Overview:
Market Research Future (MRFR) in their recently published article on the Global Aluminum Castings Market predicted a surpassing of USD 92.8 billion mark by the end of 2023. The forecast period (2017-2023) of the market would see a rise of 7.56% CAGR. Aluminum Castings are preferred across industrial verticals owing to their range of applications. The non-ferrous metal finds intense use in transportation, packaging, and in the production of other consumer goods. Aluminum has low density and is highly durable against corrosive products. Along with such features, its easy workable conditions make it the choicest option for many verticals. The recent report published by MRFR encompasses segments of the Aluminum Castings Market with great detail and covers factors for a comprehensive understanding of the market.
Aluminum’s several utilities in the automotive sector and defense can provide the market significant market traction during the forecast period. The lightweight component has gained a reputation in military-grade weapon system manufacturing which ensures its intake in defense. As a lightweight component, it also reduces the fuel consumption of vehicles owing to which the automotive sector is showing a keen interest in the component. The aluminum castings market can further enjoy traction from the construction sector where its use as an important structural component can boost the market scenario in the coming years. Urbanization is also impacting the aluminum castings market significantly by giving rise to associated sectors. But adoption of magnesium alloy can deter the expected market growth during the forecast period.
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Segmentation:
MRFR segments the Global Aluminum Castings Market by End-Use Industry and process for a holistic understanding of the entire market.
Based on the End-Use Industry, the Aluminum Castings Market can be segmented into building & construction, industrial, transportation, and others. The transportation sector is gaining the most out of this. The building & construction segment can also witness considerable growth during the forecast period.
Based on the Process, Aluminum Castings Market can be segmented into die casting, sand casting, and permanent mold casting. Cost-effectivity makes die casting the most preferred segment and also it is ideal for large volume production.
Regional Analysis:
MRFR, geographically, segments the Global Aluminum Castings Market into five distinct regions like North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
North America is raising the bar for other regions by gaining the maximum market share. Its well-structured defense and construction sector can provide a substantial boost to the regional market. The automotive sector is also getting revamped which is a positive sign for the regional market.
Europe’s robust automotive sector can boost the market significantly. The region is benefitting from the participation of the developed countries such as the U.K., France, and Germany. The APAC region can also expect extraordinary growth due to the increasing uptake of the component by mushrooming industries.
Several developing countries in the region are revamping their economies owing to which industrial growth is getting better. In addition, the automotive sector is booming in the region. These factors can make the APAC region a significant player in the market.
The MEA market can expect moderate growth due to the presence of several poor economies in the region.
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Competitive Landscape:
Major companies to impact the Aluminum Castings Market as per the report of MRFR are Nemak S.A.B. de C.V. (Mexico), Alcoa Corporation (USA), Alcast Technologies Ltd. (Canada), Aluminum Corporation of China Limited (China), Arconic Inc. (USA), Endurance Technologies (India), Gibbs Die Casting Corp (USA), Dynacast Charlotte (USA), Martinrea Honsel (Germany), Rio Tinto (UK), Kaiser Aluminum (USA), Rockman Industries Ltd. (India), and Ryobi Limited (Japan).
In 2018, Dupont launched Vespel that can withstand temperature excursion up to 540°c in manufacturing processes that involve aluminum die casting. The product would help in improving durability and simplifying the manufacturing process.
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