Aluminum Casting Market To Reach USD 125270 Million By 2029, Witnessing A CAGR of 2.0% | Valuates Reports
BANGALORE, India, April 14, 2023 /PRNewswire/ -- Aluminum Casting Market is segmented By Type - Die Casting, Permanent Molding Casting, Sand Casting, Others, By Application - Passenger Vehicle, Heavy Vehicle (Commercial Vehicle), Motorcycle, Aerospace & Military, Engineering Machinery, General Industrial Machinery, Others.
Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Industrial Materials & Equipment Category.
The global Aluminum Casting market was valued at USD 97660 million in 2022 and is anticipated to reach USD 125270 million by 2029, witnessing a CAGR of 2.0% during the forecast period 2023-2029.
Major factors driving the growth of the Aluminum Casting market
In the upcoming years, the Aluminum Casting market is likely to be driven by the rising use of aluminum in cars due to its high strength and lightweight properties.
The primary drivers of the development of the aluminum casting market are rising consumer demand, increasing military investment in lightweight weapons, and industrial expansion in emerging countries.
The Aluminum Casting market is expanding significantly as a result of technological advancements and the high efficacy of aluminum-cast goods.
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TRENDS INFLUENCING THE GROWTH OF ALUMINUM CASTING MARKET
The car frame and body, electrical wiring, wheels, lamps, paint, gearbox, air conditioner condenser and pipes, engine parts (piston, radiator, cylinder head), and magnets are all made of aluminum in the auto business. (for speedometers, tachometers, and air bags). In a collision, aluminum has twice the energy absorption capacity of steel of similar weight. The front and rear crumple zones of a car can be made larger and more capable of absorbing energy by using aluminum, improving safety without adding weight. Aluminum-made vehicles have shorter stopping distances, which helps to avoid collisions. This factor is expected to drive the growth of the Aluminum Casting market.
Electric car sales are steadily rising in North America and Europe. The demand for high-strength aluminum alloys is increasing as a result of the stringent CO2 emission regulations in a number of European nations. These alloys offer superior strength, which is a crucial prerequisite for electric vehicles. This factor is expected to drive the growth of the Aluminum Casting market.
Over the past few decades, rapid industrialization has been a priority for emerging countries. A number of nations, including China, India, Indonesia, South Africa, Brazil, and Argentina, are moving away from an agricultural-based economy and towards one focused on manufacturing and other sectors. It is used in passenger cars, motorcycles, telecom, shipbuilding, heavy equipment, building & construction hardware, railroads, aerospace, and commercial vehicles. These sectors' expansion is influenced by a number of macroeconomic variables, including GDP growth, the job rate, and the standard of living. Cast aluminum is used in almost every sector, so with the expansion of facilities, demand is expected to increase significantly.
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ALUMINUM CASTING MARKET SHARE ANALYSIS
Nemak, Ryobi, Ahresty, and other companies are major participants in aluminum casting globally. The top three competitors control about 6% of the market.
The biggest market is Asia-Pacific, with a share of about 59%, followed by Europe and North America, with shares of 20% and 16%, respectively.
The market for aluminum casting is dominated by the transportation industry section.
Aluminum's light weight contributes to improved vehicle fuel economy. Aluminum components are frequently found in buses, ships, automobiles, and airplanes due to their high fuel efficiency. More than half of the aluminum used in automobiles comes from cast goods.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Alcoa
- Dynacast International
- Gibbs Die Casting
- Ryobi
- Martinrea Honsel
- United Company Rusal
- Nemak
- Rockman Industries
- Endurance
- LTH
- CHALCO
- China Hongqiao
- Guangdong Hongtu
- Hongte
- Wencan
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SIMILAR REPORTS
- Permanent Molding Aluminum Casting Market
- Aluminum Die Casting Market is projected to reach USD 34870 million by 2028, from USD 22910 million in 2021, at a CAGR of 5.7% during 2022-2028.
- Automotive Aluminum Die Casting Industry Research Report
- New Energy Vehicles Aluminum Casting Market
- Aluminum Sand Casting Market
- Aluminum Parts Gravity Die Casting Market
- Aircraft and Aerospace Aluminum Casting Components Sales Market is estimated to be worth USD 958.9 million in 2021 and is forecast to a readjusted size of USD 958.9 million by 2028 with a CAGR of 7.4% during the review period.
- Motorcycle Aluminum Casting Market
- Commercial Vehicle Aluminum Casting Market
- Aluminum Industrial Casting Market
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