Metal Casting Market Set to Surpass USD 61.08 Bn by 2030, Growing Demand in Automotive and Expanding End-use – EIN News

USA, TEXAS, UNITED STATES, January 22, 2024 /EINPresswire.com/ —
The metal casting market is driven by various factors, including the increasing demand for aluminum in the automotive industry and the expansion of key end-use industries. These drivers are fueled by the numerous benefits offered by the casting process, such as accuracy, enhanced precision, shorter cycle time, and exceptional surface finish.

The SNS Insider report indicates that the Metal Casting Market Size was valued at USD 33.0 billion in 2022 and is expected to reach USD 61.08 billion by 2030, growing at a CAGR of 8.0% over the forecast period 2023-2030.

► Market Dynamics:
Drivers:
• Emission and fuel efficiency rules that are strict 
• Lack of a different way to make things
• More and more people are buying hybrid car and electric cars.
Restraints:
• The process costs a lot of money because it needs a loT of tools, dies and energy.
Opportunity:
• Putting together parts that go into electric cars
Challenge:
• High costs to cast materials
• Die cast process vs. metal extrusion process

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► Market Report Scope:
Metal casting, a process of forming solidified parts by pouring molten metal into a hollow container, plays a crucial role in manufacturing products with complex geometries. Materials such as grey iron, ductile iron, aluminum, steel, copper, and zinc are reliable and cost-effective for this process. With applications ranging from household appliances and medical equipment to key components for aircraft and automobiles, metal casting is integral to human life and the economy.

► Market Analysis:
Metal casting involves pouring molten metal into a mold to create molded parts, offering cost-effective production for medium to large quantities of castings. From household appliances to critical components in aerospace and automotive industries, cast metal products are present in 90% of manufactured goods. The demand for aluminum casting is rising in the construction market due to its lightweight qualities and aesthetic appeal, especially in deconstruction projects.

► SWOT Analysis:
The increasing demand for casting from the automotive sector is a significant growth driver. Metal casting, a popular manufacturing process, helps produce complex and large-size parts for various industrial applications. However, high investment costs associated with metal casting production may restrain manufacturers with limited investment potential, affecting market growth.

► Segment Analysis:
By material type, aluminum dominates with a revenue share of 36% in 2022. This segment is projected to witness significant demand from emerging markets, particularly in the automotive, construction, and oil & gas sectors.
By End-use, the automotive and transportation end-use segment holds the largest market share, driven by the increasing utilization of metal casting for producing vehicle components.

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► Market Segmentation:
By Material Type
• Cast Iron
• Aluminium
• Stainless Steel
• Zinc
• Magnesium
• Carbon Steel
• High Steel Alloy
• Others
By Process Type
• Sand Casting
• Die Casting
• Shell Mold Casting
• Gravity Casting
• Vacuum Casting
• Investment Casting
• Others
By End-use
• Automotive & Transportation
• Building & Construction
• Mining
• Equipment & Machine
• Consumer Goods
• Others

► Key Regional Development:
Asia Pacific dominated the market with the largest revenue share of 53% in 2022. The region’s skilled labor at low cost makes it lucrative for manufacturers to set up production facilities. A shift in the global production landscape toward emerging economies like China and India positively influences market growth. The rapidly expanding automobile sector in the region further boosts market growth.

► Key Takeaways:
• The aluminum segment leads in material types, driven by demand from emerging markets in automotive, construction, and oil & gas.
• The automotive and transportation end-use segment holds the largest market share, fueled by metal casting utilization in-vehicle component production.
• Asia Pacific dominates the market, benefiting from skilled labor at low cost and a booming automobile sector.

► Recent Developments:
• In November 2022, POSCO announced that two of its steel plants achieved certification for their contributions to fostering a sustainable future for the steel industry.

► Key players:
Ryobi Limited, Dynacast, MINO Industry USA, Inc., Ahresty Corporation, GIBBS, Rheinmetall Automotive AG, Endurance Technologies Limited, Aisin Automotive Casting, LLC., Nemak, Georg Fischer Ltd, and other players.

► Table of Content
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model Textile Chemicals Market
7. PEST Analysis
8. Emulsion Metal Casting Market Demand By Material Type
9.Emulsion Metal Casting Market By Process Type
10.Emulsion Metal Casting Market By End Use
11.Regional Analysis
12. Company Profiles
13. Competitive Landscape
14. Conclusion

► About Us:
SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company’s aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety.

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SNS Insider
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