Global Aluminum Casting Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- December 22, 2023
- ENERGY & POWER, NEWS
- Aluminum Casting Market, Aluminum Casting Market Forecast, Aluminum Casting Market Share, Aluminum Casting Market Size, Aluminum Casting Market Trends, Bahrain Aluminum Casting Market, Kuwait Aluminum Casting Market, Middle East Aluminum Casting Market, Oman Aluminum Casting Market, Qatar Aluminum Casting Market, Saudi Arabia Aluminum Casting Market, UAE Aluminum Casting Market
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Aluminum casting is defined as pouring liquid aluminum into a mold and giving the required shape and size. The aluminum is melted to its liquid state and then mold. The mold can be made by using different materials such as tool steel and sand with others. The increasing use of aluminum for industrial and non-industrial purposes increases the demand for aluminum casting. Additionally, the increasing demand for aluminum in the automotive industry is also propelling the demand for aluminum products as aluminum has better corrosion and feasibility compared to other materials and offers better efficiency to automotive vehicles.
The Aluminum Casting Market is expected to grow at a steady rate of around 5% owing to the increasing demand for electric vehicle and their incorporation due to lower weight & better efficiency and increasing demand in the industrial sector, building & construction sector. There are several companies in the market which are offering innovative products and working on the several dynamics of aluminum and its casted products. For instance, rheocasting casting is one of the advanced ways of casting which required lower pressure and further increase the production rate and reduce the cycle time.
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Based on the process, the market is segmented into permanent mold casting, die casting, and sand casting. The die casting segment witnesses significant market share and is expected to remain the same during the forecast period owing to the increasing demand from the automotive sector and used to manufacture cylinders, gears, engines, and flywheels with others. Additionally, the lower cost of the die-casting product, easy installation, smooth finishing, and longer durability are also propelling the market for the die-casting segment.
Based on end-users, the aluminum casting market has been classified into industrial, building & construction, transport, and others. The transport segment shows significant market growth during the forecast period. This is mainly due to their higher dimensional stability and excellent electrical conductivity which are capable to replace the traditional road and rail transport system. Also, the increasing use of aluminum in the aircraft industry propelling the market.
For a better understanding of the market adoption of the Aluminum Casting industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. . APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing prevalence of economic activities backed by growing disposable income and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the growing construction and automotive activities in the emerging economies of the region accounted for higher growth. For instance, there were approximately 2.9 million battery electrical vehicles sold in China for the year 2021 and witness approximately a 162 percent increase compared to the last year. Also, the increasing investment in the electric vehicle segment and government promotional schemes such as subsidies are also boosting the aluminum casting market. For instance, in India, the government granted the demand incentive of USD 5.64 B in the year 2021 which includes 6,315 E-buses and 2,887 EV charging stations. Moreover, the rapid urbanization and development of the construction & building sectors in the region will propel the market in the future. For instance, according to the NDRC (National Development and Reform Commission), the Chinese government approved 90 fixed assets projects in the region which primarily involve transport, energy, water conservation, and others.
Some of the major players operating in the market include Dynacast Charlotte, Harrison Casting Ltd., Kaiser Aluminum Corporation, Rio Tinto, Toyota Industries Corporation, Consolidated Metco, Inc., Drahtwerk Elisental W. Erdmann Gmbh & Co., Endurance Technologies Limited, LA Aluminum and Reliance Foundry Co.Ltd.
For a detailed analysis of the Global Aluminum Casting Market browse through – https://univdatos.com/report/aluminum-casting-market/
Global Aluminum Casting Market Segmentation
Market Insight, by Process
· Permanent Mould Casting
· Die Casting
· Sand Casting
Market Insight, by End-Users
· Industrial
· Building & Construction
· Transportation
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Dynacast Charlotte
· Endurance Technologies Ltd.
· Kaiser Aluminum Corporation
· Rio Tinto
· Toyota Industries Corporation
· Consolidated Metco, Inc.
· Drahtwerk Elisental W. Erdmann Gmbh & Co.
· Harrison Castings Ltd
· LA Aluminum
· Reliance Foundry Co.Ltd.