Aluminum Casting Market reached 64.1 Billion USD in 2019 and expected to witness CAGR of 7.2% in 2020-2026

Published | 10 March 2020

The global aluminum casting market has reached USD 64.1 Billion in 2019 and estimated to reach USD 104.12 Billion in 2026 at a significant CAGR of 7.2% during the forecast period 2020-2026. Rising construction activities and increasing demand for light-duty vehicles are factors that drive the growth of the market during the forecast period from 2020-2026.

Cast aluminum is also referred to as tempered aluminum, which is not harmful. Aluminum is lightweight and possesses high thermal, outstanding strength and electrical conductivity, superior workability, moderate reflectivity, and desirable appearance, which ensures that aluminum is typically cast over iron and steel. The increasing use of aluminum is commonly used in various end-use applications and is a significant driver of the growth of the global aluminum casting industry worldwide. The demand for aluminum casting from the general transport segment is expected to increase with the expansion of the automotive sector. This rise is also driven by the growing demand for aircraft in developing economies such as China and India. Aluminum cast items in the industry are standard components of jet engines or aircraft engines.

Die Casting segment in global aluminum casting market estimated to have the fastest growth during the forecast period

Die Casting market estimated to dominate the market during the forecast period of 2020-2026, due to its advantage of producing high volume products coupled with steady demand in automotive industry. In addition, die castings can be made with thinner walls than those obtained by other casting methods and are much stronger than plastic injection moldings of the same size. The die castings are monolithic, which means that they combine several functions in one complex shaped component. As die castings do not consist of separate parts, fastened or welded together, the strength is that of the material, not that of welds or threads.

Increasing demand for Automobile industry generating demand of aluminum casting in global market in upcoming years

Due to rising population demand for automobiles has tremendously increased which is majorly driving the growth of the aluminum casting in global market. Aluminum is replaced by the magnesium as a liquid metal which is driving the growth of the aluminum casting market. In the automotive sector preference of aluminum over steel and iron is the major opportunity for the aluminum casting market. Also, massive investments in the automobiles and infrastructure are the opening opportunities for the aluminum casting market.

The increasing demand of lightweight materials expected to boost demand in upcoming years

Increasing demand for lightweight materials is contributing to the growth of the aluminum casting industry worldwide. Aluminum is about one-third of the weight of steel, making it cheaper and easier to transport than other metals. Catamaran ferries, aircraft, and oil tankers are good examples of the use of aluminum in the transport sector. In other manufacturing processes, lightweight aluminum can remove the need for special handling or lifting equipment.

Asia-Pacific is expected to dominate the global aluminum casting market during the anticipated period.

Geographically, the Global aluminum casting market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. The Asia-Pacific market is expected to dominate the global aluminum casting market during the forecast period owing to the production of automotive vehicles in the region which is coupled with the steady development of the automotive sector.

Followed by Asia-Pacific, North America projected to dominate in the global market with significant growth rate, owing to stringent emission regulations in the U.S. and the expansion of the industrial sector in Mexico. The growing use of aluminum in the manufacture of vehicles has a significant and direct impact on the market for cast products. North America is one of the world's largest aluminum casting markets for vehicles and is, therefore, witnessing healthy growth during the forecast period. The aluminum casting market in Europe is dominated by big countries such as Germany, Italy, Russia, and France. Focusing on reducing CO2 emissions in Europe by meeting Euro 6b emission standards and Euro 6c with real driving emissions (RDE) along with World Harmonized Light Vehicle Testing (WLTP) creates high growth potential for lightweight materials across the world.

Browse Detailed Table of Contents, “Aluminum Casting Market Size, By Type (Die casting, Permanent mold casting, Sand casting) By End-User (Transportation, Industrial, Building & Construction, Others (Household appliances, engineering tools, and telecom)) and, By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-26”

AT https://www.blueweaveconsulting.com/aluminum-casting-market-bwc19421

Aluminum Casting Market: Competitive Landscape

The major market players in the aluminum casting market are Alcoa Corporation, Ryobi Limited, Rio Tinto, Aluminum Corporation of China Limited, United Company Rusal, China Hongqiao Group Limited, Arconic Inc., Gibbs Die Casting Corp, Dynacast Charlotte, Nemak S.A.B. de C.V., Kaiser Aluminum, Honsel Germany GmbH, Martinrea Honsel Germany GmbH, Endurance Technologies Limited, Consolidated Metco, Inc., Dynacast Charlotte, Bodine Aluminum Inc., Alcast Technologies Ltd., Walbro, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.