increasing demand for metals such as aluminum and magnesium in the major end-use industries such as automotive, aerospace & defense, and building & construction. The demand for aluminum is increasing at a substantial rate owed to its excellent assets such as high potency-to-weight ratio, insubstantial, ductility, corrosion challenge, recyclability and electrical & thermal conductivity. The ever-increasing use of aluminum in automobiles on account of surge in the demand for lightweight and fuel-efficient vehicles to reduce carbon emissions is anticipated to give a boost to the global market growth. Furthermore, the expanding production and sale of automobiles, coupled with the growth of the automotive industry, is expected to fuel the demand for different metals, particularly aluminum, which is expected to propel the growth of the global metal casting market during the review period. Concerning the growth in housing and non-residential production activities, the demand for metals such as steel and aluminum are likely to expand in the construction industry. Steel is mostly used due to its strength, versatility, and strength in products such as stiff frame, roofing, purlins, ceilings, armor, heating & cooling equipment, shelving, stairs for buildings, and rebar, plates, railway tracks, and underground pipelines. Aluminum, on the other hand, finds application in windows, roofing, cladding, curtain walling & structural glazing, prefabricated buildings, shop fittings, and partitions. The request for metal-casted construction products is increasing in the emerging frugalities such as India, China, Thailand, and Indonesia on explanation of the increasing construction manufacturing in these countries, rising housing construction coupled, population growth and cumulative per capita throwaway revenue. Cumulative savings by governments in profitable building for infrastructure expansion in various nations such as Thailand, Indonesia, and Malaysia are also expected to push the need for steel and aluminum, which is anticipated to push the expansion of the metal casting market in the next years.
The global metal casting has been segmented based on process, material type and end-use production. Based by material type, the global marketplace has been grouped into six sectors- cast iron, aluminum, stainless steel, zinc, magnesium, and others. Among these, the cast iron sector was the most commonly used material for metal casting, bookkeeping for a share of over 60% of the market in 2018. Cast iron is majorly used in transportation and industrial machines & equipment. The high demand for the metal is mainly due to its superior properties such as hardness, elasticity, tensile strength, malleability, flexibility and fatigue intensity. By end-use industry, the global metal casting market has been grouped into automotive & transportation, building & construction, mining, equipment & machine, consumer goods, and others. The automotive & transportation segment is further than segmented into gearbox, wheels, engine blocks, cylinder head, exhaust manifold, seat frame, and others. The automotive & transportation segment accounted for the largest market share of 44.15% in 2018 and expected to reach a market value of around and above USD 160 billion by the end of year 2024. The growing demand for metal cast elements in the automotive industry is to be expected to benefit the growth of the segment during the said period.
Geographically the Global metal casting market is split in regions like North America, Europe, Asia-Pacific, and Rest of the world. The market in Asia-Pacific held the biggest market stake of around 58.68% in 2018, with a market price of USD 134.35 billion. The regional market is expected to watch the maximum CAGR of 8.33% during the said forecast period due to the increasing locomotive business in the developing countries of China, India, Thailand, and Indonesia. China is the market leader in the regional market, accounting for a significant share of the global market in 2018. It is the most important sports car manufacturers internationally and is home to the mainstream of indulgence vehicle manufacturers and electric vehicles. The global metal casting market has been studied across five regions, specifically Asia-Pacific, North America, Europe, Latin America and the Middle East & Africa.
The proposed spectators in the Global metal casting market are Retailers, distributors, wholesalers, Metal casting products manufacturers, Investors and trade experts, Suppliers and traders of metal cast products, Governments, associations, industrial bodies, Consulting in chemical experts, etc. The major companies functioning in the Global metal casting market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global metal casting market are companies like Ahresty Wilmington Corporation (US), Endurance Technologies Limited (India), Georg Fischer Ltd (Switzerland), Ryobi Limited (Japan), Dynacast (US), Reliance Foundry Co. Ltd (Canada), GIBBS (US), Alcast Technologies (Canada), FORCEBEYOND (US) and Precision Castparts Corp (US).
