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The global metal casting market size is forecast to increase by USD 12.15 billion, at a CAGR of 6.22% between 2023 and 2028. Market expansion hinges on various factors, including the surging embrace of X-ray casting for heightened precision in defect identification, the upswing in automation integration within die-casting processes, and rising demand for housing projects.
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Our researchers analyzed the data with 2023 as the base year, along with the key drivers, market trends and analysis, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Growing adoption of X-ray casting increases efficiency in defect recognition and is notably driving market growth. Metal casting industries use automatic or assisted defect recognition (ADR) in X-ray applications. With the X-ray technology undergoing several technological upgrades in its tubes or software incorporated with improved algorithms, the demand for this technology is increasing in the production process. The inline ADR system is still used in production processes. These systems are programmed to make either an Accept or Reject decision based on the parameters fed by a quality engineer. The use of digital imaging technology in production processes has made it easy to process images that help in increasing the overall process efficiency as it helps in deciding whether to accept or reject the produced part.
Also, It aids in improving the quality of the final part produced. Casting errors used to be energy-efficient to detect, but with the incorporation of advanced technologies, process inspectors can easily detect any anomalies and adjust the system settings to accept or reject cast parts automatically. Thus, the increasing adoption of X-ray casting increases the efficiency of defect recognition and will drive the market growth during the forecast period.
The growing popularity of the latest casting technologies is an emerging trend shaping market growth. The conventional high-pressure die casting (HPDC) process, characterized by turbulence, poses challenges in producing robust components. The rapid injection of molten aluminum at pressures ranging from 2,845 psi to 14,223 psi leads to increased turbulence, trapping air despite air-venting mechanisms in the die. This retention of air pockets adversely impacts the strength of the final product, making heat treatment and welding unfeasible.
Moreover, manufacturers, grappling with the limitations of traditional HPDC, are exploring alternative methods to meet stringent design and strength requirements. Modern casting techniques, addressing air entrapment issues, are gaining traction in the global manufacturing industry, offering solutions to the shortcomings of conventional processes. As these advanced casting methods gain popularity, they are poised to drive the market growth and trends during the forecast period.
The benefit of forging substitute metal casting is a significant challenge hindering market growth. The internal grains of metals undergo modifications and take the generic shape of the parts to be manufactured during forging. The heated metal is mechanically changed under optimized conditions to manufacture parts that have uniform grain size and flow characteristics, which helps to refine the forged metal and remove its porosity. The final product exhibits superior metallurgical and mechanical qualities and improved directional strength. Forged parts also contain high structural integrity, which offers optimum performance under field-load circumstances. Forged parts can sustain any impact, load, or stress.
However, the forging process offers uniformity to the grain flow and makes it tough, ductile, and capable of withstanding fatigue. High-strength steel components have substantial demand from the automotive, power, mining, and aerospace industries. Thus, the forging method is used extensively when compared with casting to manufacture steel components, which will hamper the growth of the market during the forecast period.
The automotive segment is estimated to witness significant growth during the forecast period. The automotive industry offers huge growth opportunities for the market. Casting procedures are used for producing lightweight, easily maneuverable, and affordable accessories. Zinc and aluminum are the most popularly used metals for casting procedures in the automotive industry. Ferrous and nonferrous metals and their alloys are used in metal casting of automotive engines, brakes, etc.
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The automotive segment was the largest and was valued at USD 14.17 billion in 2018. However, the two-wheeler market will continue to be dominated by sales in APAC, which is home to the six largest two-wheeler markets, with China serving as the leader. The growth of the two-wheeler market depends on the average income and economic stability. The use of two-wheelers will increase due to the increasing traffic in urban areas; two-wheelers are an economical alternative to cars, and they are preferred to walking, cycling, and public transport systems. Such factors will continue to drive the demand for two-wheelers in Asian countries such as China, India, and Thailand. Growing production of automotive, which includes four-wheelers and two-wheelers, will lead to a significant increase in demand for metal cast parts, which will thereby drive the growth of the market during the forecast period.
