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LONDON , June 1, 2022 /PRNewswire/ -- The Aluminum Casting Market size reached USD 69.10 Billion in 2021. The Aluminum Casting Market is growing at robust CAGR of 7.3%, and will reach size of USD 113.17 Billion by end of Forecast 2028 Says Brandessence Market Research.
Aluminum Casting Market Size, Share, Companies & Trends Analysis Report By Process Type (Die Casting, Permanent Mold Casting, And Sand Casting) By End User Industries (Construction & Building, Industrial, Transportation) Based On Industry Region, And Segment Forecasts, 2022 - 2028.
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The global aluminum casting market will be growing in the coming years and it is something that can be attributed to the involvement of aluminum in the sector of transportation, industrial sector and the construction and building sector. There is going to be a continuous demand from the industry of automobiles as it is going to help in the improvement of fuel efficiency and the reduction of events that are degrading the environment such as the emissions of carbon dioxide. These are the major factors which will drive the global aluminum casting market during the coming years.
Aluminum Casting Market Key Drivers
The global aluminum casting market size will be driven by the rise in demand for the lightweight vehicles and the energy efficient vehicles. These are vehicles where the aluminum has replaced the iron and steel products. The reason for that is the optimal level of corrosion resistance, good appearance, durability and lower weight of aluminum. These are factors that have influenced the market to become a lot more design oriented.
There are other characteristics like the electrical and thermal conductivity, complete recyclability, lightweight, attractive appearance and competitive cost which will influence the demand for the aluminum casting. There are a few other factors too like the thermal conductivity, complete recyclability and competitive costs which are further influencing demand for the aluminum casting.
Magnesium is among the most abundant of metals that are found in the crust of the earth and has been replacing the aluminum in many industries due to the improvement in the resistance of magnesium alloys. This could be the reason that the market is going to grow at a lesser rate because of the availability of these substitutes. The aerospace industry is very penetrative right now when it comes to the carbon fibers. Magnesium alloys being used here could be the biggest restraining factor here as the market is going to see mass adoption of magnesium which is abundantly available. Yet that adoption is gradual and still in its nascent stages so it will still be the aluminum casting market statistics which are going to see continuous upward curve.
Aluminum Casting Market Key Players
The major global aluminum casting market manufacturing companies are Alcoa Corporation, Ryobi Limited, Aluminum Corporation of China Limited, Rio Tinto and United Company RUSAL. These market players are working hard to create a scenario where they can work on research and development to compete with the magnesium alternatives.
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Aluminum Casting Market: Key Trends
The global aluminum casting market share is growing due to the weight reduction done by the vehicles. The recent trend is to build the vehicles lighter and the aluminum casting products prove to be a lot more suitable in terms of substitutes and have been used for a very long time. The properties of the recycling of the aluminum are showing results as it offers an economic benefit to the customer too as the costs are not passed on to the consumer. The lifespan of these vehicles see an increase too and the substitution of the traditional iron and steel cast is a big factor in the recent trends of the implementation of the lightweight component vehicles particularly in the automobile industry. There are protocols recently working in favor of the market as there have been protocols to favor aluminum casting as they are more climate friendly in comparison to their opponents.
The motor vehicles production also increased in the last few years and that has created opportunities all over the world for the growth of the aluminum casting industry. The manufacture of the products has been influenced greatly by the emerging economies such as China , Japan and India . These are countries which are experiencing a major increase in demand and the increasing production of the motor vehicles all over the world is going to boost the demand for the automobile industry usage of the aluminum casting.
Aluminum Casting Market: Segmentation Analysis
The global aluminum casting market has been segmented into the process and application. The Aluminum Casting Market is going to be dominated by the die casting process and has been getting the fastest growth rate. The extensive usage of this product in the automotive sector is going to make this segment be used in the different vehicle manufacturing. This is going to help in the construction sector too where it is going to be used in the mold cast drying. The aluminum casting market share is being dominated by this die casting process going forward as there is an increase in the construction work which is used for the creation of national properties in the world particularly in the developing countries.
The global aluminum casting market share on the basis of application has been dominated by the transportation over the building and construction and the industrial sectors. The reason for the growth has been its application and development in terms of the volume and values. The usage it has in the using of aluminum casting into big and small applications in the industry of automotive. The government laws have been getting into the stringent territory where the emissions are concerned. These are the vehicles which have the highest fuel efficiency too.
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The global aluminum casting market has been dominated currently by the Asia pacific market and it is also going to be growing at the highest rate in the market. There are countries like China , India as well as Japan which are contributing to the global aluminum casting market. The increase in the relevant industries in the construction and automobile sector. The market is going to be led in the Asia Pacific sector with the growth in the electric vehicle usage. The electric vehicles have found their home in China and the climate change considerations by the world put on the Asian countries has been driving the global aluminum casting market. The growth in infrastructure projects is also further developing in the market is driving the market of the aluminum casting.
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