The Metal Casting Market is estimated to be USD 23.7 Billion in 2020 and is projected to grow at a CAGR of 9.1% during the forecast period, to reach USD 41 Billion by 2027. Increasing demand for casting from the automotive sector is anticipated to drive the market growth over the forecast period. Metal casting is one of the popular manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape. The material types of metals used in metal casting include grey iron, ductile iron, aluminum, stainless steel, magnesium, zinc, and copper alloy.
The growth of the global metal casting market is driven by the increasing demand for metals such as aluminum and magnesium in the major end-use industries such as automotive, aerospace & defence, and building & construction. The demand for aluminum is growing at a significant rate owing to its superior properties such as high strength-to-weight ratio, lightweight, ductility, corrosion resistance, recyclability, and electrical & thermal conductivity. The increasing use of aluminum in automobiles on account of surge in the demand for lightweight and fuel-efficient vehicles to reduce carbon emissions is expected to boost the global market growth. Additionally, the increasing production and sale of automobiles, coupled with the growth of the automotive industry, is expected to fuel the demand for different metals, particularly aluminum, which is expected to propel the growth of the global metal casting market during the review period.
The growth of the major end-use industries such as automotive, building & construction, aerospace &defense, and electrical & electronics is driving the demand for metals, and thus metal casting. Although the demand for aluminum is increasing substantially in the automotive industry, the demand for magnesium is also likely to increase in the coming years due to its light weighting property. Also, with the development of advanced high strength steel, the demand for steel is also growing in the automotive industry. Hence, the increasing use of metals in the automotive industry to manufacture different automobile components is likely to boost the growth of the global metal casting market.
With the increase in residential and non-residential construction activities, the demand for metals such as steel and aluminum is likely to increase in the construction industry. Steel is primarily used due to its strength, versatility, and durability in process such as stiff frame, roofing, purlins, ceilings, cladding, heating & cooling equipment, shelving, stairs for buildings, and rebar, plates, railway tracks, and underground pipelines. Aluminum, on the other hand, finds process in windows, roofing, cladding, curtain walling & structural glazing, prefabricated buildings, shop fittings, and partitions.
The demand for metal-casted construction products is increasing in the developing economies such as India, China, Thailand, and Indonesia on account of the expanding construction industry in these countries, rising residential construction coupled, population growth, and increasing per capita disposable income. Increasing investments by governments in commercial construction for infrastructure development in various countries such as Thailand, Indonesia, and Malaysia are also likely to drive the demand for steel and aluminum, which is expected to propel the growth of the metal casting market in the coming years.
The key players in the global metal casting market are 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), and Reliance Foundry Co. Ltd (Canada), among others.
Asia Oceania is projected to be the largest and fastest growing metal casting market, in terms of volume and value during the review period. The Asia Oceania region is anticipated to be the most promising Metal Casting Market in the next eight years owing to the increased production of passenger cars as well as electric vehicles. China is the largest automotive hub in the region owing to the presence of many local as well as international OEMs such as Brilliance Auto, JAC Motors, SAIC Motor, Volkswagen, and General Motors.
The growth of the global metal casting market is driven by the increasing demand for metals such as aluminum and magnesium in the major end-use industries such as automotive, aerospace & defence, and building & construction. The demand for aluminum is growing at a significant rate owing to its superior properties such as high strength-to-weight ratio, lightweight, ductility, corrosion resistance, recyclability, and electrical & thermal conductivity. The increasing use of aluminum in automobiles on account of surge in the demand for lightweight and fuel-efficient vehicles to reduce carbon emissions is expected to boost the global market growth. Additionally, the increasing production and sale of automobiles, coupled with the growth of the automotive industry, is expected to fuel the demand for different metals, particularly aluminum, which is expected to propel the growth of the global metal casting market during the review period.
The growth of the major end-use industries such as automotive, building & construction, aerospace &defense, and electrical & electronics is driving the demand for metals, and thus metal casting. Although the demand for aluminum is increasing substantially in the automotive industry, the demand for magnesium is also likely to increase in the coming years due to its light weighting property. Also, with the development of advanced high strength steel, the demand for steel is also growing in the automotive industry. Hence, the increasing use of metals in the automotive industry to manufacture different automobile components is likely to boost the growth of the global metal casting market.
With the increase in residential and non-residential construction activities, the demand for metals such as steel and aluminum is likely to increase in the construction industry. Steel is primarily used due to its strength, versatility, and durability in process such as stiff frame, roofing, purlins, ceilings, cladding, heating & cooling equipment, shelving, stairs for buildings, and rebar, plates, railway tracks, and underground pipelines. Aluminum, on the other hand, finds process in windows, roofing, cladding, curtain walling & structural glazing, prefabricated buildings, shop fittings, and partitions.
The demand for metal-casted construction products is increasing in the developing economies such as India, China, Thailand, and Indonesia on account of the expanding construction industry in these countries, rising residential construction coupled, population growth, and increasing per capita disposable income. Increasing investments by governments in commercial construction for infrastructure development in various countries such as Thailand, Indonesia, and Malaysia are also likely to drive the demand for steel and aluminum, which is expected to propel the growth of the metal casting market in the coming years.
The key players in the global metal casting market are 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), and Reliance Foundry Co. Ltd (Canada), among others.
Asia Oceania is projected to be the largest and fastest growing metal casting market, in terms of volume and value during the review period. The Asia Oceania region is anticipated to be the most promising Metal Casting Market in the next eight years owing to the increased production of passenger cars as well as electric vehicles. China is the largest automotive hub in the region owing to the presence of many local as well as international OEMs such as Brilliance Auto, JAC Motors, SAIC Motor, Volkswagen, and General Motors.
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