ID: MRFR/CnM/6642-CR | February 2021 | Region: Global | 253 pages
Market Research Future (MRFR) projects the Metal Casting Market to garner a strong growth rate of 7.55% from 2017 to 2024 (evaluation period). It is also expected that the market size can touch USD 352.65 Billion by 2024-end.
Before the lockdown and pandemic hit the assembling enterprises, the global metal castings market was witnessing a major demand and rising market momentum. After the mandatory lockdown wave, there was a disbalance in keeping a watch on the market demand and supply followed by the factors that might restrain the market from growing during the recovery period after the pandemic. The abrupt spread of COVID 19 in the form of a pandemic is similarly conflictingly affecting the foreign investments and inflows from global companies in various market regions. The lack of skilled labor, resources, and investment is further hampering the market’s ability and hence, creating more havoc and issues for the market during the forecast period that will be ending in 2028.
The prominent players of the market that are helping in the expansion of the metal castings market share are:
The Covid 19 has both short long stretch effects that lead to the crisis on the business chain, especially manufacturing and distribution channels. The volume and the expenses of the market have plunged during the pandemic. The standard constraints were that the client isn't demanding the market products and is altering its way of living and lifestyle preferences. This is further challenging the ability of the market producers and manufacturers. A couple of restricted extension undertakings have shown up during this time but the rising investment in the research and development will help the market grow as per the predictions during the forecast period.
Based on the information circulated by the US Department of Energy, the use of lightweight casting materials like magnesium and aluminum alloy can help to reduce the body & chassis weight up that accounts up to 50%. Hence, to meet the stringent emission and fuel efficiency targets that have been laid down by the European Union (EU) alongside the US Environmental Protection Agency (EPA), the use of lightweight materials (Al, Mg, Zn & others) has been on a great increase in the automotive industry in the recent years. Multiple powertrains along with the body structure-related components that are proceeded and manufactured using these materials follow the recommended casting process. Additionally, the rise in vehicle production, coupled with the expanding and growing demand for both the mid and premium segment vehicles alongside the lack of alternative manufacturing processes, are driving the growth of this market during the forecast period.
However, the metal castings market is witnessing the emergence and use of high costs and associated expenses of metal casting materials that are emerging to be a global challenge for the market during the forecast period that will be ending in 2028. There have been high costs that are associated with various casting materials that are inclusive of magnesium, zinc, and aluminum could lead to the discouragement of the product demand patterns in the coming years, proving to be a major challenge for the global market during the forecast period.
The metal castings market includes a variety of market products like magnesium, aluminum, cast iron, zinc, stainless steel, amongst others that are emerging as the top material types considered and covered in the market report for the ongoing forecast period. The most popular market material type is considered cast iron that has been emerged as the top-performing market segment in the historic forecast period that ended in 2019. This has the highest share of more than an aggregate of 60% and can also attain a decent growth rate of 6.70% in the upcoming years, as a part of the forecast period ending in 2028. The cast iron, as a market product, is primarily used in a series of applications like gas burners, engine blocks, housings, manifolds, railroad brake shoes, enclosures, hydraulic components, automobile door hinges, connecting rods, amongst the others like farm and construction machinery alongside sprockets as well.
The excellent performance of the market is resulting in the expansion of the metal casting industry along with excellent opportunities during the forecast period that will be ending in 2028. The market includes the following market segments:
Based on the market process
The metal castings market processes include gravity casting, High-Pressure Die Casting (HPDC), Low-Pressure Die Casting (LPDC), and Sand Casting.
The metal castings market includes materials like Aluminum, Cast iron, Magnesium, Zinc, and others.
The metal castings market is segmented based on market applications include Body Assemblies, Engine Parts, and Transmission Parts.
The Asia Oceania region is projected to be the largest and fastest-growing metal casting market during the forecast period that will be ending in 2028. The market is expected to establish domination both in terms of volume and value during the ongoing review period. The Asia Oceania region is likely to emerge as the most promising Metal Casting Market in the upcoming eight years. The main reason behind this is the increased production of passenger cars as well as electric vehicles to cater to the rising demand for the same in the global region.
The metal castings market report covers the overall market functioning and discusses the potential of the global market from a series of market aspects. The global market report covers the following market aspects:
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||By Material Type, Process, End-Use Industry and Region|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Endurance Technologies Limited (India),Georg Fischer Ltd (Switzerland),Ryobi Limited (Japan),Dynacast (US),Precision Castparts Corp (US),GIBBS (US),Alcast Technologies (Canada),Ahresty Wilmington Corporation (US),FORCEBEYOND (US),Reliance Foundry Co. Ltd (Canada)|
|Key Market Opportunities||Rapidly Expanding Construction Industry in Emerging Countries to Offer Opportunity|
|Key Market Drivers||Product Demand Escalates Across Various End-Use Industries|
Frequently Asked Questions (FAQ) :
The metal casting market is projected to grow at a 7.55% CAGR between 2017-2024.
The metal casting market is predicted to touch USD 352.65 billion by 2024.
The Asia Pacific is expected to dominate the metal casting market.
Specific strategies that industry players have incorporated to create a niche in the metal casting market include agreements, investments, expansion, and acquisitions.
Growing preference for alternatives may limit market growth.