Aluminum Casting Market Size & Share 2021 to 2027
Market Size by Process (Die Casting, Sand Casting), by Application (Transportation, Building & Construction, Industrial Tools & Equipment) & Forecast.
Report ID: GMI5092
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Published Date: August 2021
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Report Format: PDF
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Authors:
Kiran Pulidindi, Saurabh Bhalerao
Aluminum Casting Market Size
Global Aluminum Casting Market size was valued at over USD 56 Billion in 2020 and will grow at a CAGR of 7.6% from 2021 to 2027 driven by supportive government regulations to minimize carbon emissions and the rapid adoption of electric automotive products across the globe. The growing need for high-performance and durable smart devices & materials will propel the demand for lightweight aluminum components in the coming years.
Increasing disposable incomes coupled with changing lifestyles create a demand for utility products, which offer compact size, features, and can meet customer requirements. Aluminum is a tough and light material suitable for making car body panels, industrial tools & equipment. To maintain the CAFE standards in the U.S., automobile manufacturers are constantly focusing on weight reduction without compromising on product durability.
In recent years, aluminum has been incorporated into automotive engines, doors, hoods, and wheels. Leading manufacturing companies are significantly increasing aluminum percentage in their premium models. For instance, Ford is developing an all-aluminum structure for its lead-selling F-150 pick-up in North America. Furthermore, heavy-duty vehicles need thicker body panels and high load-bearing capacity, which can be rightly addressed by aluminum casting materials.
The increasing automobile industry in emerging economies will positively impact the demand for lightweight materials in the near future. The rising adoption of SUVs and sports vehicles will considerably increase the usage of aluminum, thus replacing heavy metal parts with lighter aluminum cast materials. Global car sales is anticipated to witness growth at a double-digit rate in 2021 which will support the aluminum casting market growth over the forecast period due to favorable government policies and customer preferences for EVs.
Modern living standards create opportunities for construction & infrastructure development to meet the changing priorities of consumers. Aluminum casting is widely applicable in wall cladding and roofing systems, such as frames, panels, staircases, etc., across the globe. Moreover, aluminum casting machinery and technological advancements in the aluminum casting process will significantly stimulate the aluminum casting market share in the coming years.
The COVID-19 pandemic has adversely impacted the industry owing to value chain disruptions, suspension of the workforce, and project cancellations. Governments and local authorities have imposed lockdowns and restrictions to combat this situation. Rapid vaccination policies and more design flexibility to create complex parts will aid in the quick recovery of the aluminum casting market in the coming years.
Aluminum Casting Market Analysis
The die casting process accounted for over 58% share of the global aluminum casting market revenue in 2020. Die casting allows high-volume production of automotive parts, such as engines, gears, cylinders, flywheels, etc., due to its cost-effectiveness, easy installation, and smooth finishing. Aluminum die casting significantly lowers vehicle weight, thus offering higher acceleration and better handling possibilities. It can also be installed in the crumple zones of the vehicles to enhance safety features without increasing its weight.
Transportation segment will exceed USD 90 billion in aluminum casting market by 2027. Aluminum lightweight materials replace heavy metal parts of rail and road transport systems owing to their high dimensional stability and excellent electrical conductivity. Motorcycle parts, such as engine covers & brackets, are produced through the sand-casting process.
Widespread use of aluminum casting in the automotive industry for exterior and interior applications is likely to boost the market share over the study timeframe. Furthermore, 75% - 80% of modern aircraft is made up of these materials. Strict CO2 emission laws across the globe along with customer preferences for fuel-efficient vehicles will propel the aluminum casting market growth in the near future.
Asia Pacific accounted for more than USD 27 billion in 2020. Countries including China, India, Indonesia, South Korea, and Japan are continuously investing to promote electric vehicles in the region. China plays an important role in the regional market share due to the strong presence of local and international OEMs. The rising demand for sports vehicles across the region will positively influence the aluminum casting market sales. Moreover, cheap labor, technically advanced production facilities, and favorable government policies including FDI will gradually propel product demand in the coming years.
Aluminum Casting Market Share
Key participants in the aluminum casting industry include:
The market is highly lucrative, and competitors are looking for ways to minimize their operation costs. Furthermore, aluminum casting manufacturers are adopting several methods to produce desire products effectively by reducing wastage. In May 2021, CaneKast acquired Superior Aluminum Castings, which helped the company to strengthen its foothold in the regional market.
The aluminum casting market report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Thousand Metric Tons and revenue in USD Million from 2017 to 2027 for the following segments:
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By Process
By Application
The above information is provided on a regional and country basis for the following:
By Region
Research methodology, data sources & validation process
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