Automotive Metal Casting Market Size is expected to cross USD $170 Billion by 2027 at a CAGR of 5.8% during the forecast period 2021-2027
Automotive metal casting market has witnessed a significant surge, mainly, due to the current hype regarding mobility services, autonomous driving, digitization and electric powertrains dominating the automotive industry. With the boom in automotive production, across the globe the automotive chassis and exterior account for a major share in the development of the automotive metal casting market. Weight reduction in vehicles is another major trend in the market that is expected to boost the demand, with manufacturers opting for lightweight materials to ensure reduction in emission rates. As a result, the use of lightweight materials such as aluminum, magnesium and zinc, has increased in the automotive industry. With major manufacturers and suppliers in the automotive industry competing at globally, the intensity of competition within the automotive industry has increased. Such intense competition is pushing various manufacturers and suppliers across the supply chain to develop high quality metal casting solutions to acquire greater market share.
Fluctuating cost of metals is expected to be a major retraining factor in the automotive metal casting market. The increasing demand for steel is directly proportional to the increasing demand for automobiles, across the globe.
The global metal casting market has been segmented on the on the basis of application as Body Assembly, Engine, and Transmission. On the basis of materials, the market has been segmented as aluminum casting, cast iron, magnesium casting and zinc casting. On the basis of region, the market for metal casting has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.
The automotive metal casting market is currently booming in the Asia Pacific region. Rapidly rising vehicle production in this region is one of the primary driving factors. Improving infrastructure in this region combined with improving living standards, have positively impacted the automotive industry, as a whole. Additionally a global shift has been witnessed in the Asia Pacific region providing opportunities to major manufacturers in the market in the form of tax cuts and government subsidies. Availability of cheap labor in this region has also been a key factor in the automotive metal casting market. China is the key growth driver as it is expected that its body safety structures will be adapted to European standards, including wider use of metal casting components.
North America and Europe are the other two leading regions, mainly due to the established automotive industry. Existence of major manufacturers in this region is also a key driver of the automotive metal casting industry. Heavy investment in research and development enables manufacturers in this region to develop new techniques and products to utilize the future market trends. A key trend in this region has been the development of the lightweight material so as to tackle the problem of high emission rates.
The key players of global Automotive Metal Casting market are Nemak (Mexico), Ryobi Limited (Japan), Rheinmetall Automotive (Germany), GF Automotive (Switzerland), Ahresty Corporation (Japan), and Dynacast (U.S.). In 2016, these companies accounted for a share of XX% of the global market.
The report for Global Automotive Metal Casting Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2030: Significant Value|
|CAGR||Substantial CAGR (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Technology, By End Market, By Application, By Vehicle type|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Nemak (Mexico), Ryobi Limited (Japan), Rheinmetall Automotive (Germany), GF Automotive (Switzerland), Ahresty Corporation (Japan), and Dynacast (U.S.).|
|Key Market Opportunities||High competition within the automotive industry|
|Key Market Drivers||
Factors such as surge in automobile production, rising popularity of autonomous driving, etc. are supposed to drive the growth of the automotive metal casting market.
Fluctuating cost of metals can restrict the growth rate of the automotive metal casting market.
The regional segments covered are North America, Europe, Asia-Pacific, the Middle East & Africa and South America.
The automotive metal casting market in APAC is likely to boom owing to the rising production in the automotive industry.
Nemak (Mexico), Ahresty Corporation (Japan), Rheinmetall Automotive (Germany), Ryobi Limited (Japan), GF Automotive (Switzerland), and Dynacast (U.S.) are the key players of the automotive metal casting market.