Metal Casting Market

Metal Casting Market: By Process, Application, Material, Component, ICE & EV, and Region

Market Synopsis:

Global Metal Casting market valued at USD 26.55 Billion in 2021 and is projected to attain a value of USD 50.97 Billion by 2028 at a CAGR of 8.7% during the forecast period, 2022–2028.

Demand for Metal Casting has been on the rise for a few years now and is expected to stay that way. It's no surprise then that demand for metallurgy has been on the rise due to economic growth in Asia and emerging economies around the world. The process of turning raw materials into metal parts by melting them together is becoming more sophisticated as well.

Manufacturing costs are frequently the driving force behind new product development, with companies always seeking ways to reduce expenses. For many manufacturers this means utilizing automation and software to improve workflows within their facilities, but it can also mean making better use of metals. Casting allows manufacturers to fine-tune material usage by controlling weight through adjusting wall thicknesses in a part, something that is impossible with other manufacturing processes.

Increasing Production of Automobile and Growing Emphasis on Light Weighting to Drive Metal Casting Market

Anticipated growth of the automotive industry is expected to drive demand for Metal Castings over the coming years. The global automotive market, which includes replacement parts and new vehicle production, reached close to 72 million units in 2020 with projections reaching 100 million units by 2028. According to our research, one of the primary factors that will influence development is how improvements are made to light weighting components. More stringent emissions standards have driven automakers to forge new paths towards achieving advancements in fuel-efficiency through improved powertrain technologies as well as light weighting transmissions, suspensions and body panels.

The estimated light weighting has steadily increased since 1990 due to material substitution, design optimization and manufacturing process enhancements. Using lighter weight materials can result in large savings in fuel consumption and other transportation costs. In addition to the advancements, stricter regulations regarding emissions have encouraged manufacturers to improve engine operation as well as develop lighter weight components that raise fuel economy ratings.

Segmentation:

By Application, Body Assembly Segment to Dominate Metal Casting Market

Today, more and more people are using Metal Casting in the body assembly process of their automobile. As an example, some cars today are made up of 25% aluminum alloy, which shows the increase of aluminum usage within the automotive industry. Aluminum is a relatively new material for use with automobiles because it first entered mass production around 1945. Aluminum car bodies have several benefits over steel car bodies including weight reduction by as much as 50%, improved performance due to lightness of materials, corrosion resistance, longer product life, and ease of recycling at end-of-life. In addition to this, it reduces fuel consumption, offers, better performance under load, increases rigidity of the frame, and provide longer product life.

Aluminum is the Largest Contributor to Metal Casting Market

Casting Aluminum is a widely used technique for producing aluminum alloy automotive components, making it especially useful in body assembly. Aluminum casting gives companies the advantages of lower costs and greater design flexibility. In addition, adding new production capacity is relatively inexpensive compared to other manufacturing methods such as machining or die forging. Casting also offers many secondary processes that provide extra flexibility including heat treating, plating, shot blasting, finishing and more. These processes have been an integral part of the aluminum industry over several decades and continue to become increasingly important as new aluminum alloy products are introduced on the market. The first step in any aluminum die-casting project starts with a pattern design which can be either a handmade preform, wax pattern or a pre-plated steel pattern.

Asia Pacific to Remain the Largest and Fastest Growing Metal Casting Market

Currently, Asia Pacific is the largest and fastest growing Metal Casting market and is projected to continue maintaining its position in the years to come. The region accounted for 51.24% of global castings production, followed by North America and Europe. Growth in Asia Pacific during the forecast period will be driven by increasing passenger vehicle sales and commercial vehicle production across countries like India, China, Thailand, Indonesia and Malaysia among others. Moreover, rising disposable income, rising awareness about automobiles among consumers and increasing preference for vehicles with increased engine power are some other factors that will drive growth in the region.

While Asia Pacific dominates the market, it is forecast to slow down a bit as a recovery takes place in China, which will be offset by a stronger recovery in the US and strengthening growth from some other emerging markets. In terms of value, Asia Pacific is expected to account for 37%, while Western Europe's share will decline from 26% today to less than 20% by 2028 as some troubled countries recuperate at different speeds.

Competitive Landscape:

Ryobi Limited (Japan), Nemak (Mexico), GF Automotive (Switzerland), Rheinmetall Automotive (Germany), Dynacast (US), and Ahresty Corporation (Japan) are some of the key players in the global Metal Casting market.

The Metal Casting is Segmented as Follows: