Die Castings Process to Make Headway in Aluminum Castings Market Amid High Popularity of Bulk Manufacturing
Fact.MR in its latest study highlights the key growth factors, latest developments, opportunities, challenges, and market statistics to offer a better understanding of the global aluminum castings market. It also sheds light on the key trends influencing growth through various segments, including process, end use, and regions.
NEW YORK, Oct. 6, 2022 /PRNewswire/ -- The global aluminum castings market is set to grow at a steady rate of 1.8x in the forecast period (2019-2029). Rising demand for energy-efficient and lightweight vehicles is likely to boost the demand for aluminum casting in industries, which is resulting in the substitution of aluminum cast goods for iron and steel metals.
Aluminum's excellent corrosion resistance, high durability, and lightweight nature have influenced the global vehicle market to be design-oriented. Growing popularity of SUVs and sports cars will significantly boost the use of aluminum, resulting in the replacement of heavy metal parts with lighter aluminum cast elements.
The aluminum castings market benefits significantly from growing demand in key end-use industries such as aerospace & defense, building & construction, and automotive. Surging use of aluminum in the automotive industry as a result of increased demand for fuel-efficient and lightweight automobiles to reduce carbon emissions can potentially support market expansion in the coming decade.
The rapidly developing construction sector in emerging countries can also be a profitable opportunity for vendors offering various types of casting products. Rising infrastructure development projects and increased infrastructure investments by governments of various countries are also expected to push the construction industry, which would drive the demand for aluminum castings.
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The die casting process segment accounted for the largest market share and it was also the fastest-growing sector during the historical period. Die casting is a more popular process in primarily every end-use application owing to its widespread use in the automobile industry.
It permits high cast and provides the ability to mold dry cast into the desired shape throughout the casting process. It also offers bulk and speedy manufacturing, as well as superior finish, thus making it a time and cost-effective technique.
The Asia Pacific region is projected to be the largest market for aluminum die castings and it is set to exhibit the highest CAGR during the forecast period. China, India, and Japan are the primary contributors to the aluminum casting industry in Asia Pacific. Growth is mainly attributed to rapid expansion of the building and construction industry.
China is expected to remain at the forefront in Asia Pacific as it is considered to be the world's largest engineering hub. Increasing demand for consumer goods, as well as ongoing advancements in the aerospace sector, are expected to propel the Asia Pacific market throughout the forecast period.
Key Takeaways:
- Based on process, more than half of the market share is accounted for by the aluminum die casting segment.
- The permanent mold casting process accounts for more than 42% of the global aluminum castings market share.
- By material, the others segment is estimated to grow 2.0x in the global aluminum castings market by 2029.
- In terms of region, East Asia is anticipated to exhibit considerable growth at 7.7% CAGR through 2029 in the aluminum castings market.
- Europe holds the second highest aluminum castings market share with more than 1/4 of global sales.
Growth Drivers:
- Increasing number of commercial aircraft deliveries is set to augment the global aluminum castings market.
- Implementation of strict norms by governments to compel manufacturers to lower the environmental impact of automotive is likely to aid growth.
Restraints:
- Rising substitution of aluminum alloys with alternative materials may hinder sales of aluminum castings in the next decade.
- Increasing popularity of composites and magnesium alloys is set to obstruct expansion of the aluminum castings market.
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Competitive Landscape:
To strengthen their presence, key competitors in the global aluminum castings market have implemented a variety of growth strategies. Their primary growth strategies include expansion, new product development, merger & acquisition, and collaboration. They are striving to increase their geographical presence and broaden their product offerings in order to fulfill the rising demand for aluminum castings from emerging economies.
For instance,
- In September 2020, Alcoa Corporation announced the addition of EcoLum aluminum to its Sustana line, which will perform 3.5 times better than the industry average and is available in a comprehensive spectrum of primary products such as billet, foundry, slab, unalloyed high purity, and P1020.
- In June 2021, Rio Tinto collaborated with Comptech to bring to market novel aluminum alloys that can be utilized in breakthrough technologies such as electric vehicles and 5G antennae. This collaboration was formed to help Rio Tinto to provide a new line of specialist alloys designed to offer high-performance, low-cost solutions for innovative applications such as electric cars and 5G antennae.
- In February 2021, in order to increase production capacity of industrial and automotive aluminum products at its Alcoa, Tennessee facility, Arconic Inc. announced that it would invest in downstream equipment, as well as hot mill capacity expansion.
Key Companies Profiled by Fact.MR
- WalbroAlcoa Corporation
- Consolidated Metco Inc.
- Dynacast
- Gibbs Die Casting Corporation
- Ryobi Ltd.
- Bodine Aluminum Inc.
- Martinrea Honsel Germany GmbH
- Aluminum Corporation of China Limited
- Alcast Technologies
- Endurance Technologies Limited.
More Valuable Insights on Aluminum Castings Market
In the latest study, Fact.MR offers a detailed study on the global aluminum castings market for the forecast period of 2019 to 2029. This study also highlights key drivers promoting the sales of aluminum castings through detailed segmentation as follows:
By Process:
- Die Casting
- Pressure Die Casting
- Permanent Mold Casting
- Others
By End Use:
- Transportation
- Industrial
- Building & Construction
- Others
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa
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Key Questions Covered in the Aluminum Castings Market Report
- What is the projected value of the aluminum castings market in 2019?
- At what rate will the global aluminum castings market grow until 2029?
- Which are the factors hampering the growth in the aluminum castings market?
- Which region is expected to lead in the global aluminum castings market during 2019-2029?
- Which are the factors driving the aluminum castings market during the forecast period?
- What is the expected market value of the aluminum castings market during the forecast period?
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About Fact.MR
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