Market Research Report
Metal Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024
|Published by||IMARC Services Private Limited||Product code||907575|
|Published||Content info||104 Pages
Delivery time: 2-3 business days
|Metal Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024|
|Published: August 18, 2019||Content info: 104 Pages||
The global metal casting market was worth US$ 22.1 Billion in 2018. Metal casting is a process in which molten metal is poured into a hollow container of desired geometrical shape to form a solidified part. There are many reliable and effective metal casting materials such as, gray iron, ductile iron, aluminum, steel, copper and zinc. Metal casting can produce objects with complex shapes and is cheaper compared to other manufacturing processes for medium to large quantities of castings produced. Cast metal products are an integral part of the human life and economy as they are found in 90% of the manufactured goods and equipment, ranging from home appliances and surgical equipment to critical components for aircraft and automobiles.
Metal casting technology offers numerous advantages; it aids in improving energy efficiency, lowering production costs, enhancing environmental quality, and creating innovative new cast products. Due to these advantages, it is used in pipes and fittings, mining and oilfield machinery, internal combustion engines, railroads, valves and farm equipment, which depend heavily on casting to create uniform products. Further, metal casting foundries rely on metal recycling as a cost-efficient source of raw material, which significantly reduces scrap metal. Besides this, the ongoing research in the field of metal casting ensures innovations and improvements in the casting process, including the development in lost foam casting and computer-based visualization tools for die casters to create alternative means for molding. These advanced casting technologies allow foundry researchers to produce defect-free castings and help them to explore detailed phenomena associated with the new casting process parameters. Moreover, the deteriorating environmental conditions have prompted manufacturers to formulate simulation-based castings to reduce wastage and operational costs. Looking forward, IMARC Group expects the market to reach a value of US$ 35.4 Billion by 2024, registering a CAGR of around 8% during 2019-2024.