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The metal casting market size is forecast to increase by USD 12.15 billion at a CAGR of 6.22% between 2023 and 2028. The metal casting market is experiencing significant advancements, with X-ray casting playing a pivotal role in enhancing precision and quality control. This non-destructive testing technique is increasingly being adopted for steel casting and aluminum die casting to identify defects at an early stage, thereby reducing waste and improving overall efficiency. Moreover, the integration of automation in die-casting processes is gaining momentum, leading to increased productivity and cost savings through reduced labor requirements. This automation trend is making aluminum die casting more competitive in the market. Furthermore, the rising demand for housing projects is fueling the need for cast metal products in construction, thereby driving market growth in this sector. The adoption of advanced technologies and automation in metal casting processes is set to redefine industry standards, ensuring superior product quality and competitiveness in the global market.
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The metal casting market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
This report extensively covers market segmentation by end-user (automotive, industrial machinery, aerospace and defense, and others), Material (aluminum, cast iron, magnesium, zinc, others), and geography (North America, Europe, APAC, South America, and MEA).
The automotive segment is estimated to witness significant growth during the market 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 passenger 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 metal casting 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 metal casting 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 metal casting market growth in APAC during the forecast period.
The market is a crucial part of several industries, including the electrical and electronics sector, building and construction sector, heavy machinery and equipment sector, and aerospace sector. This market is driven by factors such as the rise in population, rapid urbanization, and sustained economic growth. Investments in technological upgrades and building & construction activities fuel demand for metal casting processes like sand casting and investment casting. The market also benefits from foreign direct investment (FDI) and a surge in disposable income. Automotive vehicles and defense sectors, in particular, rely on metal casting for interior and exterior metallic components in lightweight vehicles. The construction market also contributes significantly to the demand for aluminum casting in various applications. 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 utilize automatic or assisted defect recognition (ADR) in X-ray applications. With ongoing technological upgrades in X-ray equipment, including improvements in tubes and software with advanced algorithms, there is a growing demand for this technology in production processes. This demand is fueled by factors such as the rise in population, rapid urbanization, foreign direct investment (FDI), and a rise in disposable income, which collectively drive the need for more efficient and reliable production methods.
The inline ADR system remains a key component in production processes, programmed to make Accept or Reject decisions based on parameters set by a quality engineer. The use of digital imaging technology in production processes has simplified image processing, enhancing overall process efficiency by aiding in the decision-making process to accept or reject produced parts. This technology also contributes to improving the quality of the final part produced. While detecting casting errors used to be energy-intensive, the integration of advanced technologies now enables process inspectors to easily detect anomalies and adjust system settings to automatically accept or reject cast parts. The increasing adoption of X-ray casting is expected to enhance defect recognition efficiency and drive 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 techniques addressing air entrapment issues are gaining traction in the global manufacturing industry, offering solutions to the shortcomings of conventional processes. As these advanced methods gain popularity, they are poised to drive metal casting 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 metal casting market growth during the forecast period.
The metal casting 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 metal casting 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
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, and 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 metal casting market is a vital component of various industries, including the healthcare, telecom, and building & construction sectors, relying on metal components for their operations. The use of sand molds and recyclable materials aligns with regulations and promotes sustainability. Grey iron metal is commonly used due to its wear resistance and cost-effectiveness, particularly in producing vehicle parts and industrial machinery. The market benefits from advancements like 3D printing for rapid prototyping and flexible designing. Shell mold casting and vacuum casting are key techniques, catering to diverse needs in industries such as oil & gas, railroad, and mining for parts like engine oil pans, gears, and valves.
The market serves a wide range of industries, including the healthcare, telecom, and building & construction sectors. It plays a crucial role in vehicle production and is essential for the metal casting industry. Techniques like gravity casting and vacuum casting are employed to create intricate shapes for various applications such as lamp poles, bus pedals, and train wheels. Metal casting suppliers provide materials like silicone and plastic for efficient and cost-effective production. Key components produced include machines, pipes, gearbox cases, and cylinder heads made from materials like stainless steel and alloys with specific properties such as manganese, phosphorus, and sulphur for enhanced performance. The industry focuses on waste minimization and producing strong parts for diverse applications.
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 |
If our metal casting market forecast 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 End-user
7 Market Segmentation by Material
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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