May 09, 2022 05:30 ET | Source: Market Research Future Market Research Future
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New York, US, May 09, 2022 (GLOBE NEWSWIRE) -- Metal Casting Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Metal Casting Market Information by Vehicle Type, Cargo Type, End Use and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 7.8% CAGR to reach USD 5,19,103.59 Million by 2030.
Metal casting is a method of producing geometrically complex parts or components by pouring molten or liquid metal into a mold made of sand, metal, or ceramics. Metal cast goods are mostly utilized in the automotive, building and construction, mining, and heavy equipment industries, with the automotive sector being the largest customer. Grey iron, ductile iron, aluminum, stainless steel, magnesium, zinc, and copper alloys are the most common metals used in metal casting.
The key players operating in the global Metal Casting market include
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The increasing demand for metals such as aluminum and magnesium in major end-use sectors such as automotive, aerospace & defense, and building & construction, especially automotive, is propelling the global metal casting market forward. Because of its exceptional qualities such as high strength to weight ratio, lightweight, ductility, corrosion resistance, recyclability, and electrical and thermal conductivity, aluminum is in great demand. The casting method is used in the production of a variety of powertrains and body structure-related components. Furthermore, increased vehicle production, combined with rising demand for mid- and premium-segment automobiles and a lack of alternative manufacturing technologies, is propelling this industry forward. OEMs are also concentrating their efforts on the development of electric and hybrid vehicles, which require more lightweight materials, resulting in significant growth in the metal casting business.
Aluminum is widely utilized in the production of electric vehicle components such as battery housings, E-drivers, inverters, brake components, and charging stations. Furthermore, lightweight automobile components composed of metals such as aluminum, magnesium, and advanced high strength steel are chosen for use in electric vehicles since they improve battery efficiency over time and hence extend driving range.
Die casting is one of the most extensively used methods for producing metal products among the many metal casting processes. Die casting is an energy-intensive technique that can only be cost-effective when large volumes of die-cast components are produced.
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With some limits connected with the metal casting process, such as the high cost of building molds and the complicated production process, the need for a flexible and efficient casting process has grown. However, the method comes with a high expense in terms of tools, dies, and energy consumption. As a result, foundry players are incorporating 3D printing technology into the traditional metal casting process, obviating the need for molds, decreasing process steps, and increasing the efficiency and cost-effectiveness of the process.
The outbreak has had a considerable influence on global chemical and materials supply chains, international trade, and manufacturing activities. Metal casting production decreased as a result of the COVID-19 pandemic, as market players were forced to shut down production facilities or operate them at lower-than-optimal capacity to prevent the spread of the novel coronavirus. The manufacturing of metal casting has also been hampered by a paucity of raw materials due to supply disruptions caused by border and trade restrictions. Some major market participants, on the other hand, have continued to operate their manufacturing plants. Furthermore, falling raw material costs and poor demand from end-use sectors have resulted in excess stocks and, as a result, lower production.
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The market is divided into cast iron, aluminum, stainless steel, zinc, magnesium, carbon steel, high steel alloy, and others based on material type.
Sand casting, die casting, shell mold casting, gravity casting, vacuum casting, investment casting, and others are the process types that the market is divided into.
Automotive & transportation, building & construction, mining, equipment & machine, consumer products, and others are the end-use segments of the market.
In 2020, Asia-Pacific had the biggest market share and the highest CAGR during the projection period. China, India, Japan, South Korea, Australia & New Zealand, and the rest of Asia-Pacific are the countries that make up Asia-Pacific. Rapid population expansion, urbanization, and variables such as the existence of a large number of producers, low labor costs, and rising application segments in the region are all contributing to the region's fast growth. In the recent past, China was the leading producer and user of metal casting. Over the last few years, India has seen a significant surge in consumption. Furthermore, rising capacity addition in Southeast Asia, such as Singapore and Thailand, South Korea, and China, is expected to boost the Asia-Pacific market's growth. Because of the presence of several local and foreign OEMs such as Brilliance Auto, JAC Motors, SAIC Motor, Volkswagen, and General Motors, China is the region's major automotive hub.
Furthermore, the presence of large-scale end-use industries, vast technological and R&D skills, and widespread production facilities contribute to North America's growth. For the foreseeable future, North America is likely to drive expansion in the global metal casting market.
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