Based on the material, the market has been segmented into aluminum, cast iron, magnesium, zinc, and others. The aluminum segment will account for the largest share of this segment.?Aluminum is one of the most widely used materials in metal casting processes, offering numerous advantages such as high strength-to-weight ratio, corrosion resistance, excellent thermal conductivity, and good machinability. One of the prime examples demonstrating the significance of aluminum in the market is the automotive industry. The casting of aluminum allows for the production of intricate and complex shapes suitable for various electrical components such as heat sinks, connectors, and housings for electronic devices. The heat dissipation capabilities of aluminum contribute to improved performance and reliability in electronic systems, which in turn will drive the growth of the aluminum segment in the market during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. In APAC, the growing construction activities in emerging countries supported by increased government spending toward developing infrastructure will drive the growth of the construction machinery market in the region. The construction market is expected to grow steadily in the region during the forecast period, thereby creating a demand for new infrastructure to provide residential and commercial spaces for the growing urban population. In addition, emerging economies in APAC are experiencing a significant increase in commercial and residential construction. Further, the rapidly growing trend of urbanization and easy access to convenient options have encouraged sedentary lifestyles, which are likely to result in an increasing number of cases of diabetes, obesity, and other health conditions.
However, the demand for increased quality of education and healthcare facilities is yet to be met, thereby resulting in the emergence of new institutions that can cater to the increased needs of the rising urban population. This demand for manufacturing and social infrastructure is expected to encourage new construction activities in the region, thereby driving the demand for construction machinery. Therefore, a significant number of manufacturing and construction activities are expected in the region during the forecast period, which is expected to drive the market in APAC during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acast - The company offers metal casting services such as investment casting, precision casting, sand casting for different materials as abrasion resistant steels, nickel chrome molly steel, nickel alloys, carbon and low alloy steels, grey iron, cast iron etc.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including Acast, Alcast Co., Alcoa Corp., Benton Foundry Inc., Berkshire Hathaway Inc., Buhler AG, Dawang Steel Castings Co. Ltd., Decatur Foundry Inc., Endurance Technologies Ltd., Form Technologies, Hitachi Ltd., Kurt Manufacturing, Lestercast Ltd., OSCO Industries Inc., Reliance Foundry Co. Ltd, Ryobi Ltd., Shibaura Machine Co. Ltd., Stahl Specialty Co., T.H.T. Presses Inc., and Texmo Precision Castings
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market forecasting research report encompasses the entire market adoption cycle, ranging from the initial innovator phase to the subsequent laggard stage. It emphasizes adoption rates across various regions, determined by penetration levels. Additionally, the market analysis and report outline essential purchasing factors and factors influencing price sensitivity. This aids companies in assessing and formulating effective market growth and forecasting strategies.
Customer Landscape
The metal casting market plays a pivotal role in various industrial applications, notably in the automotive sector, where automakers leverage the process for producing components like engine blocks and cylinder heads for both lightweight vehicles and heavy-duty ones. The use of sand molds is prevalent, particularly in aluminum casting, providing a versatile solution for crafting components in the construction equipment and machinery segment, including elements like curtain walling, door handles, and windows. The market also caters to the demand for lightweight materials in vehicle production, aligning with the automotive industry's emphasis on fuel efficiency. Beyond automotive applications, metal casting extends its influence to diverse products such as roofing, pots, utensils, and piping, reflecting the adaptability of the process across multiple sectors.
In addition, the recyclable nature of cast products aligns with sustainability goals, and government support schemes, including initiatives for first-time homebuyers and interventions by entities like the Indonesian central bank, further stimulate the metal casting market's growth. As the industry continues to innovate and meet the demands of various sectors, the metal casting market is set to play a crucial role in shaping the future of manufacturing and construction.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Metal Casting Market Scope |
|
Report Coverage |
Details |
Page number |
181 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.22% |
Market Growth 2024-2028 |
USD 12.15 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
5.7 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 42% |
Key countries |
US, China, India, Germany, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acast, Alcast Co., Alcoa Corp., Benton Foundry Inc., Berkshire Hathaway Inc., Buhler AG, Dawang Steel Castings Co. Ltd., Decatur Foundry Inc., Endurance Technologies Ltd., Form Technologies, Hitachi Ltd., Kurt Manufacturing, Lestercast Ltd., OSCO Industries Inc., Reliance Foundry Co. Ltd, Ryobi Ltd., Shibaura Machine Co. Ltd., Stahl Specialty Co., T.H.T. Presses Inc., and Texmo Precision Castings |
Market dynamics |
Parent market growth analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
Customization purview |
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