PUBLISHER: Market Research Future | PRODUCT CODE: 1274271
PUBLISHER: Market Research Future | PRODUCT CODE: 1274271
Metal casting is a prevalent manufacturing process that involves pouring molten metal into a die or sand mold to obtain the desired shape. This technique is utilized to manufacture large and complex parts for various industrial applications. The growth of the metal casting industry is being stimulated by strict regulations related to pollution and energy efficiency requirements in vehicles. These regulations have prompted automakers to switch to lightweight vehicles to enhance fuel efficiency.
The construction market's demand for aluminum casting is increasing due to its lightweight properties and aesthetic appeal, propelling market growth. The final products of aluminum casting can be used in construction equipment and machinery, door handles, windows, curtain walling, heavy vehicles, and roofing. The ability to recycle aluminum products is becoming increasingly important as building owners prefer to deconstruct rather than demolish old or out-of-use buildings. Extracting recyclable materials from buildings also minimizes the environmental impact of construction activities.
Segment Overview
The Metal Casting market revenue is segmented based on the material type, including Aluminum, Cast Iron, Zinc, Magnesium, Stainless Steel, among others. Among these, the Cast Iron segment contributed the highest to the total income. Cast Iron is a mixture of carbon, silicon, manganese, and other impurities like phosphorus and sulfur, and is used in lost foam casting or sand casting. Due to its favorable properties such as a lower melting point, good fluidity, castability, machinability, wear resistance, deformation resistance, etc., Cast Iron is widely used in various applications such as machines, pipes, automotive industry parts, cylinder heads, gearbox cases, and more, thus driving the revenue growth of the Metal Casting market.
The Asia Pacific region was the leader in terms of volume share in the metal casting market in 2021, and this was largely due to the abundance of skilled labor available at a low cost. Manufacturers are attracted to the region because of the favorable location for establishing production facilities. The trend of global production shifting towards emerging economies, particularly China and India, is expected to fuel market growth in the coming years. In addition, the expansion of the automobile industry in the region is expected to have a positive impact on the market's growth.
China is regarded as a cost-effective region for manufacturing activities, thanks to the favorable regulations set by the government. Over the past few years, China's metal casting market has experienced significant growth due to the economic advantages provided by the country. The presence of advanced manufacturing facilities and skilled labor has enabled China to become a manufacturing hub.
Key players in the market are Alcast Technologies, POSCO, ArcelorMittal, Dynacast, Reliance Foundry Co. Ltd.and others
The COVID-19 pandemic has had a significant impact on the metal casting industry. The industry has been affected by disruptions in the supply chain, reduced demand for products, and workforce challenges. The metal casting industry relies heavily on the supply of raw materials and energy, as well as access to specialized equipment and services. The pandemic has disrupted global supply chains, resulting in shortages of raw materials, delayed deliveries, and increased costs. This has led to production slowdowns and even temporary shutdowns for some metal casting companies.
Furthermore, the pandemic has resulted in reduced demand for metal casting products due to the economic downturn and reduced spending. Industries such as automotive, aerospace, and construction have been particularly affected, leading to a decrease in demand for metal castings. The metal casting industry has also faced workforce challenges due to the pandemic. Many employees have been unable to work due to illness, quarantine requirements, or caregiving responsibilities. This has led to reduced productivity and increased labor costs for some companies.
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