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Industry Insights, Market Size, CAGR, High-Level Analysis: Global Metal Casting MarketThe global metal casting market size was valued at USD 123.8 billion in 2018 and is expected to expand at a CAGR of 5.3% from 2019 to 2025. Increasing demand for casting from the automotive sector is anticipated to drive the market growth over the forecast period. Metal casting is one of the popular manufacturing processes and involves pouring of molten metal into a die or sand mold to get the desired shape. It helps produce complex and large-size parts for various industrial applications. Stringent regulations regarding pollution and energy efficiency requirements in vehicles are triggering the growth of the metal casting industry. Regulations have forced automakers to shift to lightweight vehicles to improve fuel efficiency. Increasing use of casting on account lightweight properties and aesthetic appeal imparted by it is driving the demand for aluminum casting in construction market. Finished products can be used in construction equipment & machinery, heavy vehicles, curtain walling, door handles, windows, and roofing. The ability to recycle aluminum products is becoming a crucial factor as building owners are increasingly moving toward deconstruction instead of demolishing old or out-of-use buildings. Extracting recyclable materials from buildings also reduces the environmental impact of construction activities. Cast iron is an alloy containing metals such as silicon, carbon, manganese, sulfur, and phosphorus with wide application range. Increasing demand for pans, pots, utensils, engines, piping, and automotive are the growth factors for the cast iron market. Demand for grey iron metal is projected to increase over the years on account of its applications in housing, engine blocks, cylinder heads, and enclosures. Its properties, such as stiffness, high thermal conductivity, and wear resistance, make it useful in such applications.
Material Insights of Global Metal Casting MarketIn terms of volume, iron casting segment accounted for the highest market share of 69.4% in 2018. Major portion of the demand in this segment is projected to come from emerging markets, especially from the automotive, construction, and oil & gas sectors. Finished casting products are likely to remain a key area for investors. As per the World Foundry Organization, the production volume of iron casting increased by 0.8% in 2017 compared to the previous year. It was 156.58 kilotons in 2017. The production of ductile iron and grey iron metal products observed a growth rate of 1.1% and 1.3%, respectively, in 2017 compared to 2016. The demand for lightweight metals including magnesium and aluminum is anticipated to create many opportunities for market vendors. Stricter emission regulations and increasing requirement for energy efficiency are projected to boost the production of lightweight materials in the market over the forecast period. These materials assist in reducing the consumption of fuel owing to the light weight of auto components. Aluminum casting segment is projected to grow at a CAGR of 9.3%, in terms of revenue, over the forecast period.
Application Insights of Global Metal Casting MarketAutomotive & transportation was the largest metal casting application segment in 2018 and is projected to grow at a CAGR of 5.4% from 2019 to 2025. The global automotive production has been observing a slow but positive trend since last few years. As per the International Organization of Motor Vehicle Manufacturers, the global automotive production rose by 2.3% in 2017. The use of aluminum for weight reduction will remain an important factor to be considered by automakers and market vendors. In terms of volume, the industrial segment accounted for a market share of 28.4% in 2018. Industrial products such as metal valves and gaskets, decanters, air injection tubes, flanges, radiation protection tubes, coal throw pipes, air injection tubes, rollers, collectors, elbows, and bends are manufactured using iron & steel materials. The expansion of manufacturing industries in China and other emerging countries is anticipated to drive the growth of industrial segment. Building & construction industry is one of the leading consumers of different type of casting products. Increasing focus on infrastructure and investments is triggering the growth of the industry. Governments of different countries are investing in various infrastructure projects including transportation, water supply, telecommunications, and energy networks. Building & construction application segment accounted for a revenue share of 6.3% in 2018.
Regional Insights of Global Metal Casting MarketAsia Pacific was the leading regional metal casting market with a volume share of 64.1% in 2018. In the same year, China was a major producer and consumer in the region. In 2017, production volume in China was recorded at 49,400 kilotons. In the same year, India accounted for production volume of 12,055.1 kilotons. Growing population and increasing income levels in these countries are driving the product demand from end-use industries such as construction and automotive. Europe market for metal casting is anticipated to grow at a moderate pace with a CAGR of 4.7%, in terms of revenue, from 2019 to 2025. Demand for finished products in Germany and France markets is the major driver for the region. Europe is also characterized by the presence of around 4,500 metal casting firms, of which 70% are small businesses with less than 50 employees. North America was the third-largest market for metal casting in 2018. The U.S. accounted for nearly 72.1% of volume share in the region. The presence of several automotive production companies and increasing construction output in the U.S. are the key growth factors for the region. In 2017, the U.S. produced around 9,600 kilotons of metal casting products.
Metal Casting Market Share InsightsThe market for metal casting is fragmented in nature due to the presence of a large number of small & medium enterprises (SMEs) and unorganized industry structure. Several leading players are focusing on improving their production capacities across countries and strengthen their presence. Players engaged in manufacturing metal casting are facing various challenges including underutilization of capacity, optimization of resources, high energy consumption, and complying with stringent norms. The growing use of aluminum in vehicles is anticipated to create many opportunities for market vendors; hence, well-established players are concentrating on the development of new alloys and materials. POSCO; Arconic; Alcast Technologies; Dynacast; Ryobi Ltd.; Endurance Technologies Limited; Uniabex; MES, Inc.; CALMET; and Hitachi Metals are among the key market participants.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Global Metal Casting Market Research ReportThis report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the industry trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, this market research report has segmented the global metal casting market report based on material, application, and region:
Material Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
- Automotive & transportation
- Building & construction
Table of Contents Chapter 1 Methodology and Scope 1.1 Market segmentation & scope 1.2 Market definition 1.3 List of data sources 1.4 Information procurement 1.5 Information analysis 1.6 Market formulation & data visualization 1.7 Data validation & publishingChapter 2 Executive Summary 2.1 Market outlook 2.2 Segmental outlook 2.3 Competitive InsightsChapter 3 Metal Casting Market Variables, Trends, & Scope | read more...