Metal casting market, size and segmentation by material type (cast iron, aluminium, stainless steel, zinc, magnesium, carbon steel, high carbon steel alloys, etc.) by process type (sand casting, die casting, shell, gravity casting, vacuum casting) Foundry market, investment casting, other) World market forecast by end use regions, 2022–2028
Pune, Maharashtra – (SBWIRE) – Aug 13, 2022 – The global market for metal castings was estimated at US$30.56 billion in 2021 and is expected to reach US$52.38 billion by 2028 and grow at a rate $8.0 over forecast period % CAGR Growth 2022-2028. The method of metal casting consists in pouring molten metal into a hollow vessel of a given geometry with the formation of a solidified product. There are many reliable and efficient materials for metal casting including copper, zinc, aluminium, steel, ductile iron, gray iron and aluminium. Metal casting technology offers many benefits, including improved energy efficiency, reduced production costs, improved environmental health, and the development of new molded products. With these advanced casting techniques, foundry researchers are able to produce defect-free castings, which also allows them to delve into the phenomena associated with new casting process parameters.
Driving Forces, Constraints, Opportunities and Challenges Leading manufacturers are expected to release simulation-based product options to reduce operating costs and waste, thereby stimulating the metal casting market during the forecast period. Additionally, the growing investments in R&D operations to manufacture lost foam casting equipment and computer-based visualization to generate alternative molding methods are operating as key growth-inducing elements. Additionally, the growing investments in R&D operations to manufacture lost foam casting equipment and computer-based visualization to generate alternative molding methods are operating as key growth-inducing elements. In addition, growing investment in R&D for gasified pattern casting equipment and computer visualization to create alternative casting methods are key growth drivers. In addition, increased investment in R&D for the production of gasified pattern casting equipment and computer visualization to develop alternative casting methods are key drivers of growth. Tighter emissions regulations have forced automakers to look for new ways to improve fuel efficiency through innovation in powertrain technology and weight reduction in transmissions, suspensions and body panels. Due to deteriorating environmental conditions, manufacturers have developed simulation-based castings to reduce waste and operating costs.
Impact of the COVID-19 Pandemic The COVID-19 outbreak has significantly affected the metal casting market. Demand for this product is experiencing a major shock in several end markets due to global supply chain disruptions and changing levels of competition between growers and manufacturers. The global chemical industry is currently running a surplus due to insufficient demand. Restrictions on movement appear to have immediate and immediate effects, and everything is expected to return to normal once enforced social distancing is lifted.
Market by material type 1. Cast iron 2. Aluminum 3. Stainless steel 4. Zinc 5. Magnesium 6. Carbon steel 7. High alloy steel 8. Others
By Process Type 1. Sand casting 2. Injection casting 3. Shell casting 4. Gravity casting 5. Vacuum casting 6. Investment casting 7. Other
By end use 1. Automotive and transport 2. Construction 3. Mining 4. Equipment and machinery 5. Consumer goods 6. Other
By type, the pig iron market occupies the largest market share. It is expected that most of the demand in this segment will come from emerging markets, in particular, oil and gas, construction and automotive industries. Investors are likely to continue to focus on finished castings. Gravity casting and light alloy die casting are two of the oldest metalworking processes. The market is expected to take a large market share during the forecast period due to the demand for low cost lightweight parts in various industries, especially aerospace. With fast casting cycles, perfect surface preparation and the possibility of automation, high pressure casting technology currently dominates the industry. In terms of end use, the largest application of metal casting is in the automotive and transportation industries, and this trend is expected to continue in the next few years. Over the past few years, global car production has shown a slow but growing trend. Growth in the industrial sector is expected to be driven by the development of manufacturing in China and other developing countries.
Regional Analysis The Asia-Pacific region is currently the largest and fastest growing metal casting market and is expected to maintain this position in the coming years. An important factor in the expansion of the housing and infrastructure sector is the trend towards urbanization in China and India. First-time homebuyers receive financial support and are encouraged to develop the architecture and design industry. The needs of the foundry industry are favored by the opportunities and support provided by many governments to meet the housing needs of a growing population. Other factors driving growth in the region include rising disposable income, increasing consumer awareness of cars, and increasing preference for cars with more powerful engines.
Competitive Landscape Outlook Some of the prominent players in the metal casting market include Aisin Automotive Casting, LLC, Ryobi Limited, Georg Fischer Ltd, Ahresty Corporation, Dynacast, Endurance Technologies Limited, Nemak, and MINO Industry USA, Inc.
Contents 1. Introduction 1.1 Market Definition 1.2 Scope 1.3 Research Assumptions 2. Research Methodology
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Post time: Aug-17-2022