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The non-ferrous castings market size is estimated to grow at a CAGR of 7.44% between 2023 and 2028. The market size is forecast to increase by USD 21.38 billion. The growth of the market depends on several factors, including increased simulation-based castings, a rise in demand for aluminium and technological advancements in non-ferrous castings.
The report includes a comprehensive outlook on the non-ferrous castings market offering forecasts for the industry segmented by Type, which comprises aluminum, copper, zinc, magnesium, and others. Additionally, it categorizes Application into automobiles, electrical and construction, industrial machinery, and others, and covers Geography regions, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
Non-ferrous castings refer to the process of creating metal objects or components by pouring molten metals that do not contain iron into moulds. Unlike ferrous metals (which contain iron), non-ferrous metals and alloys are used in this casting process. The non-ferrous castings method is employed to produce a variety of products, ranging from intricate and detailed art pieces to functional industrial components.
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Increased simulation-based castings are notably driving the market growth. Simulation-based casting technology is widely used in metal casting industries and foundries. It is a virtual software that gives a virtual casting process, such as mould filling, cooling, and solidification, with respect to direction and time. Also, they help in predicting and identifying the location of internal defects and optimizing the design and process methods of casting. Based on the needs of end-users, non-ferrous casting manufacturers adopt many advanced technologies. The requirement for casting, with specific dimensions, size, and weight, compels non-ferrous metal casting manufacturers to adopt simulation-based castings. These prototypes also help in reducing operating costs and decreasing wastage. Thus, simulation-based casting has triggered the demand for non-ferrous castings in major end-user segments, such as automobiles. This is expected to drive the growth of the global non-ferrous castings market during the forecast period.
Shift from ferrous to non-ferrous casting is an emerging trend shaping the market growth. In recent years, the metal castings market has been shifting toward non-ferrous castings, especially aluminum castings, due to their favourable features. Also, end-user industries, such as automotive, telecommunications, and industrial machinery, are focusing on lightweight products to improve their quality and efficiency by reducing the overall weight. In addition, several automotive manufacturers are steadily moving from the deployment of cast iron engine blocks to aluminum engine blocks. For instance, Honda has shifted to aluminum engine blocks, which are sturdier under high horsepower conditions than cast iron. Likewise, various parts of automobiles are being replaced with highly efficient, non-ferrous casting products, especially in high-performance and luxury vehicles, to increase their efficiency. This is expected to drive the growth of the market during the forecast period.
The need for high initial investment is an emerging trend shaping the market growth. Casting products are developed by the effective deployment of high-quality casting equipment, metals, and dies that deliver high-precision products in minimal time. The high cost of casting equipment limits the production volume of manufacturers. Therefore, these manufacturers are compelled to invest heavily in the deployment of a sizable number of casting machines, metals, and dies to increase their production capacity. In addition, rapid economic growth has resulted in a huge power deficit for various manufacturing industries across developing countries, especially in India, which is the third-largest market for metal casting. Melting metals and preparing moulds and cores require a significant amount of energy. This increased energy requirement is highly hampering investments in the energy-intensive market by manufacturers. Therefore, several companies are not investing in expensive casting products, which will restrict the market growth during the forecast period.
The market share growth by the aluminum segment will be significant during the forecast period. In the global non-ferrous castings market, aluminum castings account for more than 82% of the total market share. The global aluminum castings market is expected to grow, owing to the demand from the automotive industry and the manufacture of parts for small appliances, lawnmowers, and other machinery.
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The aluminum segment was the largest and was valued at USD 32.84 billion in 2018. The automotive industry is the major market for aluminum casting. Aluminum is the second most used metal in automobiles after steel. Aluminum is replacing gray iron in cylinder blocks. However, it is expected to replace steel during the forecast period, owing to various advantages associated with it. The advantages of aluminum in automobiles are durability, efficiency and cost-effectiveness, performance, safety and sustainability. Aluminum is used widely in various auto parts of the automobile. Some aluminum auto parts are aluminum wheels, valve covers, transmission housing, wheel spacer parts, ornaments and logos, aluminum handles, carburetor housings, impellers, fan clutch parts, and others. Such factors are expected to fuel the segment growth which inturn drives the market growth during the forecast period.
Based on application, the market has been segmented into automobiles, electrical and construction, industrial machinery, and others. The automobiles?segment will account for the largest share of this segment.? Non-ferrous casting products are widely used in the automotive industry due to their lightweight, cost, and ease of manufacture. The two most commonly used non-ferrous castingss are zinc and aluminum die casting. Among different metals, aluminum is widely used in the manufacture of various automotive die-casting parts, such as valve covers, transmission housing, engine blocks, wheels, and wheel spacers. Aluminum dominates the automobile industry due to its energy efficiency, recyclability, and performance benefits.
APAC is estimated to contribute 62% 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.
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In APAC, the automotive market is flourishing due to the demand from India, Indonesia, Thailand, and Vietnam. The demand from China is declining due to the recent economic downturn. The increasing demand for motor vehicles from APAC has elevated the demand for casting components by automobile manufacturers. Countries such as China, Japan, and India are contributing to this increasing demand. Furthermore, China is the prime driver for the non-ferrous metal castings market in APAC. This demand in China is mainly because of increasing government policies and incentives to promote the purchase of eco-friendly, new vehicles and scrapping old, less efficient vehicles to reduce GHG emissions. The growth in the two-wheeler market depends on the average income levels and economic stability in the country.
In addition, with rapidly growing economies, rising disposable incomes, and increasing traffic congestion, the use of two-wheelers will be sustained. Two-wheelers are looked upon as an economical alternative to cars and are highly preferred to walking, cycling, and using public transport systems. This will continue to drive the demand in Asian countries such as China, India, and Thailand. The stable outlook of the overall automobile industry and the rapidly growing demand for vehicles in APAC should provide an impetus to the demand for non-ferrous castings. Therefore, these factors will have a positive impact on the regional market during the forecast period.
Companies are implementing various strategies by analyzing factors such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product or service launches, to enhance their presence in the market.
Alcast Co. - The company offers non-ferrous casting such as commercial non-ferrous castings, under its subsidiary called American Aluminum Casting Company.
The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
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 non-ferrous castings market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018-2028.
Non-ferrous Castings Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.44% |
Market Growth 2024-2028 |
USD 21.38 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.47 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 62% |
Key countries |
US, China, Japan, India, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Alcast Co., Alcast Technologies Ltd., CAB Worldwide LLC, Elecon Engineering Co. Ltd., FSE Foundry Ltd., Georg Fischer Ltd., Inova Cast Pvt. Ltd., Kovolit a.s., Leitelt Brothers Inc., Meena Cast Pvt. Ltd., MRT Castings Ltd., Nap Engineering Works, Patriot Foundry and Castings, Rukmani Non- Ferrous Industries, Spectra Cast Pvt. Ltd., Toyota Motor Corp., Vellan Global Engineering, Vesuvius Plc, Voestalpine AG, and Warner Brothers Foundry Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our 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 Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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