June 07, 2022 09:30 ET | Source: AstuteAnalytica India Pvt. Ltd. AstuteAnalytica India Pvt. Ltd.
New Delhi, June 07, 2022 (GLOBE NEWSWIRE) -- According to the study undertaken by Astute Analytica the global aluminum casting market is anticipated to register a CAGR of 6.8% during the forecast period 2022-2030. The global aluminum casting market was valued at US$ 61.3 bn in 2021 and is forecasted to reach US$ 108.6 bn by 2030. In terms of volume, the market is estimated to record a growth at a CAGR of 6.1% during the forecast period.
Aluminum casting is a type of metalworking process that involves pouring liquid metal into a mold or form, that has been shaped by a pattern of the desired final product. Some of the common molding methods for producing castings are die casting, permanent mold casting, investment casting, and sand casting.
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Aluminum casting plays a major in the automobile industry, the industry is the largest user of aluminum casting. Aluminum die casting is heavily used in making vehicle chassis, wipers, and some intricate components of the braking assembly of vehicles. However, one of the main factors that are challenging the aluminum casting market growth in the automotive industry is the magnesium alloy. As magnesium alloys are 30% lighter than aluminum, they can help to decrease the weight of vehicles and can help to reduce fuel consumption.
Iron product segment dominates the market and is projected to maintain its dominance over the forecast period, by growing at a CAGR of 7.1%. Most iron casting manufacturers combine casting along with another process that tends to be more efficient or better suited for the requirements of a particular project. In terms of distribution channel, OEM is the most favored channel in the market.
North America holds the third-largest share in the Global Aluminum Casting Market in 2021
In North America region, the US holds the maximum share in 2021 and the automotive industry is the largest user of aluminum casting. The majority of products produced by die casting companies in the US are for the automotive and construction industries. According to the report of the Aluminum Association, over US$ 3.50 billion of aluminum die castings were shipped by American die casting plants in 2019, as compared to US$ 3.81 billion in 2018. Due to Covid-19, the shipments declined in 2019 and 2020.
Germany dominates the Europe Aluminum Casting Market
Germany is the highest shareholder country in the Europe Aluminum Casting market, accounting for 20.2% share in the market. Germany has one of the most refined aluminum die casting industries. However, the with car production and sales in Germany have been hard hit by the Brexit thereby, slumping the by US$ 18.40 bn (£14.64 bn) in 2021. This can have a drastic effect on the Germany Aluminum Casting Market as the automotive sector is the highest end-user of the industry.
Asia Pacific holds the maximum share in the Global Aluminum Casting Market
Asia Pacific is estimated to register the fastest CAGR during the forecast period due to the presence of some of the most well-known technology-enabled metropolises in the region which include China, South Korea, and Japan. China is the major driving country for the large-scale import and export of primary aluminum from the Asia Pacific to western countries. China's annual aluminum output rose 4.8% from the previous year to a record in 2021, reaching 38.5 million tonnes. In India, the auto-component industry holds up to 7% of India’s GDP and supports or employees as many as 19 million people. Many western and top Asian (China, Japan, and South Korea) companies are now looking at India for Components & Part Designing.
Die casting segment has the highest CAGR in the Middle East & Africa Aluminum Casting market
Most of the aluminum casting is used in the automotive and construction sector. According to the Automotive Production Development Plan - Vision 2020, South Africa plans to produce over 1.2 million vehicles, which can open many favorable opportunities for the aluminum casting market in South Africa where most of the aluminum casting is done for body panels. With the increasing demand for aluminum wheels in the South Africa automotive industry, the demand for aluminum casting has increased significantly.
Brazil is the highest shareholder in South America Aluminum Casting Market
According to Brazilian Foundry Association (ABIFA), the aluminum casting market is largely driven by the automotive sector. Over 1,043.5 MT of aluminum casting was produced in 2021. The growth of the foundry market in Brazil is the main propellor for both automotive and aluminum casting markets in South America. According to LK group, a Hongkong-based designer and manufacturer of die casting machines, Brazil is one of the most important primary die casting product suppliers. It holds 10th rank in the world for total die casting product volume. It is home to over 1170 die casting companies and 57,000 die casting personnel. As die casting holds a major share in the market, owing to the increasing production volume in Brazil, it is playing an important role in the die casting industry among BRICS countries.
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Segmentation Overview of the Global Aluminum Casting Market
The following are the different segments of the Global Aluminum Casting Market: -
By Product Segment of the Global Aluminum Casting Market is sub-segmented into:
By Material Segment of the Global Aluminum Casting Market is sub-segmented into:
By Industry Application Segment of the Global Aluminum Casting Market is sub-segmented into:
By Region Segment of the Global Aluminum Casting Market is sub-segmented into:
To gain more insights into the market with a detailed table of content and figures, click here: https://www.astuteanalytica.com/industry-report/aluminum-casting-market
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