Metal Casting Market Growth | Recent Trends, Development, Revenue, Demand and Forecast to 2027
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 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.
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
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 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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