Press release
Aluminum Castings Market to reach $ 40.14 Billion by 2025 End
A copious number of players – regional and international – are trying to surge one another using multi-pronged strategies in the fragmented aluminum castings market. They are banking on their diversified product portfolios. Another area of focus for people has been working to improve profit margins.
The market for aluminum castings is primarily bolstered by the automotive sector which is increasingly supplanting steel with aluminum on account of its light weight and high strength. A prominent trend in the market is the uptake of recycled aluminum on the back of stringent regulations on waste reduction and the major cost reduction.
5.2% CAGR during the period between 2017 and 2025. At this rate, the market which valued at US $ 25.23 bn in 2016, is projected according to a research study by Transparency Market Research to reach US $ 40.14 bn by 2025.
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Secondary Aluminum Lake Massive Adoption Owing to Their Cost Benefits
Depending on the source of aluminum castings, their market can be broadly split into primary and secondary. Volume and value – in the market in the next couple of years. The CAGR of 4.5% during the forecast period. Recycled aluminum is reduced to 90.0% without compromising on the quality of the product.
There are various casting processes used in the market, namely permanent mold casting, casting, and sand casting. Of them, the segment of the segment is seeing widespread uptake. This is because of a flourishing automotive industry that uses aluminum castings made by the process. The process helps to create accurate dimensions in products and can be used in mass production as well. 5.0% CAGR over the course of the forecast period.
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Application-wise, the global aluminum casting market can be broadly bifurcated into the automotive and non-automotive segment. Of the two, the automotive segment can be further segmented into commercial vehicles, passenger cars and LCV, and motorbikes. The non-automotive segment can be further divided into industrial, infrastructure, etc. Automotive industry, decidedly, is at the forefront of driving the demand for aluminum castings since it is lightweight compared to steel and thus helps to bring down the weight of the entire vehicle making it fuel efficient.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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