Aluminum Castings Market Revenue - Growth, Analysis, Global Outlook, Industry Demand, Key Manufacturers and Outlook 2023
Market Insights:
Aluminum is among the most commonly used non-ferrous metals and has an immense range of applications in transportation, packaging, and a number of other consumer goods. The metal has low density, is easy to work with and is highly durable as well as corrosion resistant. Casting is used to form shapes and various other designs for the manufacturing of a number of items. The Global Aluminum Castings Market Revenue is poised to witness market appreciation at a CAGR of 7.56% during the review period ranging from 2017 to 2023. Market Research Future’s latest report covers important ground in reference to the Global Aluminum Castings Market and has recorded a revenue of USD 59.6 Bn in 2016. At the above-mentioned growth rate, the market is on track to generate a revenue of USD 92.8 Bn by the end of 2023.
Aluminum has several key uses in automobile parts as well as in consumer appliances. Aluminum casting products are used most commonly in the production of pistons, engine parts and several other important parts in automobiles. The automotive sector is growing at a rapid pace due to urbanization and the increase in disposable income has gone a long way in supporting the astounding growth of the automotive industry. Several small consumer appliances also make intensive use of Aluminum Castings. Urbanization has been found to be responsible for the growing demand for consumer appliances, which is likely to impact the Aluminum Castings Market in a positive manner. Aluminum is also an important structural metal which has extensive uses in building & construction activities. Demand for Aluminum Castings in the construction sector is likely to grow due to similar reasons as increased demand for aluminum in automotive applications. Additionally, due to its low density, aluminum is a lightweight metal which is witnessing increased preference in the production of military-grade weapons systems. Increasing investments from the military toward the development of the same is expected to be a significant driver of the market.
Restraints of the market include the adoption of magnesium alloys to substitute aluminum alloys. Magnesium has been observed to have a lower density than aluminum and has displayed higher strength in various similar applications.
Market Segmentation:
Division of the market into its various vital parts has been performed in the segmental analysis of the report on the basis of Process, End-Use Industry and Region. Processes used in Aluminum Casting has been segmented into die casting, sand casting, and permanent mold casting. Due to its durable and cost-effective nature, die casting is the most significant segment under process and possesses the largest market share. Additionally, die casting is ideal for a large volume of production.
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End-use industries where Aluminum Casting is used include building & construction, transportation, industrial, and others. The transportation segment captured the largest share of the market, while the building & construction segment is projected to witness the highest CAGR during the forecast period.
Key Players:
Endurance Technologies, Rio Tinto, Kaiser Aluminum, Aluminum Corporation of China Limited, Ryobi Limited, Alcast Technologies Ltd., Arconic Inc., Nemak S.A.B. de C.V., Rockman Industries Ltd., Gibbs Die Casting Corp, Dynacast Charlotte, Alcoa Corporation, and Martinrea Honsel are some market players of importance participating the competitive landscape of the Global Aluminum Casting Market.
Regional Analysis:
The North American Aluminum Castings Market has been observed to have captured the largest share of the market. North America is a largely well-developed region with several economically strong countries such as U.S and Canada where there are comparatively high disposable incomes. Moreover, most consumers prefer private vehicles over the use of public transport, and as such, there is a high demand for automobiles in the region. Moreover, the highly urban region also has a high demand and sales of consumer appliances making the region especially significant in the Global Aluminum Castings Market. However, the Asia Pacific is expected to cover significant ground in terms of capturing market share, as it is growing at the highest CAGR. The region has several important emerging economies that have successfully established themselves as a manufacturing hub for automotive and consumer appliances. Countries such as India, China, South Korea, and Japan are among the key country-level markets where increasing economic growth, combined with rapid urbanization, industrialization and a rise in disposable income is expected to boost demand for consumer electronics, automotive vehicles, and construction activities.
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