Press release
Aluminum Casting Market Size, Insights, Outlook, Overview By 2024-2033
Aluminum Casting Market
Insights into Aluminum Casting Market: Global Trends and Analysis
Aluminum Casting Industry - Key Market Dynamics and Trends
The aluminum casting market size has grown strongly in recent years. It will grow from $65.53 billion in 2023 to $70.76 billion in 2024 at a compound annual growth rate (CAGR) of 8.0%. The growth in the historic period can be attributed to rapid economic growth, increased infrastructure spending, growing demand for sustainable and eco-friendly construction materials, increased urbanization, rise in industrialization.
The aluminum casting market size is expected to see strong growth in the next few years. It will grow to $94.46 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increase in the production of electric vehicles, renewable energy infrastructure, increased focus on circular economy, growing demand for lightweight and easy-to-install construction materials, infrastructure development. Major trends in the forecast period include advancements in casting technologies, additive manufacturing integration, advancements in alloy development, customization and design complexity, digitalization in casting simulation.
Market Overview -
Aluminum casting refers to an industrial procedure created by pouring molten metal into molds that have been carved out in the shape of the final object that is wanted and used for the manufacturing of aluminum products and sold as part of a machine or product or as part of commercial industrial production and utilized in the manufacturing of metal parts with specific details and quality.
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Growing Demand In The Automobile Industry Drive The Aluminum Casting Market
Growing demand in the automobile industry propels the market growth in the aluminum casting market. An automobile, often known as a motorcar or a car, is a four-wheeled vehicle that is designed primarily for passenger transportation and is powered by an internal combustion engine that runs on volatile fuel. Currently, more than 50% of individual components in automotive vehicles such as transmission housings and pistons are made of aluminum casting. The global production of automobiles has increased year over year, creating new potential for market expansion around the world. For instance, in May 2023, according to the European Automobile Manufacturers Association, a Belgium-based automobile manufacturers association, in 2022, the global production of motor vehicles reached 85.4 million units, reflecting a notable increase of 5.7% compared to 2021. Furthermore, in February 2022, according to Brand Finance plc, a UK-based brand valuation company, in 2022, the automobile sector achieved approximately 78 million unit sales, marking a substantial 10% increase. Therefore, the rising demand for aluminum products in the automobile industry drives the growth of aluminum casting market .
Competitive Landscape -
Major companies operating in the aluminum casting market report are Alcoa Corporation, Aluminum Corporation of China Limited, Alcast Technologies Ltd., Bodine Aluminum Inc., Consolidated Metco Inc., Dynacast International Inc., Gibbs Die Casting Corporation, Martinrea Honsel Germany GmbH, Ryobi Ltd., Walbro Corp., China Hongqiao Group Limited, Arconic Inc., Eagle Aluminum Cast Products Inc., American Aluminum Casting Company, Architectural Grille LLC, Sussman Architectural Products Inc., California Sealing Solutions Inc., P. Q. D. International Inc., Medical Electronic Systems, A&B Die Casting Co. Inc., Zetwerk Pvt. Ltd., Aluminum Die Casting Company Inc., Casting Solutions Components S. A de CV, Regensburger Druckgusswerk Wolf GmbH, Apppex GmbH, Pace Industries Pvt. Ltd., Craft Pattern & Mold Inc., Empire Die Casting Co., General Aluminum Mfg. Company, Harrison Steel Castings Co., Intermet Corporation, Kurt Die Casting, LaSalle Bristol Inc.
Strategic Partnerships Driving Innovation And Performance In The Aluminum Casting Market
The partnership between companies is a key trend gaining popularity in the aluminum casting market. Companies manufacturing aluminum products are undergoing partnerships to develop new technologies and products to meet the growing demand for innovating aluminum casting products from various end customers. For instance, in June 2021, Rio Tinto, anglo Australian-based specialized in metals and mining operating worldwide created the alloys for the semi-solid Rheocasting process offered by Comptech. Comptech is an R&D institute specialized in supply know-how and equipment for aluminum semi-solid castings operating in Asia. Rheocasting is a new semi-solid casting technique that enables the manufacturing of low-cost aluminum components with high strength, minimal porosity, and a wide range of alloys and has a major benefit in the production of 5G antennas. Through this partnership a new line of specialized alloys aimed at providing high-performance, low-cost solutions for sophisticated applications such as electric vehicles and 5G antennae.
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Key Segments -
The aluminum casting market covered in this report is segmented -
1) By Process: Die Casting, Sand Casting, Permanent Mold Casting
2) By End-User: Transportation sector, Building and Construction sector, Industrial sector, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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