Metal Casting Market Sail Through in the Forecast Period
The Worldwide Metal Casting Market size was valued at USD USD 26.55 Billion billion in 2021 and is projected to reach USD USD 50.97 Billion billion by 2028, at a compound annual growth rate (CAGR) of 8.7%% between 2022 and 2028. Metal Casting is a production method in which molten metal is poured into dead skin or sand to improve the specified condition. It is used to produce complex and large components of different industrial applications.
Finished products from metal casting can be used in construction machinery and equipment, heavy vehicles, curtain wall, door handles, windows, and roofs. Property owners are approaching construction rather than demolishing old buildings due to the ability to recycle aluminum products. Gray metal possesses properties such as durability, high thermal conductivity, and wear resistance. This is expected to propel its demand over the years due to its use in homes, engine blocks, cylinder heads, and enclosures. Although a major obstacle to the growth of the metal casting market is the high cost of metals such as aluminum and magnesium. The initial need to set up a budget becomes a challenge for new entrants. Also, the USA has introduced stricter laws and regulations recently. The Environmental Protection Agency (EPA) and the European Environmental Agency (EEA) are likely to disrupt business development in the coming years with regard to greenhouse gasses during broadcasting.
The Global Metal Casting Market is divided on a process basis, the market is divided into gravity casting, high-pressure die casting (HPDC), low-pressure die casting (LPDC), and sand casting. Based on the type of material, the market is divided into aluminum, iron ore, magnesium, zinc, and more. Based on the type of vehicle, the market is divided into BEV, HEV, and PHEV. On the basis of the application, the market is divided into automotive and transport, industrial, construction and construction, and more.
The Global Metal Casting Market is divided into North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific was the leading regional market for metal casting with a volume share of 51.24%%. China has been a serious producer and buyer in the region. Growing population and rising income levels in these countries drive the demand for products from end-to-end industries such as construction and automotive.
In October 2020, Equinor, the National Grid, Shell, and Total confirmed that they had established a new partnership, the Northern Endurance Partnership (NEP), to improve transport infrastructure and offshore carbon dioxide (CO2) storage in the UK North Sea, and bp as operator. Some of the key players in the global metal casting market include - Ryobi Limited (Japan), Nemak (Mexico), GF Automotive (Switzerland), Rheinmetall Automotive (Germany), Dynacast (US), and Ahresty Corporation (Japan)
Browse the full Report - Metal Casting Market by Process (Gravity, High & Low Pressure, Sand), by Application (Body Assembly, Engine, Transmission), by Material (Iron, Aluminum, Magnesium, Zinc), by Component (ICE, EV), by Regions (North America, Europe, Asia Pacific, Middle East & Africa, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)