Metal Casting Market Research Report - Global Forecast till 2027

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 2027

ID: MRFR/CnM/6642-CR | February 2021 | Region: Global | 253 pages

Metal Casting Market Overview


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.


COVID 19 Analysis


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.


Competitive Landscape


The prominent players of the market that are helping in the expansion of the metal castings market share are:



  • Ryobi Limited (Japan)

  • Ahresty Corporation (Japan)

  • Rheinmetall Automotive (Germany)

  • GF Automotive (Switzerland)


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.


Market Dynamics


Drivers


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.


Restraints


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.


Technology Analysis


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.


Study Objectives



  • The metal castings market report conducts a qualitative market analysis of the market conduct, functions, and trends that will help the industry experts and leaders predict the market CAGR growth rate followed by the attainable market revenue for the forecast period that will be ending in 2028. The report also discusses the market dynamics that will lead the market’s way for growth and expansion followed by the possible factors that will give rise to the restraints that might challenge the market.

  • The report further discusses the basis of the global market segments that might help the market is expanding its revenue potential and catering to the rising needs of the target audience that is spread in various locations across the globe. The market segments in giving rise to the needs of the market players.

  • The report also highlights the factors and doings of the prominent market players like mergers, acquisitions, joint ventures, collaborations, investments, and much more along with the recent developments undertaken by the market players during the period ending in 2028.


Segment Overview


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.


Based on the  Material Type


The metal castings market includes materials like Aluminum, Cast iron, Magnesium, Zinc, and others.


Based on the Market Application


The metal castings market is segmented based on market applications include Body Assemblies, Engine Parts, and Transmission Parts.


Regional Analysis


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.


Recent Developments



  • November 2021- Handtmann has developed one of the most modern foundries with mechanical machining in Europe to date with the establishment of the latest production plant in Kechnec, Slovakia. The "Green Foundry" project marks new standards in terms of sustainability. At the inauguration ceremony, speakers from business, politics,s and the Handtmann Group of Companies paid tribute to all those who were part of the p, especially to the entire teams to the professional and intensive coope team from Germany and Slovakia.
    The company director said that the light metal casting unit has geared up for future needs by boosting its production capacities. High-pressure die-cast parts are being even more complex, the demands on their performance are evermore, and the needs for more sustainable manufacturing processes ever higher.

  • October 2021- A leading manufacturer of steering and suspension products and light metal casting components, Rane (Madras) Ltd, has completed the acquisition of the steering components business (SCB) of Yagachi Technologies Private Ltd (YTPL), a part of Hical Group. The financial terms of the deal haven't been disclosed yet. The company stated that its board approved the acquisition. SCB registered a revenue of over ₹35.50 crores in FY21. The company produces steering and suspension components such as outer ball joints (OBJ) and inner ball joints (IBJ). The major customers of the division include Mando India, which in turn serve OEMs such as Mahindra, Kia, Hyundai, etc.

  • September 2020 – Tesla's new automotive factory near Berlin, Germany will now be equipped with a number of huge aluminum casting machines to create simple designed chassis components. Tesla is planning to replace close to 70 components riveted and glued into the vehicle’s rear underbody with only one module is has been created using a single aluminum casting machine.

  • December 2020 – Rio Tinto recently introduced a range of high-performance alloy series that will be used by North American vacuum die casters for mixing with their scrap and recycling the crushed wheels that have been cleaned. Instead of purchasing lower grade remelt ingots, the final product will be more cost effective, result in lesser carbon emissions and also cater to the strict industry regulations and standards.


Intended Audience



  • Automotive casting components producers manufacturers

  • Automotive casting component suppliers, distributors, and trading firms

  • Automotive casting materials manufacturers, producers, and suppliers

  • Automotive component manufacturing market groups and associations

  • Government, public sector firms, and regulatory authorities

  • Research firms and consulting companies and organizations


Report Overview


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:



  • Market Overview

  • COVID 19 Analysis

  • Market Dynamics

  • Technology Analysis

  • Study Objectives

  • Segment Overview

  • Regional Analysis

  • Competitive Landscape

  • Recent Developments


The report discusses the factors that will lead to the expansion of the metal castings market and give rise to global competition. The report predicts the CAGR growth and the attainable market revenue for the forecast period of 2021-2028.



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2024: USD 352.65 Billion
  • 2027: Significant value
  •   CAGR   7.55%(2017–2024)
      Base Year   2019
      Forecast Period   2020-2027
      Historical Data   2018
      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


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    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.