Technology Innovations Continue to Boost the Functional Value & Commercial Significance of Industrial Castings

Continuous technology developments and innovations aimed at product improvements and the resulting expanding use in key end-use sectors such as automotive, heavy transportation, heavy industrial equipment and machinery manufacturing are poised to drive the global market for industrial castings to exceed 161.6 million metric tons by 2024.

Casting is an old manufacturing method, apart from forging and fabricating, used for shaping metals such as iron, steel, aluminum, magnesium, zinc and copper-based alloys, into various forms. Castings allow integration of several pieces into one single part and in the process eliminate the need for additional assembly and inventory and minimize the overall costs by as much as 50% as against machined parts. Size of castings range from small components such as jewelry and watch cases that weigh few grams, to huge & heavy systems such as marine diesel engines that weigh several tons. Fortunes of industrial castings market is directly dependent on health of industrial/manufacturing sector and level of production/manufacturing activity, which in turn are primarily dictated by overall health of economy, level of consumer spending on a range of goods, credit availability etc. Ferrous Castings continues to be largest product segment, while gray iron castings has been the most prominent category within the segment. Nonferrous Casting segment’s growth is attributed to the new processes and technologies in the manufacture of higher-value-added products, which continue to exploit new markets.

Automotive industry, one of the major end-use sectors for industrial castings, is witnessing capacity expansions and new machinery purchases, which indirectly drives market growth in industrial castings industry. Application of industrial castings in aerospace sector is prominent in aerospace engine structural castings, which are metal cast components used to host engine or other mechanical parts of the engine. The growing demand for and subsequent rise in production of a range of aircraft/locomotive parts and components is expected to provide industrial castings manufacturers the opportunity to expand business in the global aerospace/railway supply chain.

The rise in production of heavy manufacturing/industrial machinery, particularly those used in construction, oil & gas and mining industries is also expected to provide industrial castings market a major boost in the long-run. Rising investments in mechanization of agriculture in attempts to improve farm and labor productivity, is helping drive demand for metal castings used for producing a range of machinery parts and components used in production of such machinery.

Developing countries in Asia-Pacific and Latin America continue to lend significant traction to the global industrial castings market in the upcoming years, given the strong manufacturing set up established over the years. As stated by the new market research report on Industrial Castings, Asia-Pacific represents the largest market worldwide. The region is also forecast to emerge as the fastest growing market with a CAGR of 6.8 % over the analysis period. Growth in the market is driven by Mainland China and South East Asian countries, the new hub for industrial casting production, that provide a competitive edge over European countries in terms of low-priced mass production of cast metals.

Major players in the market include Alcoa Corp., Avalon Precision Metalsmiths, AvioCast Inc., Bradken Ltd., Doncasters Group, Doosan Heavy Industries & Construction, Esco Corp., Georg Fischer Ltd., GIW Industries, Inc., Great Lakes Castings LLC, Intercast & Forge Pty. Ltd., Kubota Corp., Meridian Lightweight Technologies, Pace Industries, Precision Castparts Corp., Titanium Metals Corp., Ryobi Ltd., and Shiloh Industries Inc., among others.

The research report titled “Industrial 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. Key product segments analyzed include Ferrous Castings (Gray Iron Castings, Ductile Iron Castings, Malleable Iron Castings and Steel Castings) and Non-Ferrous Castings (Aluminum Castings, Copper Castings, Magnesium Castings and Other Non-Ferrous Castings).

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