Metal Casting Market 2021 Share Growing Rapidly with Recent Trends, Development, Revenue, Demand and Forecast to 2027
Market Highlights
The Global
Metal Casting Market is projected to be valued at USD 352.65 Billion by the end of 2024 and
exhibit a healthy CAGR of 7.55% during
the forecast period.
The growth of the global Metal Casting Market is primarily driven
by the high demand for automobile components such as sensor and airbag housings
wheels, engine components, heads, blocks, and hoods. The increasing automobile
production in the developing economies on account of increased spending coupled
with rising per capita disposable income of consumers is driving the growth of
the automotive industry, which is likely to fuel the demand for metal casting.
Additionally, increasing environmental regulations and emission targets set by
the regulatory authorities such as the European Union (EU) and US Environmental
Protection Agency (EPA) to curb carbon emissions have resulted in increase in
the production of lightweight, hybrid, and electric vehicles, which has fueled
the demand for aluminum cast components at a significant rate.
The building & construction industry is the
other major consumer for metal cast products, wherein steel and aluminum are
primarily used in the manufacturing of various building parts. Steel, being a
versatile, and durable metal, finds applications in ceilings, roofing, heating
& cooling equipment, cladding, stairs for buildings, and rebar, plates,
railway tracks, and underground pipelines. With the increase in residential and
non-residential construction activities, the demand for metals such as steel
and aluminum is likely to increase in the construction industry.
However, growing preference for alternative metal
working process, e.g., extrusion process, is expected to be the key factor
hampering the growth of the global market during the review period.
Key Players
MRFR recognizes the following companies as the key
players in the global metal casting market—Georg Fischer
Ltd (Switzerland), Endurance Technologies Limited (India), Dynacast (US), Ryobi
Limited (Japan), GIBBS (US), Precision Castparts Corp (US), Alcast Technologies
(Canada), Ahresty Wilmington Corporation (US), Reliance Foundry Co. Ltd
(Canada), and FORCEBEYOND (US), among others.
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Segment Analysis
The global metal casting market has been segmented
on the basis of material type, process, end-use industry, and region.
On the basis of material type, the cast iron segment
dominated the market, accounting for a share of over 60% of the market in 2018 and is projected to register a CAGR of 6.70% during the review period. Cast
iron is being used in various applications including engine blocks, gas
burners, manifolds, housings, enclosures, railroad brake shoes, automobile door
hinges, hydraulic components, sprockets, connecting rods, and farm &
construction machinery. The increasing use of cast iron in the major end-use
industries owing to its superior properties is likely to favor the growth of
the segment.
By process, the market has been divided into sand
casting, die casting, shell mold casting, gravity casting, vacuum casting, and
others. Sand casting is the most widely used metal casting process owing to its
low process cost and widespread use in the manufacturing of automobile components
such as engine blocks, impellers, manifolds, support beams, cylinder heads,
machine tool bases, pump housings, and valves.
Based on end-use industry, the global market has
been segmented into automotive & transportation, building &
construction, mining, equipment & machine, consumer goods, and others. The
automotive & transportation industry held the largest share of the market,
wherein various complex-shaped and large components are manufactured using
metal casting. A wide range of automobile components including structural
components (front-end carriers, body & structure, door frame, seat frames,
and tank frame), engine parts (cylinder heads, engine brackets, engine blocks),
and transmission components (shafts, housings, chassis, and carriers) are manufactured
using metal casting. The automotive & transportation segment is further
segmented into gearbox, wheels, engine blocks, cylinder head, exhaust manifold,
seat frame, and others. Among these, the cylinder head segment held the largest
share in 2018.
Key Findings of the
Study
- Global metal casting market is
projected to reach over 149,079.0
kilotons by 2024with a CAGR of
over 6.5% during the forecast period of 2019–2024.
- Asia-Pacific accounted for the
largest market share owing to the increasing demand for sand casting and
die-casting in the automotive and building & construction industries.
- The cast iron segment dominated
the market with a share of 72% of
the global market in 2018 and
is expected to be valued at over USD
202.7 billion by the end of 2024
- The sand casting segment held the
largest market share of around 54% in
2018and is estimated to reach approximately USD 352.6 billion by the end of 2024.
- The automotive &
transportation industry is estimated to be the dominant end-use industry
segment in the global metal casting market during the forecast period.
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