The metal casting market is projected to reach USD 39.94 Billion by 2025 from USD 20.23 Billion in 2017, at a CAGR of 8.87% during the forecast period.
Structural & design changes, increasing trend of light-weighting in passenger cars (such as increase in use of alloy wheels, lightweight engine blocks, & seat frames etc.) as a result of stringent emission norms, and benefits offered by casting process such as higher precision, accuracy, shorter cycle time, and excellent surface finish are expected to drive the market for metal casting during the forecast period.
Aluminum is estimated to hold the largest share of the metal casting market from 2017 to 2025. Engine downsizing is a key trend that is changing the market dynamics of the automotive industry. The engine is becoming bigger and complex with additional turbo capabilities to generate more power.
The engine parts application is estimated to lead the metal casting market during the forecast period. Cylinder heads, engine block, engine mounts, exhaust manifold, intake manifold, oil pan, and turbochargers are some of the key components considered under this application. With the rising trend of vehicle light-weighting, the casted iron engine block is replaced by aluminum engine block for further weight reduction.
BMW, PSA Group, and General Motors among others are offering their vehicle models with aluminum engine blocks. Further, as per the US Department of Energy (US DOE), by using lightweight components, a quarter of US fleet, which is around 240 million (cars and trucks), can save approximately 5 billion gallons of fuel per year by 2030.
Asia Oceania is projected to be the largest and fastest growing market, in terms of volume and value during the review period. The Asia Oceania region is anticipated to be the most promising market for metal casting 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 high cost of casted materials such as aluminum and magnesium is one of the key restraints for metal casting component manufacturers. Also, the high initial capital requirement for setup becomes a challenge for new entrants. These factors may affect the growth of the metal casting market in the near future.
Key Topics Covered:
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Metal Casting Market, By Process
7 Metal Casting Market, By Material Type
8 Metal Casting Market, By Application
9 Metal Casting Market, By Component
10 Metal Casting Market, By IC Vehicle Type
11 Metal Casting Market, By Electric & Hybrid Vehicle Type
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