Rockville , May 17, 2023 (GLOBE NEWSWIRE) -- The market for Aluminum castings is expected to grow from its current value of US$ 93.5 billion in 2023 to US$ 171 billion by the end of 2033. According to an Fact MR, the demand for aluminum castings would grow at a robust CAGR of 6.2% over the following ten years.
The automotive industry is embracing the use of large aluminum castings or mega castings in vehicle structures. This shift is driven by a desire to reduce production costs and vehicle weight, while providing the same level of performance and safety. This could significantly benefit the automotive market in the years to come, as lighter and more affordable vehicles become available.
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Competitive Landscape:
The competitive landscape of the aluminum casting market is characterized by the presence of several global and regional players. The market is highly fragmented, with numerous companies competing based on factors such as product quality, technological advancements, cost-efficiency, and customer service.
- In November 2021, Pace Industries, a leading provider of die casting and engineering services, announced the acquisition of a high-pressure die casting facility from Metal Technologies of Indiana. The Jackson Die Cast facility acquisition allowed Pace to expand its operations and grow its customer base in the United States.
- In February 2020, Tesla, a leading American electric vehicle company, revealed that it had invested in the manufacturing of new aluminum alloys for die casting electric vehicle parts and still maintain high conductivity and high-yield strength. A new Tesla patent revealed the aforementioned information.
Key Takeaways from Market Study
- The global aluminum castings market accounts for a valuation of US$ 93.5 billion.
- Sales of aluminum castings are set to attain a revenue value of US$ 171 billion by 2033-end.
- Worldwide aluminum casting demand is forecasted to rise at 6.2% CAGR from 2023 to 2033.
- Die casting is projected to account for a commanding share of the global market throughout the forecast period.
Key Companies Profiled in This Report
- WalbroAlcoa Corporation
- Consolidated Metco Inc.
- Ryobi Ltd.
- Bodine Aluminum Inc.
- Martinrea Honsel Germany GmbH
- Dynacast
- Aluminum Corporation of China Limited
- Gibbs Die Casting Corporation
- Alcast Technologies
- Endurance Technologies Limited
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Market Drivers:
- Aluminum is known for its lightweight nature and high strength-to-weight ratio. It is widely used in various industries, such as automotive, aerospace, and consumer goods, where lightweight materials are essential for fuel efficiency, improved performance, and enhanced productivity.
- The automotive industry is a significant driver of the aluminum casting market. Aluminum castings are extensively used in the production of engine components, transmission housings, wheels, and other parts due to their strength, durability, and weight advantages. The growing trend toward electric vehicles (EVs) further boosts the demand for aluminum castings as lighter components are crucial for extending battery life and improving overall efficiency.
- The aerospace sector heavily relies on aluminum castings for manufacturing critical components of aircraft. Aluminum's lightweight nature, corrosion resistance, and excellent heat conductivity make it an ideal choice for applications such as engine components, landing gear, structural parts, and interior fittings. The increasing air passenger traffic and the need for more fuel-efficient aircraft drive the demand for aluminum castings in this industry.
- Continuous advancements in casting technologies, such as computer-aided design (CAD), simulation software, and automated processes, have significantly improved the efficiency and quality of aluminum castings. These advancements enable complex designs, precise tolerances, and reduced lead times, making aluminum castings more attractive to industries that demand high-performance components.
- Aluminum is a highly recyclable material with a low melting point, making it energy-efficient to recycle compared to primary production. The focus on sustainable practices and environmental regulations drives the demand for aluminum castings as they offer a recyclable and eco-friendly alternative to other materials.
Market Restraints:
- The cost of aluminum, as a raw material for casting, is subject to fluctuations in the global market. Variations in the supply and demand dynamics, trade policies, currency exchange rates, and geopolitical factors can lead to volatility in aluminum prices. Such price fluctuations can impact the profitability and competitiveness of aluminum casting manufacturers, especially those operating on thin profit margins.
- Aluminum casting faces competition from alternative materials such as steel, iron, composites, and plastics. These materials offer their own unique properties and advantages, and depending on the specific application, they can sometimes be preferred over aluminum. The availability and affordability of alternative materials can influence the market demand for aluminum castings, especially in price-sensitive industries.
- Environmental regulations aimed at reducing carbon emissions, waste generation, and energy consumption can affect the aluminum casting market. Compliance with stringent environmental standards may require additional investments in emission control systems, waste management practices, and energy-efficient technologies.
Key Market Trends:
- The demand for lightweight materials is a significant trend across various industries, including automotive, aerospace, and consumer goods. Aluminum casting offers excellent weight reduction opportunities while maintaining strength and durability. As industries strive for fuel efficiency, improved performance, and sustainability, there is an increasing demand for aluminum castings as lightweight solution.
- The shift towards electric vehicles is a significant driver of the aluminum casting market. EVs require lightweight components to maximize range and battery efficiency. Aluminum castings find extensive applications in EVs, including motor housings, battery enclosures, and structural components.
- Continuous advancements in casting technologies are transforming the aluminum casting industry. Computer-aided design (CAD), simulation software, and additive manufacturing techniques are enhancing design capabilities, improving casting quality, and reducing lead times. These technologies enable complex designs, lightweight structures, and better overall performance of aluminum castings.
- Sustainability is a key trend driving various industries, and the aluminum casting market is no exception. There is an increasing emphasis on adopting sustainable practices, reducing carbon emissions, and promoting the circular economy.
Key Segments of Aluminum Casting Industry Research Report
- By Process :
- Die Casting
- Pressure Die Casting
- Others
- Permanent Mold Casting
- Others
- Die Casting
- By End Use :
- Transportation
- Industrial
- Building & Construction
- Others
- By Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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