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.
The Global Metal Casting Industry 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.
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.
Key Players
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.
Segment Analysis
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 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.
Related Chemicals And Materials Market Research Report@ https://www.marketresearchfuture.com/categories/chemicals-market-report
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