Aluminum Casting Market Share Will Hit $124.9 Million By 2032 | Growth With Recent Trends & Demand

The global aluminum casting market is expected to possess high growth potential in the coming years owing to the fact that aluminum casting are used in a variety of end-use sectors such as automotive, electrical and electronics, defense, building and construction, and others for designing and production of various parts and equipment. In addition, sand casting serves as an excellent process used for maintaining the finish and dimension of equipment by using relatively less energy.

According to a new report published by Allied Market Research, titled, "Aluminum Casting Market," The aluminum casting market was valued at $72.9 billion in 2022, and is estimated to reach $124.9 billion by 2032, growing at a CAGR of 5.6% from 2023 to 2032

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Aluminum casting is a process that involves pouring molten aluminum into a mold to create a 3D metal part. The mold contains a hollow cavity of a desired geometrical shape, and the molten aluminum is allowed to cool down to form a solidified part. Metals such as cast iron, stainless steel, manganese, aluminum, and others are widely used for aluminum casting process. It is employed in various end use sectors including automotive, electrical and electronics, building and construction, heavy machinery and equipment, aerospace, and others.  

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Rise in population coupled with rapid urbanization has surged the growth of the architecture & construction sector in both developed and developing economies such as the U.S., China, India, and others where aluminum castings are used for providing structural supports. For instance, according to a report published by National Investment Promotion and Facilitation Agency, the infrastructure activities accounted for 13% share of the total foreign direct investment (FDI) inflows in 2021. This is expected to boost the demand for aluminum casting in the growing architecture & construction sector.

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COVID-19 analysis:
The novel coronavirus was an incomparable global pandemic that spread to over 180 countries and caused huge losses to lives and the economy around the globe. The major end-users of aluminum casting such automotive & transportation, building & construction, and other sectors have been negatively impacted due to the ongoing pandemic outbreak. The ongoing health crisis has increased the supply-demand gap, hampering the global aluminum casting supply chain. Moreover, several companies have either shut down or shrank their operations due to the risk of infections among the workforce where aluminum casting are widely used for product designing applications. This has temporarily hampered the demand for the aluminum casting market amid the COVID-19 period.

In addition, more than 100 countries have locked their international borders for transportation and non-essential trade activities, which, in turn, has reduced the consumption of aluminum castings among several end-use sectors. Furthermore, the temporary shutdown of construction and infrastructure sector has reduced the demand for aluminum castings used in producing structural supports for interior and exterior of construction sites. For instance, according to a report published by a research journal named as the Journal of Physics, the COVID-19 pandemic has reduced the investment in the construction industry in India by 30%. 

Key Market Players:
Consolidated Metco, Inc., Shandong Xinanrui Casting, Bodine Aluminum, Walbro, BUVO Castings, Rio Tinto, Dynacast, RusAL, RYOBI Aluminium Casting (UK) Ltd., Alcoa Corporation

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Key Benefits:
• By process, the die casting segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.4% from 2023 to 2032.
• By end user, the building and construction segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 5.9% from 2023 to 2032.
• By region, Asia-Pacific garnered the highest share of morethan 50% in 2022, in terms of revenue, growing at a CAGR of 5.9%.

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Allied Market Research (AMR) is a full-service market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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This release was published on openPR.