Aluminum Casting Market Research Report Analysis and Forecasts to 2026

Posted by anagha on April 23rd, 2019

Tempered aluminum is known as cast aluminum. It is lightweight and is able to withstand high operating temperatures. The ability to cast complex shapes with low machining need is the major advantage of casting. Aluminum is preferred over steel and iron due to its superior mechanical properties. However, the high price of aluminum makes it necessary to mix it with magnesium, iron, and copper. The corrosion resistant properties of aluminum make it extremely useful to make cans and vessels, which can be used to store food & beverages.

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One of the major driving factors for aluminum casting market growth is the lightweight property of aluminum that contributes toward major cost savings in the automobile and aerospace industries. It is also used in construction, industrial, electrical, kitchenware, and many other sectors. A major challenge hindering market growth is the high cost of aluminum coupled with the cyclic rise and ebb of the automotive industry.

Aluminum Casting Market Outlook

Asia Pacific is the largest market for aluminum casting. This is due to the presence of some of the largest aluminum producing countries in this region. China, Australia, UAE, and India make up four of the top five aluminum producing countries in the world. The burgeoning automobile sector and proximity to the source have boosted the aluminum casting industry. Furthermore, there is currently a dearth of technical expertise in the aviation sector, but robust technological innovations in China is expected to boost the aviation market as well. For instance, in May 2017, China launched its first homemade jet known as C919

Europe and North America are the next largest markets due to the presence of lucrative automobile industry and major airline manufacturing companies such as Airbus, Boeing, Cessna, and Bombardier in these regions. Raw material aluminum is mainly imported from Asia Pacific and engineered as per needs on site

Latin America aluminum market has shrunken in recent years due to the slowdown of the economy in the region. Moreover, rising power costs has forced companies to invest elsewhere. According to the International Aluminum Institute (IAI), the regional production rate has halved from 2.70 million tons a year in 2008 to 1.33 million tons in 2015

In the Middle East, the UAE and Bahrain are the major aluminum mining countries. The largest aluminum producer in the Middle East region, Emirates Global Aluminum plans to list the company on the local stock exchange in order to raise funds. The company is valued at US$ 15 billion and seeks further investments to reduce the dependency of the kingdom on hydrocarbon revenue

Africa is a nascent market for aluminum with lower production as compared to other regions. The largest producer in the region is Guinea. Consumption in the region is low and most of the manufactured aluminum is exported

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Aluminum Corporation of China Limited (CHALCO) agreed to buy 40% shares in Chinalco Shangai in 2017. This acquisition further consolidates its position in the region. It is the third largest alumina producer in the world.

Some of the major players in the aluminum casting market are Alcoa Corporation, Aluminum Corporation of China Limited, Ryobi Limited, United Company Rusal, Arconic Inc., China Hongqiao Group Limited, Gibbs Die Casting Corp, Rio Tinto, Dynacast Charlotte, and Nemak S.A.B. de C.V. among others.

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