PUBLISHER: Allied Market Research | PRODUCT CODE: 1179664
PUBLISHER: Allied Market Research | PRODUCT CODE: 1179664
The global metal casting market was valued at $129.5 billion in 2021, and is projected to reach $226.8 billion by 2031, growing at a CAGR of 5.8% from 2022 to 2031. Metal casting is the process of making objects by pouring molten metal into an empty shaped space. The metal then cools and hardens into the form given to it by this shaped mold. Metal casting is used in various end-use sectors including automotive, electrical and electronics, building and construction, heavy machinery and equipment, aerospace, and others.
Factors such as increasing disposable income, technological upgrades, and spurring rise in original equipment manufacturers (OEMs) have led the automotive sector to witness a significant growth. Metal castings are widely used in automotive sector for producing various automotive parts of different shapes. For instance, metal die castings are used in producing alloy wheels, body frames, pistons, engine blocks, valve covers, carburetors, fan clutches, and others. Furthermore, increase in investments in building infrastructure in countries such as the U.S., China, Japan, Mexico, and India, have led the building & construction sector to witness significant growth where metal casting process is widely employed for designing and production of both interior and exterior metallic structures, window frames, and others. These factors are anticipated to fuel the growth of the metal casting market during the forecast period
However, casting involves several processes such as melting of metal, transferring the molten metal to mold cavity, and solidification of molten metal. These processes require a relatively large amount of heat energy. Furthermore, the overall process consists of different sophisticated equipment that are fabricated to work at high temperature application. These factors make metal casting an expensive process, which in turn may restrain manufacturers with less investment potential to enter into metal casting market.
On the contrary, rapid technological advancements coupled with the emergence of artificial intelligence (AI), internet of things (IoT) and machine learning (ML) technologies have surged the demand for various consumer electronic devices. Metal casting solutions are widely used in electronics sector for producing three-dimensional parts. Furthermore, key electronic manufacturers such as Samsung, LG, Apple, and others, are using metal casting owing to its advantages such as quick yield of complexes, preciseness, and production of rigid cast parts with smooth surfaces that do not need intense secondary machining. These factors have surged the popularity of metal castings in the growing electronics sector; thus, creating remunerative opportunities for the market.
The metal castings market is segmented into process, end-use industry, and region. On the basis of process, the market is categorized into sand casting, investment casting, die casting, gravity casting, and others. By end-use industry, it is classified into automotive, heavy machinery and equipment, defense, electrical and electronics, building and construction and others. Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global metal casting market profiles leading players that include Ahresty Corporation, Aisin World Corp. of America, Dawang Steel Casting Foundry, Dynacast International, Endurance Technologies Limited, Georg Fischer Ltd, GIBBS, Gujarat Precision Cast Pvt. Ltd., MINO Industry USA, Inc, NEMAK, Omnidex Group, Rheinmetall Ag, RFQLINE, INC, RYOBI DIE CASTING, and Sujan Industries. The global metal casting market report provides in-depth competitive analysis as well as profiles of these major players
Key Benefits For Stakeholders
By End-use Industry
By Process
By Region