Apr 24, 2024 (MENAFN via COMTEX) --
(MENAFN - EIN Presswire)
Metal Casting Market
"Casting the Future: Innovations, Sustainability, and Trends in the Dynamic Metal Casting Market for Diverse Industrial Applications."
TEXES, AUSTIN, UNITED STATES, April 24, 2024 /EINPresswire / -- The metal casting market is driven by various factors, including the increasing demand for
aluminum in the automotive industry and the expansion of key end-use industries. These drivers are fueled by the numerous benefits offered by the casting process, such as accuracy, enhanced precision, shorter cycle time, and exceptional surface finish.
The SNS Insider report indicates that the Metal Casting Market Size was valued at
USD 33.0 billion in 2022 and is expected to reach
USD 61.08 billion by 2030, growing at a CAGR of 8.0% over the forecast period 2023-2030. The metal casting market is experiencing robust growth fueled by the increasing demand for high-quality, complex metal components across diverse industries such as automotive, aerospace, construction, and industrial machinery. Metal casting, a manufacturing process that involves pouring molten metal into a mold cavity and allowing it to solidify, offers advantages such as cost-effectiveness, design flexibility, and the ability to produce intricate shapes with tight tolerances. With the rising emphasis on lightweighting, customization, and performance optimization in end-use applications, the demand for precision-cast metal parts is on the rise, driving the expansion of the global metal casting market.
One key trend shaping the metal casting market is the adoption of advanced technologies and materials to improve casting quality, efficiency, and sustainability. Manufacturers are increasingly investing in computer-aided design (CAD), simulation software, and 3D printing technologies to optimize mold design, casting processes, and tooling, reducing lead times and material wastage while enhancing product performance and dimensional accuracy. Additionally, the use of advanced alloys, such as aluminum, magnesium, and titanium, offers lightweighting benefits, corrosion resistance, and high strength-to-weight ratios, making them ideal for applications in automotive lightweighting, aerospace structural components, and consumer electronics.
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Some of the Key Players Included are:
. Ryobi Limited
. Dynacast
. MINO Industry USA, Inc.
. Ahresty Corporation
. GIBBS
. Rheinmetall Automotive AG
. Endurance Technologies Limited
. Aisin Automotive Casting, LLC.
. Nemak
. Georg Fischer Ltd
. and other
Market Report Scope:
Metal casting, a process of forming solidified parts by pouring molten metal into a hollow container, plays a crucial role in manufacturing products with complex geometries. Materials such as grey iron, ductile iron, aluminum, steel, copper, and zinc are reliable and cost-effective for this process. With applications ranging from household appliances and medical equipment to key components for aircraft and automobiles, metal casting is integral to human life and the economy.
Market Analysis:
Metal casting involves pouring molten metal into a mold to create molded parts, offering cost-effective production for medium to large quantities of castings. From household appliances to critical components in aerospace and automotive industries, cast metal products are present in 90% of manufactured goods. The demand for
aluminum casting is rising in the construction market due to its lightweight qualities and aesthetic appeal, especially in deconstruction projects.
SWOT Analysis:
The increasing demand for casting from the automotive sector is a significant growth driver. Metal casting, a popular manufacturing process, helps produce complex and large-size parts for various industrial applications. However, high investment costs associated with metal casting production may restrain manufacturers with limited investment potential, affecting market growth.
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Segment Analysis:
By material type,
aluminum dominates with a revenue share of 36% in 2022. This segment is projected to witness significant demand from emerging markets, particularly in the automotive, construction, and
oil & gas sectors.
By End-use, the automotive and transportation end-use segment holds the largest market share, driven by the increasing utilization of metal casting for producing vehicle components.
By Material Type
. Cast Iron
. Aluminium
. Stainless Steel
. Zinc
. Magnesium
. Carbon Steel
. High Steel Alloy
. Others
By Process Type
. Sand Casting
. Die Casting
. Shell Mold Casting
. Gravity Casting
. Vacuum Casting
. Investment Casting
. Others
By End-use
. Automotive & Transportation
. Building & Construction
. Mining
. Equipment & Machine
. Consumer Goods
. Others
Key Regional Development:
Asia Pacific dominated the market with the largest revenue share of 53% in 2022. The region's skilled labor at low cost makes it lucrative for manufacturers to set up production facilities. A shift in the global production landscape toward emerging economies like China and India positively influences market growth. The rapidly expanding automobile sector in the region further boosts market growth.
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Key Takeaways:
. The
aluminum segment leads in material types, driven by demand from emerging markets in automotive, construction, and
oil & gas.
. The automotive and transportation end-use segment holds the largest market share, fueled by metal casting utilization in-vehicle component production.
. Asia Pacific dominates the market, benefiting from skilled labor at low cost and a booming automobile sector.
Recent Developments:
. In November 2022, POSCO announced that two of its steel plants achieved certification for their contributions to fostering a sustainable future for the steel industry.
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About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.
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SNS Insider
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