Metal Casting Market to Reach US$ 314.9 Billion, Globally, by 2032 at 7.3% CAGR - IMARC Group

According to the latest report by IMARC Group, titled "Metal Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032", offers a comprehensive analysis of the industry, which comprises insights on the global metal casting market. The report also includes competitor and regional analysis, and contemporary advancements in the market.

The global metal casting market size reached US$ 165.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 314.9 Billion by 2032, exhibiting a growth rate (CAGR) of 7.3% during 2024-2032.

Factors Affecting the Growth of the Metal Casting Industry:

• Increasing Demand in Automotive and Aerospace Industries:

The global metal casting market is significantly propelled by the growing demand in the automotive and aerospace industries. It is crucial in manufacturing numerous components that require high durability and precision, such as engine parts, gears, and fuselage elements. The automotive sector relies heavily on this process for cost-effectively producing complex parts. Additionally, the aerospace industry's continuous pursuit of lightweight and high-strength materials further amplifies this demand. The ongoing innovations in metal casting techniques to create more resilient and lighter components align well with the evolving needs of these industries, thereby driving the market.

• Advancements in Metal Casting Technologies:

Technological advancements are a pivotal factor in the expansion of the global metal casting market. Modern technologies such as computer-aided design (CAD), computer-aided manufacturing (CAM), and automation are revolutionizing the metal casting process, making it more precise, efficient, and less labor-intensive. These advancements enhance the quality of the castings and reduce waste and energy consumption, addressing environmental concerns. Along with this, the incorporation of 3D printing in metal casting, for instance, allows for the creation of complex shapes with minimal material wastage. This technological evolution meets the growing demand for high-quality castings and attracts investments in the market, fueling its growth.

• Emerging Markets and Infrastructure Development:

The growth of emerging markets, particularly in developing regions, is a significant driver of the global market. These regions are witnessing rapid industrialization and infrastructure development, leading to an increased demand for metal castings in construction, mining, and electrical equipment. Furthermore, the low-cost labor and favorable government policies in these countries encourage the establishment of manufacturing units by global players, enhancing local market growth. This expansion is also facilitated by the rising urbanization and the subsequent need for residential and commercial construction, which extensively uses metal castings, thereby contributing to the market.

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Global Metal Casting Market Trends:

The growing emphasis on sustainable and environmentally friendly practices is favoring the market. This shift is leading to the adoption of recyclable and energy-efficient materials, and the implementation of cleaner production methods to reduce the environmental impact of metal casting.

Additionally, the increasing utilization of lightweight metals such as aluminum and magnesium, particularly in the automotive and aerospace industries, to improve fuel efficiency and reduce emissions is propelling the market. Furthermore, the market is witnessing a rise in the demand for customized and precision castings, due to industries requiring highly specialized components, further creating a positive market outlook.

Some of the Top Key Players Operating in the Metal Casting Industry are Given Below:

• NEMAK SAB de CV
• GF Casting Solutions AG
• Dynacast Ltd.
• Ryobi Limited
• Rheinmetall Automotive AG
• Endurance Technologies Limited
• Ahresty Corporation
• Gibbs (Koch Enterprises Inc.)
• Aisin Automotive Casting, LLC
• MINO Industry USA, Inc.
• Thyssenkrupp AG
• Toshiba Machine Co., Ltd

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/metal-casting-market

Metal Casting Market Report Segmentations:

Breakup by Process:

• Gravity Casting
• High-Pressure Die Casting (HPDC)
• Low-Pressure Die Casting (LPDC)
• Sand Casting

Sand casting represents the largest market share due to its versatility in accommodating a wide range of metals and alloys, its low cost, and the ability to cast large components.

Breakup by Material Type:

• Aluminum
• Cast Iron
• Magnesium
• Zinc

Others Cast iron holds the largest market segment due to its excellent mechanical properties, cost-effectiveness, and suitability in a wide range of applications, particularly in automotive and industrial machinery.

Breakup by End Use:

• Automotive and Transportation
• Equipment and Machine
• Building and Construction
• Aerospace and Military
• Others

The automotive and transportation sector dominates due to the extensive use of metal casting in manufacturing numerous vehicle components that require durability and precision.

Breakup by Components:

• Alloy Wheel
• Battery Housing
• Clutch Casing
• Cross Car Beam
• Crank Case
• Cylinder Head
• Others

Alloy wheels dominate the segment due to their significant advantages in enhancing vehicle performance, fuel efficiency, and aesthetic appeal, leading to their widespread adoption in the automotive industry.

Breakup by Vehicle Type:

• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Passenger cars constitute the largest segment as they represent the highest volume in vehicle production globally, necessitating a substantial demand for metal castings.

Breakup by Electric and Hybrid Type:

• Hybrid Electric Vehicles (HEV)
• Plug-In Hybrid Electric Vehicles (PHEV)
• Battery Electric Vehicles (BEV)

HEVs lead the segment as they combine internal combustion engines with electric propulsion, creating a high demand for diverse metal castings to accommodate both systems.

Breakup by Application:

• Body Assemblies
• Engine Parts
• Transmission Parts

Others Body assemblies account for the largest market share, as metal casting is essential in creating complex, durable, and lightweight components that form the structural framework of various machines and vehicles.

Breakup by Region:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)

Asia Pacific exhibits the largest market due to rapid industrialization, significant investments in infrastructure, the presence of major automotive manufacturers, and the growing demand for metal castings in developing economies.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

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This release was published on openPR.