The global metal casting market size is expected to reach USD 178.0 billion by 2025, accelerating at a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. Expansion of the construction sector due to infrastructure requirement and housing needs is one of the key drivers for market growth.
An increase in urbanization trend in China and India is a key factor triggering the growth of housing and infrastructure industries. Incentives and funding for first-time home buyers are triggering the growth of building & construction industry. Governments across various countries are offering incentives and funding to meet the housing needs of growing population.
For instance, the Canadian government offers a 5% incentive on the purchase of an existing house for first-time buyers. Similarly, in Germany, under the federal government initiative, around USD 13,400 is granted to first-time buyers under certain criteria. India and China are also recording an increase in industrial output, which is in turn favoring the demand for metal casting. Asia Pacific accounted for the highest volume share of 64.1% in 2018 in the market for metal casting.
Aluminum casting segment is projected to grow at the highest CAGR of 9.3% over the forecast period. As per a report by The Aluminum Association, total aluminum content in vehicles is projected to reach 256 kg per vehicle by 2025, globally. Strict regulations such as Euro 6c emission standards in the European Union are contributing to the growth of the market. It has become necessary for automakers to reduce the weight of vehicles using lightweight materials such as aluminum and magnesium.
Steel segment is anticipated to grow at a moderate CAGR on account of demand from automotive components. As per the World Steel Association, around 900 kg of steel is required per vehicle. Around 34% of steel is used in doors, panels, closures, and body structure parts. The growing usage of advanced high strength steel (AHSS) is projected to create new opportunities for metal casting vendors as it reduces the weight of a vehicle and also enhances fuel efficiency and safety. Many research institutes and private organizations are working on new grades of AHSS. These grades have capabilities to reduce the vehicle weight by 25% to 39% and help achieve 3 to 4.5 tons of greenhouse gas savings over the life cycle of a vehicle.
Metal casting industry faces various challenges including underutilization of capacity, optimization of resources, high energy consumption, stringent norms, and overall effectiveness. Metal casting manufacturers are likely to focus on industrial internet of things (IIoT) over the coming years as IIoT has the potential to control and monitor the temperature of foundries, machinery downtime tracking, and enhance resource management.
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Key Takeways Of The Report :
- Iron casting segment is anticipated to be valued at USD 58.8 billion by 2025 owing to the expansion of industrial sectors such as oil & gas
- In terms of revenue, aluminum metal segment is projected to grow at the highest CAGR of 9.3% over the forecast period owing to the presence of stringent emission regulations in automotive sector
- Building & construction segment accounted for 6.9% of the market volume share in 2018
- In terms of revenue, the Middle East & Africa is projected to grow at a CAGR of 5.0% from 2019 to 2025 on account of growing output from non-oil & gas sectors
- POSCO; Dynacast; Alcast Technologies; Arconic; Endurance Technologies Limited; and Hitachi Metals, Ltd. are some of the key players in the metal casting market.
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Grand View Research has segmented the global metal casting market report on the basis of material, application, and region:
Metal Casting Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
Metal Casting Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- Automotive & Transportation
- Building & Construction
Metal Casting Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)
- North America
- Asia Pacific
- Central and South America
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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