Aluminum Casting Market size worth over $120 billion by 2027
Published Date: August 20, 2021 Authors: Kiran Pulidindi, Saurabh Bhalerao
According to a new research report by Global Market Insights Inc., the Aluminum Casting Market size is anticipated to reach USD 120 billion by 2027 owing to its high mechanical & thermal stability, corrosion resistance, and excellent heat dissipation capacity. Moreover, due to its easy customization, quality finishing, and non-toxic nature, the material has wide applications across industries.
Aluminum casting is a metalworking process of pouring hot liquid aluminum into a mold to get the desired shape after solidification. Rising per capita income and environmental regulations on CO2 emission will drive the aluminum casting market share in the coming years. Furthermore, increasing demand for high-performance materials for smooth and safe aerospace operations is a key force driving the industry growth. The rising adoption of electric vehicles coupled with the recovering global construction sector will also stimulate product demand.
Transportation held the largest market share during the forecast timespan owing to the vast market scope in the automobile, aerospace, marine, and rail industries. Aerospace parts need precise dimensions and perfect finishing of products. Aluminum casting offers suitable & affordable materials to assure maximum performance, which can combat harsh weather conditions. These materials are applied to produce aerospace-grade applications including body parts, flooring, roofing, wings, panels, covers, etc.
Rapidly growing geographical areas for aircraft operation coupled with an increasing number of passengers over the years will considerably boost the commercial aerospace industry. This factor will gradually contribute to the aluminum casting industry. The rising adoption of high-speed rail systems creates a scope for aluminum cast products due to their low-density and comparative strength to steel, which will further contribute to the market share. In addition, the increasing demand for durable industrial machinery and portable tools & appliances across the developing regions will drive the aluminum casting market by 2027.
The COVID-19 pandemic hampered industry growth due to low labor force, shrinkage of raw material supplies, and disruption of manufacturing industries across the globe. In the early stage of the pandemic, the complete shutdown of OEMs and liquidity crisis downturned product demand. In addition, high operational costs and fluctuating raw material prices will further limit the aluminum casting market growth. Steady economic recovery along with rapid vaccination programs are anticipated to offset these negative impacts and create a scope for steady growth.
Browse key industry insights spread across 150 pages with 163 market data tables & 21 figures & charts from the report, “Aluminum Casting Market By Process (Die Casting, Sand Casting), By Application (Transportation, Building & Construction, Industrial Tools & Equipment), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trend, Competitive Landscape & Forecast, 2021 – 2027” in detail along with the table of contents:
Sand casting will influence the process segment by 2027
Sand casting will hold over 14% share in the aluminum casting market in 2027. Sand casting is the oldest & most cost-effective process and suitable for low to medium production capacity. This process is widely applicable for the production of aluminum cast substances in the transportation, building & construction, and industrial machinery sectors. Easy production of complex shapes in a short period is likely to influence the process segment in the near future.
Rising building & construction activities will stimulate the market share by 2027
The building & construction segment has exhibited significant demand in the last few years and is expected to grow at a CAGR of 7.6% from 2021 to 2027. Aluminum cast products are used in various structural applications including roofing, siding, curtain walling, etc., owing to their high tensile strength, durability, weather resistance, and recyclability. Renovation & innovative changes in building structures and architectural designs can be effectively performed, boosting segment growth in the coming years.
Europe to display significant growth throughout the study timeframe
Rapidly growing population in urban areas has positively impacted the building and construction industries across the region. Countries such as France, the U.K., Germany, and Italy are heavily investing in old and new establishments, will create scope for aluminum cast products in the coming years. European countries have a matured automotive industry, and the region will exceed USD 28 billion by 2027. Euro 6 emission standard has set of the limits for harmful CO2 emission and eventually creates the demand for lightweight vehicles over the years.
The global aluminum casting industry is extremely competitive and industry players are adopting several business strategies to gain competitive advantages. Key market players including Alcoa Corporation, Ryobi Ltd., Conmet, Dynacast, Hokare Machinery, Aerostar Manufacturing, Rockman, Rajshi Industries, WAFCO, Endurance Technologies, and CaneKast.
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