The global aluminum casting market size is expected to reach USD 86.5 billion
by 2025, according to a new report by Grand View Research, Inc., registering a
9.1% CAGR during the forecast period. The growth of aluminum content in
automobiles and increasing demand from the building and construction sector in
Asia Pacific are key factors driving the market.
Automobile manufacturers are under
increasing pressure to meet regulatory requirements pertaining to the
environmental impact of vehicles. Corporate Average Fuel Economy (CAFE) has
doubled its target for average fuel-efficiency from 2012 to 2025 owing to
increasing emission of greenhouse gases. Weight reduction in vehicles through
the use of aluminum is set to play a crucial role in these conditions in order
to meet regulatory requirements.
The building and construction sector in
Asia Pacific is largely driven by developing countries in the region, such as
China, India, Malaysia, and Indonesia. In 2018, the Malaysia residential and
non-residential sector observed a growth of nearly 4.4% in real terms.
Similarly, the building sector in Indonesia registered a growth of around 6.2%
during the same timeline.
Environmental policy changes in China is
projected to critically impact market growth over the coming years. The Chinese
Ministry of Ecology and Environment launched a three-year action plan (2020
action plan) in June 2018 to curb pollution in the country. In line with this,
the government is pursuing a winter policy that aims to reduce aluminum
production from November to March every year until 2020. This has severely
affected businesses of small and medium aluminum enterprises.
As per the China Non-Ferrous Industry
Association, medium-sized aluminum smelters take a hit if prices of aluminum
are as low as USD 2,206 per ton while complying with new pollution norms or
policies. The current price scenario of aluminum in China reached nearly USD
1,988 per ton in the Shanghai Metal Exchange as of February 2019, hinting at
the challenge the market faces.
Lightweight materials are becoming crucial
in industries such as automotive, aviation/aerospace, and wind energy, and are
likely to receive increasing attention in the coming years. In the automotive
industry, demand for lightweight material is projected to grow at an
unprecedented rate and its use in manufacturing is expected to double by 2030.
Carbon fiber is one of the lightweight
materials with high potential across various applications. At present, the cost
of carbon fiber is enormous as compared to other materials, which has
restricted its use to premium products. However, the price is anticipated to
decline over the next two decades, bringing carbon fiber significantly closer
to aluminum in terms of accessibility to the average consumer.
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https://www.grandviewresearch.com/industry-analysis/aluminum-casting-market
https://www.grandviewresearch.com/industry-analysis/aluminum-casting-market
Further key findings from the report suggest:
· In terms of revenue, the die casting
process segment is anticipated to reach USD 48.9 billion by 2025 at a predicted
CAGR of 10.1%
· Based on type, the high pressure die
casting segment was pegged at 4,217.5 kilotons in 2018
· By volume, the transportation end-use
segment dominated the global market with a share of 59.0 % in 2018
· Europe aluminum casting market is
anticipated to reach USD 17.6 billion by 2025, emerging as the second largest
regional market by revenue
· In terms of revenue, Middle East and Africa
is anticipated to witness a CAGR of 5.7% over the forecast period, fueled by
demand for casting products within the building and construction segment
· Some of the key companies present in the
market are Consolidated Metco, Inc.; Alcoa Corporation; Dynacast; Ryobi Ltd.;
Endurance Technologies Limited; Walbro; and Alcast Technologies.
Grand View Research has segmented the
global aluminum casting market on the basis of process, end use, and region:
Aluminum Casting Process Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Die Casting
·
Permanent Mold Casting
·
Others
Aluminum Casting End-use Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
Transportation
·
Industrial
·
Building & Construction
·
Others
Aluminum Casting Regional Outlook (Volume,
Kilotons; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central and South America
·
MEA
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com
