The global aluminum casting market size is expected to reach USD 135.20 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2022 to 2030. Rising demand for lightweight vehicles is anticipated to propel market growth as the product is used in manufacturing various auto components.
According to the Center for Automotive Research, the global sales of lightweight vehicles are expected to reach nearly 110 million units by 2026. The growth is attributed to stringent regulations on reducing fuel emissions, thus driving the need for lightweight materials such as aluminum. Vehicles made of aluminum offer better acceleration and better braking systems, thereby improving fuel economy.
Aluminum Casting Market Report Highlights
- The permanent mold casting process segment is anticipated to register a lucrative growth rate in terms of volume from 2022 to 2030 owing to the increasing demand for motorsport and recreational vehicles, especially in the U.S.
- The industrial application segment is projected to register a CAGR of 5.4% in terms of revenue over the forecast period owing to the increasing demand for agricultural and construction equipment in emerging economies such as India and Brazil
- Asia Pacific held the largest volume share of over 40.0% in 2021 owing to the presence of a large industrial sector and the growth of the automobile sector in the region
- North America is anticipated to expand at a CAGR of 2.7% in terms of volume over the forecast period owing to the increasing demand for lightweight materials in the automotive industry to reduce fuel emissions
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Aluminum casting has an excellent strength-to-weight ratio, good corrosion resistance, electrical/thermal conductivity, and high ductility. The shift of the automotive industry towards the production of electric vehicles is creating opportunities for aluminum die casting in new production areas. The die-casting segment accounted for the largest volume share of over 50.0% in 2021 owing to the rising demand for aluminum casting products in the automotive sector. Die casting is used to manufacture various auto parts such as engines, cylinders, gears, and flywheels, which are used in high-end vehicles to mass-produce vehicles. Permanent mold casting is a process to manufacture a large number of cast products using a single mold structure that is made from high-temperature withstanding materials, such as cast iron and die steel. Steady demand from the motorcycle segment is likely to offer ample opportunities for manufacturers of aluminum permanent mold casting in the near future.
However, despite steady demand from the automotive sector, the shift toward electrical drive is expected to negatively impact the market. A combustion engine requires 220 cast products and an electrical drive requires only 25 of them. Nonetheless, the growing demand for structural components and sensor casings of a vehicle is likely to continue as the electric engine or motor requires to die casting components to produce battery housings and casings. This, in turn, is anticipated to help keep product demand steady over the coming years.
In Asia Pacific, the market is dominated by China due to numerous economic benefits offered in the country when it comes to green energy. The country is the largest producer of primary aluminum in the world as well as one of the biggest consumers of aluminum globally. China has taken advantage of the availability of high-tech manufacturing facilities as well as a highly-skilled workforce, which is essential for the manufacturing sector.
The growing manufacturing sector in the country is anticipated to augment market growth over the coming years. India is also a major market in the region. The Automotive Mission Plan (AMP) 2006–2016 introduced by the government of India was launched to support the growth of the automotive industry in the country, which, in turn, is likely to drive the demand for aluminum casting over the coming years.
Aluminum Casting Market Insights By Demographics
The Asia Pacific region held the largest volume-based share owing to the rapidly expanding manufacturing sector in China and India. Europe emerged as the second-largest regional market in 2021 owing to its established automotive sector, supported by stringent regulations on reducing CO2 emissions. In North America, demand for lightweight vehicles is anticipated to grow at a healthy rate over the coming years on account of the North American Free Trade Agreement (NAFTA). In Russia, growing product demand for agricultural equipment is anticipated to drive the market.
Competitive Analysis by Major Producers
The manufacturing and mining operations have begun as the government of various countries have eased lockdowns and restrictions. Thus, the growth in the end-use industries is expected to augment the demand for aluminum casting products. Key product manufacturers include Alcoa Corporation; Dynacast; Aluminum Corporation of China Limited; Gibbs Die Casting Corp.; Bodine Aluminum, Inc.; and Endurance Technologies Limited. These companies are focusing on capacity expansion to meet the growing product demand, majorly from the automotive industry. For instance, in March 2016, Gibbs Die Casting Corp. invested USD 10 million in its Henderson facility in Texas, U.S. Some prominent players in the global aluminum casting market include:
- Walbro
- Alcoa Corporation
- Consolidated Metco, Inc.
- BUVO Castings
- RDW Wolf, GmbH
- Georg Fischer Ltd.
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Aluminum Casting Market Segmentation
Grand View Research has segmented the global aluminum casting market on the basis of process, application, and region:
- Aluminum Casting Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Aluminum Casting Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- Aluminum Casting Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 – 2030)
- List of Key Players of Aluminum Casting Market
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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