Automotive Metal Casting Market Revenue to Surpass USD 2,01,329 Million by 2030
Research Reports
Oct 18, 2023
Market Research Future (MRFR) report on the global automotive metal casting market is a critical evaluation that offers a succinct overview of the market. The study covers the COVID-19 analysis of the global automotive metal casting market and offers a comprehensive and reliable illustration of market segments, recent trends, growth estimates, and market challenges from 2017 to 2023 (forecast period) with a view to identifying economic opportunities.
Metal casting processes have been practiced for thousands of years. They are commonly used for preparing sculpture, particularly in bronze, jewelry in precious metals, and weapons and tools. Casting is a process in which a liquid metal is put into a mold that contains a hollow shape. The global automotive industry is growing rapidly. Metal casting is often used to make complex automotive structures and shapes that would be unworkable by other methods. Globalization, digitalization, and intense competition are changing the face of the metal casting industry.
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Market Dynamics
The automotive metal casting market has seen a significant surge, primarily due to the current hype of mobility services, autonomous driving, digitization, and electric powertrains that dominate the automotive industry. With the boom in automotive production, the automotive chassis and exteriors worldwide have made a significant contribution to the growth of the automotive metal casting industry. Weight reduction in vehicles is another significant market trend that is expected to fuel demand, with manufacturers opting for lightweight materials to ensure a reduction in emissions. As a consequence, the use of lightweight materials like aluminum, magnesium, and zinc in the automotive industry has increased. With significant manufacturers and suppliers in the automotive sector competing globally, the level of competition within the automotive industry has grown.
Such intense competition involves numerous manufacturers and suppliers across the supply chain to develop high-quality metal casting solutions to grow their market share.
However, fluctuating metal prices are projected to be a significant retraining factor in the automotive metal casting industry. Increased demand for steel is directly proportional to the rising demand for automobiles worldwide.
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Market Segmentation
The global metal casting market has been segmented based on application and materials.
On the basis of application, the global metal casting market has been segmented into body assembly, engine, and transmission.
On the basis of materials, the global metal casting market has been segmented into aluminum casting, cast iron, magnesium casting, and zinc casting.
Regional Analysis
By region, the global metal casting market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The automotive metal casting market is currently expanding in the Asia Pacific region. Rapidly growing vehicle production in this area is one of the key drivers. Improving infrastructure in this region, coupled with improving living standards, has had a positive effect on the automotive industry as a whole. In addition, there has been a global shift in the Asia Pacific region, creating opportunities for major manufacturers in the market in the form of tax cuts and government subsidies. The availability of cheap labor in this area was also a critical factor in the automotive metal casting industry. China is a crucial driver of development, as its body safety structures are expected to be adapted to European standards, including the broader use of metal casting components.
The other two leading regions are North America and Europe, primarily due to the established automotive industry. Major manufacturers in this area are also a primary driver for the automotive metal casting industry. Massive investment in research and development allows manufacturers in this area to develop new techniques and products to take advantage of potential market trends. The production of lightweight material to address the problem of high emission rates has been a critical trend in this area.
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Key Players
Notable players in the global automotive metal casting market are Nemak (Mexico), Ryobi Limited (Japan), Ahresty Corporation (Japan), Rheinmetall Automotive (Germany), GF Automotive (Switzerland), and Dynacast (U.S.).
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