Metal Casting Market Growth, Share Growing Rapidly with Recent Trends, Overview, Demand and Forecast
Market Highlights
The Global Metal Casting Market growth 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 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.
The growth of the global Metal Casting Market
Growth 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.
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 Growth —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 growth 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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