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The India Aluminum Casting Market size is projected to increase by USD 7.15 billion, at a CAGR of 8.5% between 2023 and 2028. The growth of the aluminum casting market is fueled by its expanded use in the automotive sector. Despite this growth, the market encounters challenges due to the intricate design requirements of tooling in aluminum casting. Moreover, there is a noticeable uptick in the importance of secondary aluminum casting. This trend reflects an industry shift towards more sustainable practices, indicating a growing focus on recycling and reusing aluminum materials in the casting process.
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The die casting segment is estimated to witness significant growth during the forecast period. Die casting is a metal molding process where liquid metal is injected into the mold with excessive pressure and velocity. Aluminum is the most preferred metal in die castings, followed by zinc, magnesium, zinc-aluminum alloy, and copper-aluminum alloy due to its moderate melting point, lightweight, and corrosion resistance properties.
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The die casting segment was the largest and was valued at USD 5.94 billion in 2018. The increasing use of electronics in various applications has created a demand for aluminum die cast components in devices such as smartphones, laptops, and appliances due to their lightweight and thermal conductivity properties. In addition to that, aluminums recyclability and energy efficiency align with the growing emphasis on sustainable manufacturing practices, contributing to its adoption in various industries, such as consumer electronics, automotive, aerospace and defense, among others. Moreover, the aerospace industrys demand for lightweight components for improved performance and fuel efficiency has driven the use of aluminum die casting in aircraft and aerospace applications. All such factors are expected to drive the growth of the segment of the market during the forecast period.
Based on the application, the market has been segmented into automotive, heavy machinery and industrial, aerospace and defense, construction and others. The automotive?segment will account for the largest share of this segment.? Aluminum castings are widely used in the automotive and transportation industries for various welding cast components, driveshafts, and body frames. The 4043 alloy is widely used for such applications and welding heat-treatable base alloys. The base alloy is used for matching the base metal properties closely and is used for applications such as automotive wheels, rail tank cars, and trailer bodies. Metal parts, such as busbars, electrical contacts, terminals, lead frames, shields, and clips, have applications in various vehicle components, including the chassis of vehicles and fuel delivery systems. Therefore, the increasing demand for vehicles and the subsequent efforts of manufacturers to enhance their businesses will fuel the demand in the automotive industry, which, in turn, will propel the growth of the segment of the market during the forecast period.
Key Driver
The growing use of aluminum casting in the automotive industry is notably driving market growth. Rising demand for energy-efficient and lightweight vehicles has increased the demand in the automotive industry, resulting in replacing iron and steel with aluminum-cast products. Additionally, supply chain, major economies, manufacturing units, OEM plants, production, operations, demand, passenger cars, public transport, personal vehicles are key factors influencing the automobile industry to become more design-oriented. The growth in the electric vehicles (EV) sector is expected to increase the demand in the automotive sector in India. Aluminum castings are increasingly used in electric automobiles to reduce their weight and lower energy requirements.
Further, aluminum finds applications in various vehicle parts, such as the chassis, body, and wheels. In addition, aluminum is also used in the compartment that carries electric batteries in EVs. The thermal transfer capabilities of aluminum help regulate the temperature around the battery modules in warm or cold weather. EVs are gradually emerging as the future of the automotive industry. Therefore, the development of the electric car sector is expected to drive the growth of the market during the forecast period.
Key Trends
The growing importance of secondary aluminum casting is an emerging trend shaping market growth. Aluminum is recyclable in nature. The production process for aluminium begins with extracting used aluminum from various waste materials and then preparing it for recycling. Methods such as laser induce breakdown spectroscopy and color sorting are used to separate aluminum from other materials and alloys and remove contaminants to improve the quality and value of the scrap. Although aluminum castings are priced slightly higher than cast iron, the overall production cost adds a benefit in cost savings due to less energy use. Approximately 90.55% of the aluminum can be recycled at the end of the vehicles life.
As a result, eco-friendliness, availability, and low price of secondary aluminum to produce aluminum castings are expected to drive the development of the India aluminum casting market. Also, rising demand from the automobile industry and original equipment manufacturer (OEM) manufacturers is accelerating the demand. Therefore, the adoption of the secondary process will also have a positive effect on the market during the forecast period.
