Metal Casting Market Research Report - Global Forecast till 2030

Metal Casting Market: Information By Material Type (Cast Iron, Aluminum, Stainless Steel, Zinc and Magnesium), By Process (Sand Casting, Die Casting, Shell Mold Casting, Gravity Casting and Vacuum Casting), By End-Use Industry (Automotive & Transportation, Building & Construction, Mining, Equipment & Machine and Consumer Goods) - Forecast till 2030

ID: MRFR/CnM/6642-CR | April 2022 | Region: Global | 100 pages

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Metal Casting Market Overview


The global metal casting market is projected to register healthy growth during the forecast period, 2021–2030. The market was valued at USD 2,52,817.33 million in 2020 and is projected to register a CAGR of 7.8% to reach USD 5,19,103.59 million by the end of 2030.


Metal casting is a manufacturing process wherein the molten or liquid metal is poured into a mold made of sand, metal, or ceramics to form geometrically complex parts or components. Metal cast products are majorly used in industry sectors, including automotive, building and construction, mining, and heavy equipment, wherein the automotive industry is the major consumer. The major types of metals used in metal casting include grey iron, ductile iron, aluminum, stainless steel, magnesium, zinc, and copper alloy.


COVID-19 Impact on the Metal Casting Market:


The outbreak has significantly impacted the chemicals & materials supply chains, international trade, and manufacturing operations across the world. The production of metal casting got declined amidst the COVID-19 pandemic as the market players had to shut production facilities or operate the facilities below the optimal production capacities to avoid the spread of the novel coronavirus. Additionally, the lack of availability of raw materials owing to supply disruptions due to border and trade restrictions have impacted the production of metal casting. However, some large market players have continued operations at their production facilities. Furthermore, the declining prices of raw materials and low demand from the end-use industries have resulted in surplus stocks and, thus, reduced production.


Furthermore, the primary raw materials used to manufacture metal casting are aluminum, steel, zinc, and magnesium. The outbreak caused a huge impact on the supply of raw materials as the majority of its raw material is used in automotive components. The automotive industry was worst hit by the global COVID crisis, which affected the price margins of raw material as well as end products. Thus, the outbreak has resulted in the disruption of the supply-demand of raw materials.


Market Dynamics


Drivers


  • INCREASING DEMAND FOR ALUMINUM IN THE AUTOMOTIVE INDUSTRY


The growth of the global metal casting market is driven by the increasing demand for metals such as aluminum and magnesium in the major end-use industries such as automotive, aerospace & defense, and building & construction, primarily automotive. The demand for aluminum is growing at a significant rate owing to its superior properties such as high strength to weight ratio, lightweight, ductility, corrosion resistance, recyclability, and electrical and thermal conductivity.


Restraints


  • INCREASING PREFERENCE FOR ALTERNATIVE PROCESSES


Among various processes used in metal casting, die casting is one of the most widely used methods for manufacturing metal products. The die casting process is energy-intensive and can be cost-effective only when there is significant volume production of die-cast components. However, the process involves huge capital costs for tools, dies, and energy consumed during the process.


Opportunity


  • GROWING PREFERENCE FOR ELECTRIC VEHICLES


Aluminum is extensively used in the manufacturing of components used in electric vehicles, such as battery housings, E-drivers, inverters, brake components, and charging stations. Besides, the automobile components made using metals such as aluminum, magnesium, and advanced high strength steel are being preferred for application in electric vehicles owing to their lightweight, which enhances the battery performance for the long run and thus, increases the driving range.


Trend


  • 3D PRINTING TECHNIQUE IS GAINING TRACTION IN THE TRADITIONAL METAL CASTING PROCESS


With certain constraints associated with the metal casting process, primarily the high cost of making mold and the complex manufacturing process, a flexible and efficient casting process has increased. As a result of this, the players involved in the foundry are adopting 3D printing techniques with the traditional metal casting process, eliminating the need to make molds, reducing process steps, and thus making the process more efficient and cost-effective.


