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(2024-2033) Aluminum Casting Market Size, Share, Growth, Trends, Competitive Landscape And Outlook
Aluminum Casting Market Size
As per the report, 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 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%.
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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 .
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.
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
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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.
Contents of the report:
1. Executive Summary
2. Aluminum Casting Market Report Structure
3. Aluminum Casting Market Trends And Strategies
4. Aluminum Casting Market - Macro Economic Scenario
5. Aluminum Casting Market Size And Growth
…..
27. Aluminum Casting Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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