Aluminum Casting Market Overview
The global aluminum casting market size was valued at USD 86.92 billion in 2021 and is expected to reach USD 135.20 billion by 2030, at a CAGR of 5.0% from 2022 to 2030.
The increasing use of aluminum in automobiles owing to its high strength and lightweight is likely to drive the market over the coming years. Nearly 30-40% of aluminum is being used per lightweight vehicle every year and is likely to reach 70% over the coming years owing to stringent regulations on reducing fuel emissions across the globe. According to the Federal Reserve Bank of St. Louis, the global sales of lightweight vehicles reached 17.385 million units in May 2019. Thus, increasing demand for lightweight vehicles on account of soaring environmental pollution, rising disposable incomes, and changing lifestyles of consumers is anticipated to boost the demand for aluminum casting.
Gather more insights about the market drivers, restrains and growth of the Global Aluminum Casting Market
Increasing demand for general utility and sports utility vehicles is anticipated to drive product demand in the U.S. For instance, according to the automotive consultancy firm, LMC Automotive, the U.S. is likely to have more than 90 mainstream SUV models by 2023. Moreover, automobile manufacturers in the country are under increasing pressure to meet the regulatory requirements pertaining to the environmental impact of vehicles. As per Corporate Average Fuel Economy (CAFE), passenger cars are required to reach a fuel economy target of 54.5 miles per gallon by 2026 owing to the increasing emission of greenhouse gases, which, in turn, is anticipated to augment market growth.
The application scope of aluminum casting is widening to agricultural equipment, construction equipment, mining equipment, and other heavy-duty machinery. The growth in these types of machinery is largely attributed to developing economies such as India and Brazil, where there is a high need for modernizing equipment to attain greater levels of productivity and efficiency. India is among the largest manufacturers of farm equipment like tractors, tillers, and harvesters. Tractor sales in the country are expected to grow by nearly 8.0% from 2018 to 2022, thereby driving the market.
On the flip side, factors such as high prices of aluminum casting machinery, along with high investments in technological advancements in aluminum casting, are likely to hamper the market growth. Moreover, strict rules and guidelines laid down by the U.S. Environmental Protection Agency (EPA) and the European Environment Agency regarding harmful emissions into the environment during the casting process are likely to hinder market growth in the coming years.
Aluminum Casting Market Segmentation
Based on the Process Insights, the market is segmented into Die Casting, Permanent Mold Casting and Others.
Based on the Application Insights, the market is segmented into Transportation, Industrial, Building & Construction and Others.
Based on the Aluminum Casting Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa (MEA)
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Market Share Insights:
Key Companies Profile:
The market is competitive and is likely to expand on account of the growing penetration of aluminum castings in EVs. 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.
Some prominent players in the global aluminum casting market include,
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