Metal Casting Market Market Size
Metal Casting Market to surpass USD 248.9 billion by 2031 from USD 91.7 billion in 2021 at a CAGR of 10.5% in the coming years, i.e., 2021-2031.
Metal casting is the technique of pouring molten metal into a mold with a hollow chamber of a desired geometrical shape and allowing it to cool to form a hardened object. It has traditionally been used to build intricate and/or huge items that would be difficult or expensive to manufacture using other methods. Casting is mostly used to create ingots and forms. An ingot is a simple-shaped casting intended for additional processing such as metal extrusion, forging, and so on. Form casting is used to create complex geometries that are closer to the final product in near or net shape castings.
Market Highlights
Global Metal Casting Market is expected to project a notable CAGR of 10.5% in 2031.
During the forecast period, factors such as rising demand for casting from the automotive industry and benefits provided by the casting process such as increased precision, accuracy, faster cycle time, and excellent surface quality are projected to propel the metal casting market.
Global Metal Casting Market: Segments
Cast Iron segment is predicted to grow with the maximum growth during 2021-31
On the basis of Material Type, the metal casting market is divided into Aluminum, Cast Iron, Magnesium, Zinc, and Others. The iron casting segment has the largest market share in terms of volume. Emerging markets are expected to account for the majority of demand in this area, particularly in the automotive, construction, and oil and gas sectors. Investors are likely to continue to focus on finished casting products.
Engine Parts segment is anticipated to witness maximum growth during 2021-31
On the basis of Application, the metal casting market is divided into Body Assemblies, Engine Parts, Transmission Parts. During the projected period, the engine parts application is expected to lead the metal casting market. Some of the important components evaluated in this application include cylinder heads, engine block, engine mounts, exhaust manifold, intake manifold, oil pan, and turbochargers. The casted iron engine block is being replaced by an aluminum engine block as part of the growing trend of vehicle light-weighting.
Market Dynamics
Drivers
Multiple advantages of metal casting technology are driving the market growth
Metal casting technique has a number of benefits, including the ability to improve energy efficiency, cut production costs, improve environmental quality, and create inventive new cast goods. Pipes and fittings, mining and oilfield machinery, internal combustion engines, railroads, valves, and farm equipment all rely heavily on casting to make homogeneous products because of these advantages. Furthermore, metal casting foundries use metal recycling as a cost-effective supply of raw material, reducing scrap metal significantly.
Extensive research and development in metal casting domain for innovations
The creation of lost foam casting and computer-based visualization tools for die casters to generate alternative means of moulding are examples of ongoing research in the field of metal casting, which ensures innovations and improvements in the casting process.
Restraint
High cost associated with the Casting Materials
The market's growth is being stifled by the high cost of casting materials such as aluminium and magnesium, as well as the metal extrusion method versus die casting.
Global Metal Casting Market:
Key Players
- POSCO
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
- Arconic
- Alcast Technologies
- Dynacast
- Ryobi Ltd.
- Endurance Technologies Limited
- Uniabex
- MES, Inc.
- CALMET
- Hitachi Metals
- Other Prominent Players
Global Metal Casting Market: Regions
The Global Metal Casting Market is divided into four regions: North America, Europe, Asia Pacific, and the Rest of the World. With a volume share, Asia Pacific was the leading regional Metal Casting Market. In the same year, India and China produced a significant amount of goods. End-use industries such as construction and automotive are boosting product demand in these countries due to rising population and income levels.
Impact of COVID-19 on Metal Casting Market
The COVID-19 has both short and long-term repercussions, causing a crisis in the supply chain, particularly in production and distribution. During the epidemic, the market's volume and expenses plummeted. The standard limits were that the client is changing its way of life and lifestyle preferences and is not seeking market products. This puts market producers and manufacturers under even more pressure.
Global Metal Casting Market is further segmented by region into:
- North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States, Mexico, and Canada
- Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Brazil and Rest of Latin America
- Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Russia, and Rest of Europe
- Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, and Rest of APAC
- Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – South Africa and Rest of Middle east and Africa
Global Metal Casting Market report also contains analysis on:
Metal Casting Market Segments:
- By Process
- Gravity Casting
- High-Pressure Die Casting (HPDC)
- Low-Pressure Die Casting (LPDC)
- Sand Casting
- By Material Type
- Aluminum
- Cast iron
- Magnesium
- Zinc
- Others
- By Components
- Alloy Wheel
- Clutch Casing
- Cylinder Head
- Cross Car Beam
- Crank Case
- Battery Housing
- Others
- By Application
- Body Assemblies
- Engine Parts
- Transmission Parts
- By Vehicle Type
- Passenger Car
- HCV
- BEV
- HEV
- PHEV
- Metal Casting Market Dynamics
- Metal Casting Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
Metal Casting Market Report Scope and Segmentation
| Report Attribute | Details |
| Market size value in 2021 | USD 91.7 billion |
| Revenue forecast in 2031 | USD 248.9 billion |
| Growth Rate | CAGR of 10.5% from 2021 to 2031 |
| Base year for estimation | 2020 |
|
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2031 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Process, Material Type, Components, Application, Vehicle Type, and Region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
| Key companies profiled | POSCO, Arconic, Alcast Technologies, Dynacast, Ryobi Ltd., Endurance Technologies Limited, Uniabex, MES, Inc., CALMET, Hitachi Metals |
Frequently Asked Questions (FAQ):
Metal Casting Market size was estimated at USD 91.7 billion in 2021 and is expected to reach USD 248.9 billion by 2031
Key Players: POSCO, Arconic, Alcast Technologies, Dynacast, Ryobi Ltd., Endurance Technologies Limited, Uniabex, MES, Inc., CALMET, Hitachi Metals.
Cast Iron segment and Engine Parts segment anticipated to hold the Metal Casting Market share
Multiple advantages of metal casting technology are driving the market growth and Extensive research and development in metal casting domain for innovations
Metal casting is the technique of pouring molten metal into a mold with a hollow chamber of a desired geometrical shape and allowing it to cool to form a hardened object. It has traditionally been used to build intricate and/or huge items that would be difficult or expensive to manufacture using other methods.
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