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Aluminum Castings Market Predicted to Reach USD 171 Billion at a 6.2% CAGR by 2033

10-12-2023 04:42 AM CET | Industry, Real Estate & Construction

Press release from: Fact.MR

Aluminum Castings Market

Aluminum Castings Market

The Aluminum Castings Market in United State is host to a collection of prominent industries and top-tier manufacturers worldwide. This factor stands as a key driver that will boost the shipment of aluminum castings in the country in the years ahead. The increasing demand for aluminum castings from various sectors is drawing the interest of international aluminum casting providers.

According to a recent research report by Fact.MR, the worldwide aluminum castings market is presently valued at a significant US$ 93.5 billion in 2023, with a promising outlook to attain US$ 171 billion by 2033. The report predicts a strong compound annual growth rate (CAGR) of 6.2% over the next ten years in terms of global aluminum castings demand.

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In a world increasingly conscious of environmental impact and fuel efficiency, the automotive industry is experiencing a profound transformation. One of the key strategies driving this change is lightweighting, and at the forefront of this movement is the growing utilization of aluminum castings. With the demand for lighter and more fuel-efficient vehicles on the rise, the aluminum castings market has witnessed impressive growth.

Utilizations of Aluminum Castings for Automotive Lightweighting

1. Engine Components: Aluminum castings play a pivotal role in the production of engine components. Their lightweight properties reduce the overall engine weight, leading to improved fuel efficiency and reduced emissions. Additionally, aluminum's exceptional thermal conductivity aids in effective heat dissipation, a critical factor for engine performance.
2. Transmission Housings: Aluminum castings shine in the realm of automotive transmission systems. Substituting traditional materials with aluminum lessens the transmission's weight, resulting in smoother gear shifts and enhanced fuel economy.
3. Suspension Components: The usage of aluminum castings is on the rise in the manufacturing of suspension components like control arms, knuckles, and subframes. Lighter suspension components enhance ride quality and handling.
4. Structural Components: Modern vehicles now incorporate aluminum castings in structural components such as shock towers and chassis parts. These advancements in design and manufacturing techniques contribute to an overall reduction in weight and improved safety.
Market Growth and Future Outlook

The aluminum castings market has witnessed substantial growth in recent years, and this trajectory is expected to persist. With automakers making significant investments in research and development to create lighter and more efficient vehicles, the demand for aluminum castings is projected to continue its upward trend. Furthermore, the market is well-positioned to benefit from the increasing popularity of electric vehicles (EVs) as they necessitate lightweight components to maximize battery range.

Competitive Landscape

Prominent aluminum casting providers are increasingly channeling their investments into research and development endeavors to cater to the evolving demands emanating from various industry sectors. Leading aluminum casting manufacturers are also poised to implement strategic measures such as mergers and acquisitions, aimed at enhancing their market presence and securing a competitive advantage over their industry counterparts.

In November 2021, Pace Industries, a renowned entity specializing in die casting and engineering services, made headlines by announcing its acquisition of a high-pressure die casting facility previously owned by Metal Technologies of Indiana. This strategic move, involving the acquisition of the Jackson Die Cast facility, has effectively enabled Pace Industries to expand its operational footprint and broaden its clientele within the United States.

Furthermore, in February 2020, Tesla, a prominent American electric vehicle pioneer, unveiled its noteworthy investment in the development of novel aluminum alloys designed specifically for die-casting electric vehicle components. These innovative alloys are engineered to maintain exceptional conductivity and high-yield strength. This groundbreaking revelation emerged through a Tesla patent, affirming the company's commitment to pushing the boundaries of automotive technology and material science.

Key Segments of Aluminum Castings Industry Research

• By Process :
o Die Casting
 Pressure Die Casting
 Others
o Permanent Mold Casting
o Others

• By End Use :
o Transportation
o Industrial
o Building & Construction
o Others

• By Region :
o North America
o Latin America
o Europe

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automotive lightweighting trends driven by environmental concerns, fuel efficiency, and performance have catalyzed the growth of the aluminum castings market. As the automotive industry evolves to meet the demands of the future, aluminum castings are set to play an increasingly pivotal role in shaping the vehicles we drive and the world we live in.

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About Fact.MR

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client's satisfaction.

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