Market analysis
Generally, the global metal casting market is driven by the increasing demand for metals such as aluminum and magnesium in the major end-use industries such as automotive, aerospace & defense, and building & construction. The demand for aluminum is increasing at a substantial rate owed to its excellent assets such as high potency-to-weight ratio, insubstantial, ductility, corrosion challenge, recyclability and electrical & thermal conductivity. The ever-increasing use of aluminum in automobiles on account of surge in the demand for lightweight and fuel-efficient vehicles to reduce carbon emissions is anticipated to give a boost to the global market growth. Furthermore, the expanding production and sale of automobiles, coupled with the growth of the automotive industry, is expected to fuel the demand for different metals, particularly aluminum, which is expected to propel the growth of the global metal casting market during the review period. Concerning the growth in housing and non-residential production activities, the demand for metals such as steel and aluminum are likely to expand in the construction industry. Steel is mostly used due to its strength, versatility, and strength in products such as stiff frame, roofing, purlins, ceilings, armor, heating & cooling equipment, shelving, stairs for buildings, and rebar, plates, railway tracks, and underground pipelines. Aluminum, on the other hand, finds application in windows, roofing, cladding, curtain walling & structural glazing, prefabricated buildings, shop fittings, and partitions. The request for metal-casted construction products is increasing in the emerging frugalities such as India, China, Thailand, and Indonesia on explanation of the increasing construction manufacturing in these countries, rising housing construction coupled, population growth and cumulative per capita throwaway revenue. Cumulative savings by governments in profitable building for infrastructure expansion in various nations such as Thailand, Indonesia, and Malaysia are also expected to push the need for steel and aluminum, which is anticipated to push the expansion of the metal casting market in the next years.
Market segmentation
The global metal casting has been segmented based on process, material type and end-use production. Based by material type, the global marketplace has been grouped into six sectors- cast iron, aluminum, stainless steel, zinc, magnesium, and others. Among these, the cast iron sector was the most commonly used material for metal casting, bookkeeping for a share of over 60% of the market in 2018. Cast iron is majorly used in transportation and industrial machines & equipment. The high demand for the metal is mainly due to its superior properties such as hardness, elasticity, tensile strength, malleability, flexibility and fatigue intensity. By end-use industry, the global metal casting market has been grouped into automotive & transportation, building & construction, mining, equipment & machine, consumer goods, and others. The automotive & transportation segment is further than segmented into gearbox, wheels, engine blocks, cylinder head, exhaust manifold, seat frame, and others. The automotive & transportation segment accounted for the largest market share of 44.15% in 2018 and expected to reach a market value of around and above USD 160 billion by the end of year 2024. The growing demand for metal cast elements in the automotive industry is to be expected to benefit the growth of the segment during the said period.
Regional analysis
Geographically the Global metal casting market is split in regions like North America, Europe, Asia-Pacific, and Rest of the world. The market in Asia-Pacific held the biggest market stake of around 58.68% in 2018, with a market price of USD 134.35 billion. The regional market is expected to watch the maximum CAGR of 8.33% during the said forecast period due to the increasing locomotive business in the developing countries of China, India, Thailand, and Indonesia. China is the market leader in the regional market, accounting for a significant share of the global market in 2018. It is the most important sports car manufacturers internationally and is home to the mainstream of indulgence vehicle manufacturers and electric vehicles. The global metal casting market has been studied across five regions, specifically Asia-Pacific, North America, Europe, Latin America and the Middle East & Africa.
Major players
The proposed spectators in the Global metal casting market are Retailers, distributors, wholesalers, Metal casting products manufacturers, Investors and trade experts, Suppliers and traders of metal cast products, Governments, associations, industrial bodies, Consulting in chemical experts, etc. The major companies functioning in the Global metal casting market are concentrating on firming their global ways by entering into untouched markets. The projected onlookers in the Global metal casting market are companies like Ahresty Wilmington Corporation (US), Endurance Technologies Limited (India), Georg Fischer Ltd (Switzerland), Ryobi Limited (Japan), Dynacast (US), Reliance Foundry Co. Ltd (Canada), GIBBS (US), Alcast Technologies (Canada), FORCEBEYOND (US) and Precision Castparts Corp (US).
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