The global Metal Casting Market will reach USD 230.19 billion by 2030. The market is experiencing an increase in demand due to the rising prevalence of emission norms that encourage the use of the metal casting process, and the increasing demand in the automobile sector. The trend of lightweight vehicles is also contributing to the market's growth. However, the high capital required for setup is hindering the market's demand.
Urbanization is a critical factor in the growth of the housing and infrastructure sectors. Governments in various countries provide opportunities and support to meet the housing needs of the increasing population, which encourages first-time homebuyers and causes development in the building and design industry.
To meet the strict pollution and fuel efficiency goals of the European Union (EU) and US Environmental Protection Agency (EPA), the use of lightweight materials such as aluminum, magnesium, zinc, and others has increased in the automotive sector. However, the high cost of cast materials such as aluminum and magnesium, and the initial period capital cost for setup, are becoming a challenge for new entrants in the industry.
The COVID-19 crisis has caused the rescheduling of trade fairs and limited gatherings, resulting in a significant loss to many companies. The foundries have been closed, stopping further production along with overstocked inventories, and the requirement for cast components has diminished due to the production stop in the automotive sector, impacting medium and small factories that generate mainly components for the industry.
The report suggests that the Cast Iron segment accounted for the highest market share of 29.8% in 2019, with significant demand projected to come from emerging markets, especially from the automotive, construction, and oil gas sectors. The automotive segment is growing at a higher CAGR of 5.3%, primarily due to initiatives taken by governments across the world focusing on stricter pollution and fuel efficiency regulations resulting in a boost of demand for aluminum, the primary casting material in the automotive industry.
The Asia Pacific region acquired the highest share of 64.3% in 2019 in the market for metal casting, with India and China recording an increase in industrial output, favoring the demand for metal casting.
Key participants in the market include:
Dynacast Ltd., Ryobi Limited, Gibbs (Koch Enterprises Inc.), POSCO, CALMET, Hitachi Metals, MES Inc., Alcast Technologies, Arconic, and Uniabex, among others.
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The notable innovation of Metal Casting Market:
In the Metal Casting market, there have been notable innovations such as the use of lightweight casting materials like magnesium and aluminum alloy to reduce the weight of the body and frame by up to 50%. This trend is driven by the increasing demand for fuel-efficient and low-emission vehicles in the automotive sector, which is encouraged by strict pollution and fuel efficiency regulations enforced by regulatory bodies like the European Union and US Environmental Protection Agency. However, the high cost of cast materials and initial capital investment required for setup continue to pose challenges for the growth of the industry.
Some key factors of Metal Casting Market:
- Rising demand for metal casting processes in industries such as automotive, construction, and oil gas
- Prevalence of emission norms and increasing need for lightweight materials
- Urbanization trends and government support for the housing and infrastructure sectors
- High capital requirements for setup
- Cost of cast materials like aluminum and magnesium pose challenges for manufacturers and new entrants to the market
- COVID-19 pandemic impact on trade fairs, foundries experiencing production stoppages, and reduced demand for cast components.
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