Aluminum Casting Market: Current Analysis and Forecast (2022-2028)
Emphasis on Process (Permanent Mold Casting, Die casting, and sand Casting); End-Users (Industrial, Building & Construction, Transportation, and Others); and Region/Country
Global Aluminum Casting Market is expected to grow at a significant rate of around 5% during the forecast period 2021-2027. 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. Furthermore, the application of aluminum casting is widening to construction equipment, agriculture equipment, heavy-duty vehicles, and mining equipment with others and subsequently growing the demand for aluminum casting. Also, the government legislation for lower carbon emissions will force the automotive industry to use aluminum products over iron molded products and will create the demand for aluminum cast products.
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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst process, die casting Castings category to witness robust CAGR during the forecast period”
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. The aluminum die-casting products offer lower weight and increase the overall efficiency of automotive vehicles.
“Amongst end-users, the transport segment to hold a significant share in the market in 2020”
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. Furthermore, the increasing demand for energy-efficient vehicles and awareness of lower carbon emission is also boosting the market as aluminum products weigh less than half and provide optimized performance.
“Asia-Pacific to hold a significant share in the market”
In 2020, Asia-Pacific held a significant share of the global aluminum casting market. 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global aluminum casting market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Aluminum Casting Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global aluminum casting market were the three major steps undertaken to create and analyze the adoption of aluminum castings in major regions globally. exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global aluminum casting market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the aluminum casting market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the aluminum casting market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as process and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the aluminum casting market. Further, we conducted factor analysis using dependent and independent variables such as various processes and end-users of aluminum castings. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the aluminum casting market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global aluminum casting market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the aluminum casting market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global aluminum casting market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global aluminum casting market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of process and end-users in the global aluminum casting market.
The main objective of the Global Aluminum Casting Market Study
The current & future market trends of the global aluminum casting market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the aluminum casting market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of end-users and processes.
- Define and analysis of the regulatory framework for the aluminum casting
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the aluminum casting market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the aluminum casting market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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