|Forecast Period :||2018-2026|
|Base Year :||2018|
|Leading Market Segments :||Permanent Mold Casting|
|Value in 2018 :||$48.05 Billion|
|Research covered :||100+ Countries|
Global Statistics Representing Aluminum Casting Market Scenario
Aluminum casting is lightweight, offers high dimensional stability for complex shapes and thin walls, good corrosion resistance, good mechanical properties, high thermal and electric conductivity, and retains strength at high temperatures.
In the automotive industry, aluminum casting is important, especially in reference to light metal body construction. Aluminum casting is now widely used in various applications; for instance, in the aerospace industry. Increasing demand for lightweight vehicles and new construction around the globe, due to rapid urbanization and industrialization are some of the key factors boosting the growth of the aluminum casting market. In the automotive sector, the demand for high-end cars with strong and resistant bodies has necessitated the use of effective aluminum casting. Furthermore, the light weight of aluminum casting helps manufacturers during the production process, which has also popularized aluminum casting across the world. Thus, advancements in the automotive sector are expected to propel the growth of the aluminum casting market.
Aluminum casting has gained popularity, owing to its impeccable features such as lightweight and high strength, which make it ideal for application in a multitude of industries. The automotive industry is one of the major end users of aluminum casting where it finds adoption due to the need to improve fuel efficiency by reducing vehicle weight and subsequently, reducing CO2 emissions. The transport sector significantly contributes to environmental pollution, and most auto-manufacturers are focusing on producing lightweight vehicles to reduce carbon emission. According to the United Nations Environment Programme, Partnership for Clean Fuel and Vehicles (PCFV) is the global public-private initiative promoting cleaner fuels and vehicles in developing countries. Seventy-three organizations from PCFV are focusing on lowering greenhouse gas emissions from road transport to achieve cleaner air, by combining their resources and efforts.
Trends in Aluminum Casting Market
The global aluminum casting market was valued at USD 48.05 billion in 2018 and is projected to reach a value of USD 97.87 billion by 2026, registering a CAGR of 9.3% during the forecast period, 2019–2026.
The aluminum casting market has been segmented on the basis of process, application, and region.
By process, the global market has been segmented into die casting, permanent mold casting, and sand casting. Permanent mold casting is a metal casting process that uses reusable molds, usually made of metals. The most common process uses gravity to fill the mold; however gas pressure or vacuum are also used. Sand casting, also known as a sand molded casting, is a metal casting process characterized by using sand as the mold material. It also refers to an object produced via the sand casting process.
Based on application, the market has been segmented into passenger cars, commercial vehicles, industrial, transportation, consumer products, and aerospace. The lightweight of aluminum casting has boosted its use in passenger cars, commercial vehicles, and industrial and transportation sectors, which in turn has been reducing the cost of these products. Increasing emission laws by government regulatory authorities and consumer demand for higher fuel-efficient vehicles are collectively driving the demand for aluminum casting in the transportation sector. Increasing demand and production of airplanes around the world has further surged the demand for aluminum casting in the aerospace sector.
Geographically, the aluminum casting market has been segmented into North America, Europe, Asia Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America has been dominating the aluminum casting market and is expected to retain its foothold during the forecast period, 2019 – 2026. In 2016, aluminum supply in North America, including inventory, was pegged at 11.97 billion kg, up 2.6% over 2015. In addition, in 2016, 34% of the aluminum was produced domestically, 37% was derived from recycled materials, and 27% was imported, according to a report published by the Aluminum Association in 2017.
The Europe aluminum casting market is expected to gain significant traction during the assessment period, 2019–2026. Players in Europe use aluminum casting to produce lightweight vehicles that are more energy efficient, in line with the prevailing environmental guidelines.
In Asia Pacific, the aluminum casting market in developing countries such as China, India, and Turkey are projected to register significant growth in the coming future. Raid expansion of applications such as automobile, heavy machinery, building and construction, and mass transportation is positively influencing the growth of the aluminum casting market in Asia Pacific. Among other developing countries, China and India are investing in infrastructure and manufacturing industries, which will drive the transportation sector in these countries and simultaneously augment the growth of the aluminum casting market. In India, aluminum is widely used in the automotive sector and recycling. The growth of the automotive sector has intensified focus on quality, especially in the area of casting.
The Latin America and the Middle East and Africa region is expected to witness healthy growth in the aluminum casting market during the assessment period, 2016–2019, owing to the region’s primary and secondary processing facilities to decrease transportation and storage costs and benefit from economies of scale.
Some of the prominent players in the aluminum casting market are Olson Aluminum Casting (U.S.), Rajeshi Industries (India), Turner Aluminum Casting Ltd (U.K.), Endurance Technologies Limited (India), Lotrobe Foundry Machine & Supply Company (U.S.), Circlr Gear & machine Company Inc. (U.S.), BrandonIndustries (U.S.), Samco Sales, Inc. (U.S.), P&H Metal Products Corp. (U.S.), CenTec Cast Metal Products (U.S.), Ultraray Radiation Protection (U.S.), Air/Flex Industries (U.S.), AFT Fastners (U.S.), Congress Drives (U.S.), Galvotec (U.S.), American Metal & Rubber, Inc. (U.S.), and MADDI Group Inc. (Canada).
Aluminum Casting Market Segmentation