Press release
Aluminum Casting Market Hits USD 152.57 billion in 2031 | Aluminum Corporation of China Limited
Aluminum Casting Market
The global aluminum casting market was valued at USD 68.6 billion in 2022. It is projected to reach USD 152.57 billion by 2031, growing at a CAGR of 9.4% during the forecast period (2023-2031).
Market Dynamics:
Increased industrialization and growing manufacturing sector are major drivers for the aluminum casting market growth. Rapid urbanization and construction boom have boosted the demand for aluminum cast components in construction machinery and equipment. Additionally, stringent emission norms and fuel efficiency standards are propelling automakers towards production of lightweight vehicles, fueling the need for aluminum casting in automotive industry. Aluminum casting offers an economical way to produce complex shapes as well as near-net shapes, helping minimize material usage and production costs in various industries. This factor is further supporting the expansion of aluminum casting market size during the forecast period.
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Major Growth Driver: Increasing Demand from the Automotive Industry Supports Growth in the Aluminum Casting Market
The automotive industry has been a major consumer of aluminum castings due to their lightweight properties and material-saving benefits. Aluminum castings are extensively used in engine components, wheels, chassis and suspension components, and other exterior body parts of vehicles. Their usage has been increasing as automakers are focused on developing lightweight vehicles with improved fuel efficiency. According to some estimates, aluminum content in average vehicles has increased from 110 kg in 2000 to over 200 kg currently. Stringent emission regulations around the world are pushing automakers to reduce vehicle weight which will further drive the demand for aluminum castings from this industry. Several market reports predict that the automotive production is expected to grow at around 3-4% annually over the next few years which will have a direct correlation to the growth of the aluminum casting market.
Major Market Opportunity: Development of Lightweight Alloy Formulations
Rising demand for lighter components across industries presents a major opportunity for aluminum casting manufacturers to develop innovative alloy formulations. Current research efforts are focused on designing new aluminum alloys with enhanced strength-to-weight ratio, corrosion resistance, forming capabilities, and other performance attributes. For example, some latest alloy developments include Al-Si-Mg alloys for improved castability and wear resistance in automotive engine blocks. Similarly, multi-material combinations such as Metal Matrix Composites (MMC) that mix aluminum with ceramics are gaining interest due to benefits like high tensile strength and temperature resistance. Leveraging the latest materials science can help establish superior and customized alloy grades catering to emerging applications in electric vehicles, aircraft, renewable energy equipment, and more. Those who invest in advanced research facilities and pilot trials of new alloys stand to gain greater competitive differentiation in the future aluminum casting landscape.
Major Market Trend: Adoption of 3D Printing Technology
The aluminum casting industry is undergoing a transformational change with the advent of additive manufacturing technologies, popularly known as 3D printing. This production technique allows fabricating complex metal parts by laying down liquid, powder or filament materials layer-by-layer as per a digital design file. 3D printed aluminum castings offer several advantages over conventional methods - geometric flexibility with minimal waste, localized material properties through digital process controls, and mass customization options. Several aluminum casting producers have already integrated 3D metal printing capabilities for prototyping as well as low-to-mid volume production.
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Top Companies Featured in This Report:
★ Aluminum Corporation of China Limited
★ Ryobi Limited
★ United Company Rusal
★ Arconic Inc.
★ China Hongqiao Group Limited
★ Gibbs Die Casting Corp
★ Rio Tinto
★ Dynacast Charlotte
★ Nemak S.A.B. de C.V. among others.
Market Segmentation:
By Product Type:
★ Die Casting
★ Gravity Die Casting
★ High Pressure
★ Low Pressure
★ Permanent Mold Casting
★ Sand Casting
★ Squeeze Casting
★ Transportation & Automotive
★ Cars & LCV
★ Other Transport
★ Aerospace
★ Building & Construction
★ Industrial
★ Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Aluminum Casting Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Aluminum Casting market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Aluminum Casting market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Aluminum Casting market.
Segment Analysis: Examining the market value and sales volume of Aluminum Casting by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Aluminum Casting market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Aluminum Casting sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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