2-July-2019: The global aluminum casting
market size is expected to reach USD 86.5 billion by
2025, according to a new report by Grand View Research, Inc., registering a
9.1% CAGR during the forecast period. The growth of aluminum content in
automobiles and increasing demand from the building and construction sector in
Asia Pacific are key factors driving the market.
Automobile
manufacturers are under increasing pressure to meet regulatory requirements
pertaining to the environmental impact of vehicles. Corporate Average Fuel
Economy (CAFE) has doubled its target for average fuel-efficiency from 2012 to
2025 owing to increasing emission of greenhouse gases. Weight reduction in
vehicles through the use of aluminum is set to play a crucial role in these
conditions in order to meet regulatory requirements.
The building and
construction sector in Asia Pacific is largely driven by developing countries
in the region, such as China, India, Malaysia, and Indonesia. In 2018, the
Malaysia residential and non-residential sector observed a growth of nearly
4.4% in real terms. Similarly, the building sector in Indonesia registered a
growth of around 6.2% during the same timeline.
Environmental
policy changes in China is projected to critically impact market growth over
the coming years. The Chinese Ministry of Ecology and Environment launched a
three-year action plan (2020 action plan) in June 2018 to curb pollution in the
country. In line with this, the government is pursuing a winter policy that
aims to reduce aluminum production from November to March every year until
2020. This has severely affected businesses of small and medium aluminum
enterprises.
As per the China
Non-Ferrous Industry Association, medium-sized aluminum smelters take a hit if
prices of aluminum are as low as USD 2,206 per ton while complying with new
pollution norms or policies. The current price scenario of aluminum in China
reached nearly USD 1,988 per ton in the Shanghai Metal Exchange as of February
2019, hinting at the challenge the market faces.
Lightweight
materials are becoming crucial in industries such as automotive,
aviation/aerospace, and wind energy, and are likely to receive increasing
attention in the coming years. In the automotive industry, demand for
lightweight material is projected to grow at an unprecedented rate and its use
in manufacturing is expected to double by 2030.
Carbon fiber is one
of the lightweight materials with high potential across various applications.
At present, the cost of carbon fiber is enormous as compared to other materials,
which has restricted its use to premium products. However, the price is
anticipated to decline over the next two decades, bringing carbon fiber
significantly closer to aluminum in terms of accessibility to the average
consumer.
In
depth research report on Aluminum Casting Market
Further key findings from the report suggest:
·
In terms of revenue, the die casting process segment is
anticipated to reach USD 48.9 billion by 2025 at a predicted CAGR of 10.1%
·
Based on type, the high pressure die casting segment was
pegged at 4,217.5 kilotons in 2018
·
By volume, the transportation end-use segment dominated the
global market with a share of 59.0 % in 2018
·
Europe aluminum casting market is anticipated to reach USD
17.6 billion by 2025, emerging as the second largest regional market by revenue
·
In terms of revenue, Middle East and Africa is anticipated to
witness a CAGR of 5.7% over the forecast period, fueled by demand for casting
products within the building and construction segment
·
Some of the key companies present in the market are
Consolidated Metco, Inc.; Alcoa Corporation; Dynacast; Ryobi Ltd.; Endurance
Technologies Limited; Walbro; and Alcast Technologies.
Grand View Research
has segmented the global aluminum casting market on the basis of process, end
use, and region:
Aluminum Casting Process Outlook (Volume, Kilotons; Revenue,
USD Million, 2014 - 2025)
·
Die Casting
o
Pressure Die Casting
·
High Pressure Die Casting
·
Low Pressure Die Casting
o
Others
·
Permanent Mold Casting
·
Others
Aluminum Casting End-use Outlook (Volume, Kilotons; Revenue,
USD Million, 2014 - 2025)
·
Transportation
·
Industrial
·
Agricultural Equipment
·
Construction Equipment
·
Others
·
Building & Construction
·
Others
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About
Grand View Research
Grand View Research, Inc. is the U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports,
please visit: http://www.grandviewresearch.com/
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