Aluminum Casting Market Size & Trends 2020 Analysis Report and Industry Share Forecast to 2026
The global aluminum casting market has reached USD 64.1 Billion in 2019 and estimated to reach USD 104.12 Billion in 2026 at a significant CAGR of 7.2% during the forecast period 2020-2026. Rising construction activities and increasing demand for light-duty vehicles are factors that drive the growth of the market during the forecast period from 2020-2026.
Cast aluminum is also referred to as tempered aluminum, which is not harmful. Aluminum is lightweight and possesses high thermal, outstanding strength and electrical conductivity, superior workability, moderate reflectivity, and desirable appearance, which ensures that aluminum is typically cast over iron and steel. The increasing use of aluminum is commonly used in various end-use applications and is a significant driver of the growth of the global aluminum casting industry worldwide.
Die Casting market estimated to dominate the market during the forecast period of 2020-2026, due to its advantage of producing high volume products coupled with steady demand in automotive industry. In addition, die castings can be made with thinner walls than those obtained by other casting methods and are much stronger than plastic injection moldings of the same size. The die castings are monolithic, which means that they combine several functions in one complex shaped component. As die castings do not consist of separate parts, fastened or welded together, the strength is that of the material, not that of welds or threads.Increasing demand for lightweight materials is contributing to the growth of the aluminum casting industry worldwide. Aluminum is about one-third of the weight of steel, making it cheaper and easier to transport than other metals. Catamaran ferries, aircraft, and oil tankers are good examples of the use of aluminum in the transport sector. In other manufacturing processes, lightweight aluminum can remove the need for special handling or lifting equipment.
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Geographically, the Global aluminum casting market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. The Asia-Pacific market is expected to dominate the global aluminum casting market during the forecast period owing to the production of automotive vehicles in the region which is coupled with the steady development of the automotive sector.
Followed by Asia-Pacific, North America projected to dominate in the global market with significant growth rate, owing to stringent emission regulations in the U.S. and the expansion of the industrial sector in Mexico. The growing use of aluminum in the manufacture of vehicles has a significant and direct impact on the market for cast products. North America is one of the world's largest aluminum casting markets for vehicles and is, therefore, witnessing healthy growth during the forecast period.
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