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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