The Global Metal Casting Market is projected to be valued at USD 352.65 Billion by the end of 2024 and exhibit a healthy CAGR of 7.55% during the forecast period.
The growth of the global metal casting market is primarily driven by the high demand for automobile components such as sensor and airbag housings wheels, engine components, heads, blocks, and hoods. The increasing automobile production in the developing economies on account of increased spending coupled with rising per capita disposable income of consumers is driving the growth of the automotive industry, which is likely to fuel the demand for metal casting. Additionally, increasing environmental regulations and emission targets set by the regulatory authorities such as the European Union (EU) and US Environmental Protection Agency (EPA) to curb carbon emissions have resulted in increase in the production of lightweight, hybrid, and electric vehicles, which has fueled the demand for aluminum cast components at a significant rate.
The building & construction industry is the other major consumer for metal cast products, wherein steel and aluminum are primarily used in the manufacturing of various building parts. Steel, being a versatile, and durable metal, finds applications in ceilings, roofing, heating & cooling equipment, cladding, stairs for buildings, and rebar, plates, railway tracks, and underground pipelines. 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.
However, growing preference for alternative metal working process, e.g., extrusion process, is expected to be the key factor hampering the growth of the global market during the review period.
The global metal casting market has been segmented on the basis of material type, process, end-use industry, and region.
On the basis of material type, the cast iron segment dominated the market, accounting for a share of over 60% of the market in 2018 and is projected to register a CAGR of 6.70% during the review period. Cast iron is being used in various applications including engine blocks, gas burners, manifolds, housings, enclosures, railroad brake shoes, automobile door hinges, hydraulic components, sprockets, connecting rods, and farm & construction machinery. The increasing use of cast iron in the major end-use industries owing to its superior properties is likely to favor the growth of the segment.
By process, the market has been divided into sand casting, die casting, shell mold casting, gravity casting, vacuum casting, and others. Sand casting is the most widely used metal casting process owing to its low process cost and widespread use in the manufacturing of automobile components such as engine blocks, impellers, manifolds, support beams, cylinder heads, machine tool bases, pump housings, and valves.
Based on end-use industry, the global market has been segmented into automotive & transportation, building & construction, mining, equipment & machine, consumer goods, and others. The automotive & transportation industry held the largest share of the market, wherein various complex-shaped and large components are manufactured using metal casting. A wide range of automobile components including structural components (front-end carriers, body & structure, door frame, seat frames, and tank frame), engine parts (cylinder heads, engine brackets, engine blocks), and transmission components (shafts, housings, chassis, and carriers) are manufactured using metal casting. The automotive & transportation segment is further segmented into gearbox, wheels, engine blocks, cylinder head, exhaust manifold, seat frame, and others. Among these, the cylinder head segment held the largest share in 2018.
Key Findings of the Study
- Global metal casting market Covid-19 Analysis is projected to reach over 149,079.0 kilotons by 2024 with a CAGR of over 6.5% during the forecast period of 2019–2024.
- Asia-Pacific accounted for the largest market share owing to the increasing demand for sand casting and die-casting in the automotive and building & construction industries.
- The cast iron segment dominated the market with a share of 72% of the global market in 2018 and is expected to be valued at over USD 202.7 billion by the end of 2024
- The sand casting segment held the largest market share of around 54% in 2018 and is estimated to reach approximately USD 352.6 billion by the end of 2024.
- The automotive & transportation industry is estimated to be the dominant end-use industry segment in the global metal casting market during the forecast period.
MRFR recognizes the following companies as the key players in the global metal casting market—Georg Fischer Ltd (Switzerland), Endurance Technologies Limited (India), Dynacast (US), Ryobi Limited (Japan), GIBBS (US), Precision Castparts Corp (US), Alcast Technologies (Canada), Ahresty Wilmington Corporation (US), Reliance Foundry Co. Ltd (Canada), and FORCEBEYOND (US), among others.
Browse Full Report Details @ https://www.marketresearchfuture.com/reports/metal-casting-market-8114
NOTE: Our Team of Researchers are Studying Covid19 and its Impact on Various Industry Verticals and wherever required we will be considering Covid19 Footprints for Better Analysis of Market and Industries. Cordially get in Touch for More Details.