Casting a Strong Foundation: Key Drivers and Growth Potential in the Metal Casting Industry to 2030
Research Reports
Jul 11, 2023
Insights from future market research
In 2022, the size of the metal casting market was estimated at USD 345.5 billion. From USD 372.44 billion in 2023 to USD 584.49 billion in 2030, the metal casting market sector is predicted to expand at a compound annual growth rate (CAGR) of 7.80%. (2022 – 2030). The development of the primary end-use sectors and the increasing demand for aluminium from the automotive industry are the primary market factors accelerating market growth.
Any desired 3D metal form may be produced for a variety of products by employing cut-out moulds and metal casting. Besides with making railway wheels and automobile components, it is also used to produce light posts, bus pedals, and other items. The top three suppliers of metal castings are China, India, and the United States. A common and important phase in the production of many products is casting. Around 90% of all durable items are produced through casting of multiple pieces. In addition to the automotive, construction, and mining sectors, a few other industries, such as defence, agricultural, oil & gas, aerospace, railroad, healthcare, and transportation, also use metal casting extensively in the manufacturing of various parts.
Moreover, the rising field of additive manufacturing, sometimes known as 3D printing, will displace a number of current die metal casting techniques. Investments in 3D printing yield outcomes that are more potent and realistic than those in die metal casting. With the help of technologies in power-based additive manufacturing, any type of silicone, composite material, metal, plastic, and sand may now be printed. Demand for metal casting is being restrained because it gives producers the flexibility for flexible designing, quick prototyping, waste minimization, lightweight and robust components, simple access, and cost-effectiveness.
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Hence, rising manufacturing industry demand has increased the CAGR of the metal casting market globally in recent years.
Nonetheless, global revenue growth for the Metal Casting market is anticipated to be driven by technological breakthroughs, disruptions, shifting consumer tastes, and a quick rise in disposable income.
Regional Perspectives on Metal Casting
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. The Asia-Pacific Metal Casting Market is anticipated to develop at a substantial CAGR during the study period and is predicted to reach USD 145.23 billion in 2022. I controlled 45.70% of the market. Asia Pacific is the best location for firms to establish production facilities since there are competent labour there at reasonable prices.
Moreover, the Asia-Pacific region’s metal casting industry had the greatest growth in India, while China held the highest market share. The United States, Canada, Germany, France, the United Kingdom, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil are other significant nations included in the market analysis.
The second-largest market share for metal casting is held by Europe. The growing industrial sector and the development of corporate activities in logistics are driving up demand for commercial vehicles across Europe. This in turn acts as one of the key forces for market growth. Moreover, the UK metal casting market grew the quickest in the European area, while the Germany metal casting industry had the biggest market share.
The North American Metal Casting Market is estimated to have steady revenue growth throughout the course of the forecasted year. vehicles and heavy equipment used in construction and agriculture. Metal casting is used to manufacture anything from vehicles to motors to railway carriages. This is important to the procedure. Moreover, the US Metal Casting market had the biggest market share, while the Metal Casting market in Canada was expanding at the quickest rate in the area.
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Insights into the Metal Casting Market Sector
Types of Metal Casting Material: Information:Cast iron, aluminum, stainless steel, zinc, and magnesium are the different material types used to segment the metal casting industry. The largest portion of overall income came from the cast iron sector.
Cast iron is a combination of carbon, silicon, manganese, and other impurities including phosphorus and sulfur that are used in lost foam casting or sand casting. Cast iron is also used in machines, pipes, industry parts for automobiles, gearbox cases, and cylinder heads; these are the major contributors in terms of the Metal Casting market revenue due to its lower melting point, castability, good fluidity, machinability, deformation resistance, wear resistance, and other properties.
Details of the Metal Casting Process: Sand casting, die casting, shell mold casting, gravity casting, and hoover casting are among the process-based market segments for metal casting. The sand casting came at the top in 2021 for revenue share. The casting process lowers tool costs, permits the recycling of waste, and enables the use of various metal component sizes to create intricate shapes. Pistons for air compressors, impellers, blowers, bearings, cams, engine oil pans, gears, valves, screw nuts, and components for mining equipment are all made using sand casting. These programs are probably going to aid in the anticipated increase in income for the segment. The die-casting category is predicted to see a modest revenue increase over the course of the forecast period. Throughout the forecasted period, it is estimated that the hoover casting market will expand moderately in terms of revenue. In the car sector, this casting procedure is often used. This casting process results in a few small numbers of usable parts. Hence, increasing development in these categories has a beneficial effect on the market expansion.
End-Use Industry Insights for Metal Casting
The end-use industries for automotive & transportation, building & construction, mining, equipment & machine, and consumer goods have been divided up in the metal casting market statistics. The category for automobiles and transportation had the highest revenue share in 2021. The global automobile industry is the largest market for metal-casting components. Lightweight die castings are becoming more and more popular in the automotive sector because to the growing need for the manufacturing of numerous tiny parts for buses, automobiles, trucks, and other vehicles. In addition, the aviation industry requires intricate, lightweight, and high-tensile structural components. The manufacturing of light, fuel-efficient aircraft is stimulated by die casting using aluminum and magnesium.
The expansion of the automotive sector quickly and the wide variety of applications are expected to drive this segment’s revenue growth.
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Key Vendors:
Alcast Technologies, Dynacast, ArcelorMittal, POSCO, Reliance Foundry Co. Ltd are some of the major players.
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