Segmentation


By Material Type



  • Cast Iron

  • Aluminium

  • Stainless Steel

  • Zinc

  • Magnesium

  • Carbon Steel

  • High Steel Alloy

  • Others


By Process Type



  • Sand Casting

  • Die Casting

  • Shell Mold Casting

  • Gravity Casting

  • Vacuum Casting

  • Investment Casting

  • Others


By End-use



  • Automotive & Transportation

  • Building & Construction

  • Mining

  • Equipment & Machine

  • Consumer Goods

  • Others


Regional Analysis


Asia-Pacific accounted for the largest market share in 2020 along with highest CAGR during the forecast period. Asia-Pacific has been segmented into China, India, Japan, South Korea, Australia & New Zealand, and the rest of Asia-Pacific. The high growth in the region is attributed to rapid population growth, urbanization, and factors such as the presence of a large number of producers, cheap labor costs, and growing application segments in the region. China was the largest producer and consumer of metal casting in recent past. India has also witnessed a rapid increase in consumption over the past few years. Moreover, increasing capacity addition in Southeast Asia, including Singapore and Thailand, South Korea, and China, is likely to project a positive outlook for the growth of the Asia-Pacific market. Furthermore, The growth in the North America is due to the presence of large-scale end-use industries, extensive technological and R&D capabilities, and widespread production facilities. Henceforth, the North America is expected to drive the global metal casting market growth during the foreeseable period.


Supply Chain


The supply chain analysis enables the reader to comprehend the steps and stakeholders involved in producing and distributing metal casting. The metal casting supply chain includes raw materials & suppliers, producers, distribution & sales channels, and end use.


The global metal casting market comprises a significant number of tier-1, tier-2, and small unorganized players. Some key metal casting manufacturers include Alcast Technologies, Dynacast, ArcelorMittal, POSCO, and Reliance Foundry Co. Ltd. The distribution channel comprises entities involved in the process, such as distributors, wholesalers, retailers, and value-added resellers (VARs) to make the final product available in the market for end-users.


Competitive Landscape


The competitive landscape offers an analysis of the key developments by the companies operating in the global market. The global Metal Casting market is expected to exhibit a healthy CAGR during the forecast period. The growing concern regarding fuel consumption and the need to decrease the weighting of automobiles is likely to boost the demand for these metals, owing to their lightweight and high strength. Additionally, the demand for stainless steel and iron in the building & construction industry, coupled with the increase in residential and non-residential construction activities globally, is expected to favor the growth of the global metal casting market in the years to follow. The key players operating in the global Metal Casting market include Endurance Technologies Limited, GF Casting Solutions AG, Ryobi limited, Dynacast, Precision Castparts Corp, GIBBS, Alcast Technologies, Ahresty Wimington Corporation, Forcebeyond, and Reliance Foundry Coke Ltd.


Report Overview:


The Metal Casting market is segmented by material, process, end use and region in the report. In terms of insights, this report has focused on various levels of analysis such as market dynamics, value chain analysis, Porter's five forces, competitive landscape, and company profiles—all of which comprise and discuss views on the global Metal Casting emerging and fast-growing segments, regions, and countries.


Objectives of the Study



  • To get a comprehensive overview of the global Metal Casting market

  • To get wide-ranging information about the key factors driving the market and market opportunities

  • To gain information regarding the key players in the industry, their product portfolio, strategies, and key developments

  • To gain insights about the key country/region in which the Metal Casting market is growing


Intended Audience



  • Automotive Industry

  • Building & Construction Industry

  • Mining Industry

  • Research Institutes

  • Academic Institutes

  • Government Organizations



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: USD 5,19,103.59 millions
  CAGR   7.8% CAGR (2021-2030)
  Base Year    2020
  Forecast Period   2021-2030
  Historical Data   2019
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material Type, Process and End-use
  Geographies Covered    North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa
  Key Vendors   Endurance Technologies Limited, GF Casting Solutions AG, Ryobi limited, Dynacast, Precision Castparts Corp, GIBBS, Alcast Technologies, Ahresty Wimington Corporation, Forcebeyond, and Reliance Foundry Coke Ltd
  Key Market Opportunities   • Growing preference for electric vehicles
  Key Market Drivers   • Increasing demand for aluminum in the automotive industry • Growth of the major end-use industries


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Frequently Asked Questions (FAQ) :

The global Metal Casting market would register a growth of 7.8%.

Increasing preferences for alternative processes could restrain the market.

Asia-Pacific would enjoy the upper hand in the Metal Casting market.

China, as the largest consumer, would set the trend.