Press release
Metal Casting Market Projected to Reach USD 119.15 Billion by 2029, with a CAGR of 18.9%
Metal Casting Market
The Metal Casting Market report offers an in-depth analysis of the global market, focusing on the metal casting process, materials, and applications. The research methodology combines primary and secondary data sources to provide insights into trends, market drivers, restraints, opportunities, and challenges at both global and regional levels.
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What are Metal Casting Market Dynamics?
Benefits of Metal Casting: The method of forming solidified parts through the pouring of molten metal into specific shapes is driving growth. Materials like grey iron, ductile iron, aluminum, steel, copper, and zinc are being utilized effectively in the process.
Wide Applications: Cast metal products are integral to 90% of manufactured goods, ranging from household appliances to crucial components for vehicles and aircraft.
Environmental Considerations: The recyclability of materials like aluminum is gaining importance as deconstruction becomes a preferred option over demolition.
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Metal Casting Market Segmentation?
The Metal Casting Market is analyzed based on process, material type, vehicle type, and application. The report highlights trends and projections for each sub-segment from 2023 to 2029.
The market is divided into four sub-sectors based on material type: aluminum, cast iron, magnesium, and zinc, as well as others. In terms of volume, the iron casting industry held a 70.2% share of the market in 2022. The majority of demand in this field is anticipated to come from emerging markets, particularly in the oil and gas, construction, and automotive industries.
The market is further divided into four categories: Automotive & transportation, Industrial, building & construction, and Others. The automotive and transportation sector is anticipated to expand at a CAGR of 5.4% from the projection period to 2022. Global car manufacturing has been increasing slowly but steadily over the past few years. The International Organization of Motor Vehicle Manufacturers forecasts a 2.5% increase in global automotive output in 2022.
Who are Metal Casting Market Key Players?
1. Nemak 2. Ryobi Limited 3. GF Automotive 4. Rheinmetall Automotive 5. Ahresty Corporation 6. Dynacast 7. Endurance 8. Mino Industrial 9. Aisin Automotive Casting 10. Gibbs Die Casting 11. Georg Fischer Ltd 12. Precision Castparts Corp 13. Alcast Technologies 14. FORCEBEYOND 15. Reliance Foundry Co. Ltd
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Regional Insights:
Asia Pacific: Leads the market due to rising internet and smartphone adoption, coupled with increasing disposable income and urbanization. Countries like China, India, and Japan are driving the market's expansion in the region.
North America: Expanding steadily as consumer demand for quality products at competitive prices drives B2C cross-border transactions.
Europe: Continues to see growth, with governments easing regulations and an emphasis on waste heat recovery.
Latin America: Experiencing growth due to rising internet penetration and a shift towards online shopping.
Middle East & Africa: Government relaxation of regulations and increasing consumer and business expenditure support market expansion.
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