Aluminum castings are hollow shapes created for the sole purpose of the manufacture of components in any customized shape. Applications in end-use industries such as fabrication and automotive can beckon its use highly. The global aluminum castings market report by Market Research Future (MRFR) highlights pertinent points in the form of drivers, challenges, and trends in conjunction with predictions for the period of 2017 to 2023 (forecast period).
The global aluminum castings market is set to exhibit a 7.56% CAGR over the forecast period to touch a value of USD 92.8 billion by 2023. It is expected a massive windfall owing to massive applications in automotive and other industries. The expansion of the automotive sector is an indicator of the growth trajectory of the market. This can be due to the large disposable income levels of customers and rapid urbanization. Massive demand for lightweight vehicles can induce a demand for aluminum castings.
Heavy use of aluminum in the building & construction sector can bolster the global market revenue. Rise of infrastructural projects globally and initiatives by governments of constructing federal buildings can trigger a demand for aluminum castings. The low density of the element has found takers in the defense sector. The military requires lightweight components for vehicles and weapons leading to heavy investment into the sector and creating demand in the market.
Availability of magnesium castings as a substitute to aluminum can threaten the global aluminum castings market growth.
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The global aluminum castings market report is segmented by end-user industry and process.
End-user industries covered in the report are transportation, building & construction, industrial, and others. The transportation segment held the lion’s share of the global aluminum castings market in 2017. Heavy demand for aircraft and vehicles can bolster the growth of the segment. Popularity of sports vehicles made possible by events, rallies, and races will spur the demand to produce sports vehicles and in turn the aluminum castings market demand. On the other side, the building & construction segment is deemed to exhibit the highest CAGR during the forecast period.
By process, the global aluminum castings market is segmented into permanent mold casting, die casting, and sand casting. Die casting has captured the largest market share in 2017 and will dominate till the end of the forecast period. The process used in the fabrication of automotive parts such as flywheel, gears, cylinder, engine, and others. Mass production of vehicles as witnessed in developing economies can fuel the demand of the segment in the market till 2023.
Geographically, the global aluminum castings market covers Asia Pacific (APAC), North America, Europe, Latin America, and the Middle East & Africa (MEA).
North America held the dominant position in the global aluminum castings market in 2017 due to the production of utility and sports vehicles. Environmental regulations by governments have led to automotive manufacturers scrambling to develop lightweight components to adhere to policies. Passenger cars are required to reach a fuel economy target of 54.5 miles per gallon by 2026 to curb the emission levels of greenhouse gases.
APAC is expected to be the fastest growing in the market owing to the burgeoning manufacturing sector in China and India. The move by prominent automotive manufacturers to developing economies such as India due to lax policies and supportive subsidies by governments can skyrocket the demand for aluminum castings.
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Martinrea Honsel, Kaiser Aluminum, Rockman Industries Ltd., Gibbs Die Casting Corp, Endurance Technologies, Ryobi Limited, Nemak S.A.B. de C.V., Rio Tinto, Arconic Inc., Alcoa Corporation, Alcast Technologies Ltd., Aluminum Corporation of China Limited, and Dynacast Charlotte are major players of the global aluminum castings market.
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