Metal Casting Market to Reach Valuation of USD 50.97 Billion by 2028 - Increasing Demand of Metal Casted Products in the Automotive Sector is Driving the Market
In terms of revenue, the Global Metal Casting Market is expected to reach USD 50.97 Billion by 2028, growing at a CAGR of 8.7% from 2022 to 2028. Increasing demand for the automotive manufactures to use metal casting products, also less alternative to metal casting process is expected to boost the metal casting market.
- Under the material type segment, the iron sub-segment is anticipated to dominate the segment for the metal casting market. Cast iron is believed to be the common material for major metal casting products. The majority of cast iron is used to manufacture parts of automotive and electrical parts which contribute the maximum share of the revenue.
- Die casting sub-segment held the largest market share in 2021. This is the fastest segment growing in the metal casting market, as maximum products are made using this process. It is the easiest and a cost-effective way of manufacturing metal cast parts.
- Asia Pacific is expected to grow at the fastest CAGR from 2022 to 2028. This region is growing at a rapid pace due to its high demand and growing manufacturing facility provided by the key market players in the metal casting market.
Some of the key players dominating the Metal Casting Market include - Ryobi Limited (Japan), Nemak (Mexico), GF Automotive (Switzerland), Rheinmetall Automotive (Germany), Dynacast (US), and Ahresty Corporation (Japan).
Metal casting is arguably the earliest and most influential industrial process in history. It’s used to make many of the metal objects used in automotive parts, train wheels, lamp posts, school bus pedals, and much more. Plus, metal casting foundries rely on metal recycling as a cost-efficient source of raw material, significantly reducing wasted scrap metal that might end up in landfills. Metal casting is the process of making special products by pouring molten metal into an empty-shaped space called a die or mold. The metal then cools and hardens into the form given to it by this shaped mold. Casting is often a less expensive way to manufacture a piece compared with machining the part out of a piece of solid metal. Metal casting can be divided into two groups by the basic nature of the mold design i.e., expendable mold and permanent mold castings.
Asia Pacific is expected to grow as the largest and fastest in terms of CAGR. This is attributed due to growing industrialization and urbanization. In recent years, the global casting industry has continued to grow. In 2004, the output of castings increased by 8.4% compared with the previous year. China produced 22.42 million tons of castings, ranking first in the world, an increase of 23.6% compared with the previous year. The requirement of automotive and other industrial parts that involve the metal casting process is increasing day by day. Huge companies from the European regions such as Germany, France, Italy, others are investing to set up metal casting plants in countries such as India and China. Low labor costs and less energy cost is driving the growth of the metal casting industry in the Asia Pacific. For instance, China is the largest casting production country in the world. According to the data, the output value of China’s casting products accounts for about 1% of the national economy. In recent years, the import and export trade of castings has increased rapidly, and the output of castings has reached about 9%. There are more than 2,00,00 foundry sites and 1.2 million foundry employees in China.
The Metal Casting is segmented as follows:
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Pages and in-depth TOC on "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)"
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- GCC Countries
- South Africa
- Rest of MEA
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