The high design complexity of tooling in aluminum casting is a significant challenge hindering the market development. The complexity required for creating the molds (or dies) used in the die casting process, coupled with the intricacy of component designs, can impact the feasibility, efficiency, and overall cost-effectiveness of aluminium die casting. Designing and manufacturing the molds for die casting can be complex, particularly for complex designs or low-volume production runs. Tooling design complexity can be spread out over the production of a large number of parts, making high-volume runs more cost-effective. Tooling complexity might influence manufacturers decisions on whether to opt for die casting, especially for small runs or components with simple designs.
Moreover, it allows for intricate and complex component designs with fine details that may be challenging to achieve with other manufacturing methods. Complex designs can lead to challenges in mold design and manufacturing. Ensuring that the molten aluminum fills the mold completely and evenly can be more difficult with intricate geometries. Complex designs can increase the risk of defects such as porosity or air entrapment due to the intricacy of the mold cavities. Thus, such factors limit the market growth during the forecast period.
Companies are implementing various market trends and analysis strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market and resulting of market growth analysis.
Buhler AG - The company offers aluminium casting solutions such as die casting machine carat, die casting machine evolution, die casting machine fusion.
The market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including: Buhler AG, Endurance Technologies Ltd., Form Technologies, Hero Group, IBEX ENGINEERING PVT. LTD., Jaya Hind Industries, Magna International Inc., Minda Corp. Ltd., NEMAK SAB de CV, Rheinmetall AG, Rico Auto Industries Ltd., Samvardhana Motherson International Ltd., Sandhar Technologies Ltd, Sipra Engineers, Sundaram Clayton Ltd., Tattvan Alumicast Pvt. Ltd., and VAF Def Aero Systems Pvt. Ltd.
The market analysis and report of 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 report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting growth strategies.
Global Market Customer Landscape
The Aluminium Casting Market in India is witnessing significant growth, driven by the expanding telecom sector, the demand for lightweight cars, and the growth of manufacturing facilities. The country's economic development, coupled with industrial expansion, is boosting the use of aluminium casting in various applications. Emerging economies are experiencing GDP growth, positively impacting employment rates and the standard of living. Aluminium alloys, particularly those with high specific stiffness and strength, find applications in building and construction, body armor, sports equipment, and consumer products. The automotive sector benefits from advanced aluminium body structures, contributing to metal replacement and addressing environmental concerns. Despite challenges such as high capital investment requirements and raw material costs, the Indian aluminium casting market continues to grow with innovations in die-casting alloys and manufacturing processes, enhancing dimensional stability and mechanical qualities.
Additionally, amid a surge in passenger car demand and advancements in casting technology, the sector embraces high-precision processes with digital machinery. Key initiatives like the production-linked incentive scheme and support from the Union Cabinet propel growth, attracting Foreign Direct Investment (FDI). The industry contributes significantly to employment, with skilled labor and R&D centers playing pivotal roles. The market extends beyond automobiles, catering to diverse applications in building, construction, and military sectors, emphasizing lightweight components and sustainable casting practices in line with emission norms and global automotive trends.
Market Scope |
|
Report Coverage |
Details |
Page number |
137 |
Base year |
2023 |
Historic period |
2017-2021 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.5% |
Market growth 2024-2028 |
USD 7.15 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.0 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Buhler AG, Endurance Technologies Ltd., Form Technologies, Hero Group, IBEX ENGINEERING PVT. LTD., Jaya Hind Industries, Magna International Inc., Minda Corp. Ltd., NEMAK SAB de CV, Rheinmetall AG, Rico Auto Industries Ltd., Samvardhana Motherson International Ltd., Sandhar Technologies Ltd, Sipra Engineers, Sundaram Clayton Ltd., Tattvan Alumicast Pvt. Ltd., and VAF Def Aero Systems Pvt. Ltd. |
Market dynamics |
Parent market research and growth, 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 |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Method
7 Market Segmentation by Application
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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