|Forecast Period :||2018-2026|
|Base Year :||2018|
|Leading Market Segments :||High Pressure Die Casting (HPDC)|
|Value in 2018 :||$18.81 Million|
|Research covered :||100+ Countries|
Global Statistics Representing Metal Casting Market Scenario
Global metal casting market was valued at USD 18.81 million in 2018 and is expected to reach USD 37.18 million by 2026 at a CAGR of 8.89 % during the forecast period, 2019–2026.
Metal casting market is growing with the tremendous rate as there is imminent demand from emerging sectors. Metal castings is used in wide array of industries such as transport, heavy equipment, machine tools, plant machinery, defense, electrical equipment machines, hardware, household, art objects, and others. Transport and heavy equipments are the predominant consumers for metal casting market, such that producing 50% of the casting. Moreover, a body assembly component in vehicle manufacturing is the key growth factor for the metal casting market.
Increasing vehicle production, rising demand for light weight vehicles, and growing stringency in emission & fuel efficiency guidelines are projected to drive the metal casting market growth during the forecast period. According to the International Organization of Motor Vehicle Manufacturers, over 97.3 million vehicles were produced in 2017, which is expected to increase in the near future.
With the increasing adoption of X-ray casting defect recognition system, the global metal casting market is expected to witness significant growth during the forecast period, 2019–2026. Furthermore, the technology such as digital imaging and digital radiography allow process inspector to detect any casting error, which is likely to push the metal casting market growth. As per the U.S. Department of Energy, the use of lightweight casting materials namely magnesium and aluminium alloy can reduce the weight of body & frame up to 50%. This is further helping the manufacturers to meet the stringent emission and fuel efficiency targets set by the European Union (EU) and the U.S. Environmental Protection Agency (EPA).
Global metal casting market is segmented by process, application, material type, components, and end user.
On the basis of process, High pressure die casting (HPDC) segment is likely to be the fastest growing segment in the market. This is attributed to process advantages such as shorter cycle time, excellent finished products, higher dimensional accuracy for larger and complex parts, and best fit for mass production.
On the basis of application, the major body assembly components that use metal casting procedure for manufacturing cross car beam, seat frames, front doors, alloy wheels. Furthermore, the huge contribution of body assembly in overall vehicle weight and increase use of lightweight resources in body assembly components are the major factor which may raise the demand of product.
On the basis of material type, aluminum is expected to hold the largest share of market owing to its durability and provide greater fuel efficiency, better handling, acceleration, and braking. According to, European Aluminium Association, the standard aluminum content in a passenger car was approximately 150 kg in 2015. Moreover, the engine and transmission parts together contribute to 36%, while wheels owned 20%. The same study suggests that aluminum content is projected to reach 180 kg by 2020. Furthermore, increase in demand for aluminum cast components for power trains and body assemblies are thus projected to rise in the forecast period, which is expected to drive the market.
On the basis of components, metal casting market is segmented into alloy wheels, battery housing, cross car beam, clutch casing, crank cases, cylinder heads, engine block, differential cover housing, engine mount, flywheel housing, front door and rear door frame, exhaust & intake manifold, gearbox housing, ignition & lock housing, transmission housing & turbocharger housing, and others. Engine block segment is likely to hold the major share in the market, due to its light weight property.
On the basis of end user, automotive segment is expected to hold the major share in market owing to growing vehicle production, increasing trend for light weight vehicles and growing stringency in emission & fuel efficiency regulations. As per Organisation Internationale Constructer Automobiles (OICA) statistics, passenger cars segment accounted for 75.9% of the total vehicle production in 2016.
Geographically, global metal casting market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia Pacific is expected to lead global metal casting market in 2017 owing to increasing production of passenger cars and electric vehicles. China is likely to hold leading automobile market in vehicle production as well as sales. According to International Organization of Motor Vehicle Manufacturers (OICA), China, along with Japan and India, accounted approximately 44% of the global vehicle production in 2016. Furthermore, as per the World Bank statistics, the per capita income in China and India increased by almost 68% and 14%, respectively from 2010 to 2015. The rise in income is expected to raise the sales of medium and premium end vehicles, which in turn would boost the demand for aluminium and magnesium cast components in the region.
Europe is expected to witness significant growth for metal casting market owing to the new technology implementations in the automotive sector. Moreover, automotive sector developments in Europe is mainly in Germany which includes lightweight components, cast substitutions and advance development of composite structural parts.
North America is likely to be the developing region for metal casting market. The major trend witnessed in metal casting machinery market in North America is the casting process which incorporates simulation technology. This simulation technology helps in producing reliable, high-precision, and cost-effective components through the casting method, which increase the market in North America.
Middle East & Africa is expected to hold least share of metal casting market owing to poor track record of technology implementations. Moreover, there is growth in automotive industry in Africa which leads to the raise in metal casting. Although the future market development of metal casting market can be expected as there is low cost for raw material and low labor costs.
Latin America is likely to displays sluggish growth in the market, as only three countries have an established foundry industry as there is lack of electric power, raw materials, and well-trained manpower.
Some of the key players in global metal casting market are Nemak (Mexico), Rheinmetall Automotive (Germany), Ryobi Limited (Japan), Alcoa Corporation (U.S.)G-F- Automotive (CA), Dynacast (U.S.), Endurance (India), Ahresty Wilmington Corporation (Japan), , GIBBS (U.S.), Aisin Automotive Casting (U.S.),and THOSHIBA MACHINE Co. LTD (Japan).
Metal Casting Market Segmentation
By Material Type
By End User