The Global Aluminum Castings Market is Projected to Reach 25.5 Million Tons by 2024
Growing Demand for
Lightweight and Energy Efficient Products Drives the Global Aluminum Castings
Market, According to a New Report by Global Industry Analysts,
Inc.
GIA
launches comprehensive analysis of industry segments, trends, growth drivers,
market share, size and demand forecasts on the global Aluminum Castings market.
The global Aluminum Castings
market is projected to reach 25.5 million tons by 2024, driven by the escalating
demand for lightweight and energy efficient components in industries such as
transportation, consumer appliances and industrial equipment, among others.
Metal
castings are important manufacturing processes that are critical to the
production of a range of manufactured parts and finished goods. Metal castings
including aluminum castings will experience steady demand, supported by demand
for manufactured durable goods such as automobiles, computers, and construction
equipment, among others. Aluminum represents the metal of choice in castings
where stiffness, strength, durability, corrosion resistance and formability
coupled with lightweight are major requirements. Global market for aluminum
castings is experiencing stable growth, supported by the increasing use of
aluminum in an expanding range of applications due to its high tensile
strength, corrosion resistance, lightweight features, high electrical &
thermal conductivity, and higher stability for complex shapes.
The
emergence of new applications also bodes well for the aluminum castings market.
Growing demand for lightweight and energy efficient components from automotive
and consumer appliances industries, and increasing investments in electronics,
construction, mining and aerospace and defense sectors present considerable
opportunities for aluminum castings market. The intensifying efforts to expand 4G networks and launch 5G networks are
driving demand for aluminum castings in the telecommunications industry.
Aluminum casting market is influenced by the stable growth in the global
economy and the industrial and manufacturing activity being seen in high-growth
emerging economies specifically in China and India. Sustained advancements in
technology associated with casting automation will also fuel demand for
aluminum castings in the coming years.
The
transportation industry represents the dominant consumer of aluminum castings.
Body parts and components for automobiles, aircrafts, helicopters, naval,
commercial marine, rail, trailers, cars, trucks and other vehicles are major
applications of aluminum castings in the transportation sector. Automotive
industry contributes significantly to the growth of the aluminum industry, due
to the strong demand for lightweight vehicles offering higher fuel efficiency
and reduced carbon dioxide emissions, without compromising on strength,
performance and structural integrity. The increasing focus of the auto industry
on reducing vehicular weight and lowering CO2 emissions to improve fuel
efficiency is enhancing the use of lightweight aluminum products as replacements
for iron and steel products used in the industry. The market is also expected
to benefit immensely from the shift towards aluminum over steel and iron
products among automakers.
As
stated by the new market research report on Aluminum Castings, Asia-Pacific represents
the largest regional market, worldwide. Asia-Pacific is also forecast to
register the fastest CAGR of 7.3% over the analysis period. The growing use of
aluminum castings in a range of applications including automotive, mass
transportation, heavy machinery, and building & construction industries is
driving growth in the region. Strong manufacturing activity, steady economic
development, growing automotive production, expanding population, growth in
personal income and spending power, booming consumer demand for
high-performance appliances and electronic devices, and relocation of
manufacturing plants to low-cost economies of China and India represent key
growth drivers in the region.
Major
players in the market include Alcast Company, Alcoa Corporation, Bodine
Aluminum Inc., CAF innovative Shapecasting™, Cosma International Inc.,
Consolidated Metco Inc., Dynacast International Inc., Endurance Technologies
Limited, Gibbs Die Casting Corp., Martinrea Honsel Germany GmbH, Nemak S.A. de
C.V., Pace Industries, Rochester Aluminum Smelting Canada Ltd., Rockman
Industries Ltd., and Ryobi Limited, among others.
The
research report titled “Aluminum Castings: A Global
Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market
trends, issues, drivers, mergers, acquisitions and other strategic industry
activities of global companies. The report provides market estimates and
projections for all major geographic markets such as the US, Canada, Japan,
Europe (France, Germany, Italy, UK, Spain, Russia and Rest of Europe),
Asia-Pacific (China, India and Rest of Asia-Pacific), Latin America (Brazil and
Rest of Latin America) and Rest of World. Global and regional markets for
Aluminum Castings are further analyzed by the end-use segments – Transportation
(Passenger Cars, Commercial Vehicles and Others) and Consumer/Industrial
(Consumer Appliances and Others). The report also analyzes the global Aluminum
Castings market by Casting Method - Permanent Mold, Diecasting and Others, for
the regions US, Canada, Japan, Europe, Asia-Pacific, Latin America and Rest of
World.
For
enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
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