Metal Casting Market Likely To Touch At 0.40 Billion By 2030: Grand View Research Inc.Posted by Mrudula Anil Karmarkar on June 28th, 2024 San Francisco, 28 June 2024: The ReportMetal Casting Market Size, Share, & Trends Analysis Report By Material (Iron, Steel, Aluminum, Others), By Application (Automotive & Transportation, Industrial, Building & Construction, Others), By Region, And Segment Forecasts, 2023 - 2030 The global metal casting market size is expected to reach USD 210.40 billion by 2030, accelerating at a CAGR of 5.5% over the forecast period, according to a new report by Grand View Research, Inc. Expansion of the construction sector due to infrastructure requirement and housing needs is one of the key drivers for market growth. An increase in urbanization trend in China and India is a key factor triggering the growth of housing and infrastructure industries. Incentives and funding for first-time home buyers are triggering the growth of building & construction industry. Governments across various countries are offering incentives and funding to meet the housing needs of growing population. For instance, the Canadian government offers a 5% incentive on the purchase of an existing house for first-time buyers. Similarly, in Germany, under the federal government initiative, around USD 13,400 is granted to first-time buyers under certain criteria. India and China are also recording an increase in industrial output, which is in turn favoring the demand for metal casting. Asia Pacific accounted for the highest volume share of 64.1% in 2018 in the market for metal casting. Aluminum casting segment is projected to grow at the highest CAGR of 8.7% over the forecast period. As per a report by The Aluminum Association, total aluminum content in vehicles is projected to reach 256 kg per vehicle by 2030, globally. Strict regulations such as Euro 6c emission standards in the European Union are contributing to the growth of the market. It has become necessary for automakers to reduce the weight of vehicles using lightweight materials such as aluminum and magnesium. Steel segment is anticipated to grow at a moderate CAGR on account of demand from automotive components. As per the World Steel Association, around 900 kg of steel is required per vehicle. Around 34% of steel is used in doors, panels, closures, and body structure parts. The growing usage of advanced high strength steel (AHSS) is projected to create new opportunities for metal casting vendors as it reduces the weight of a vehicle and also enhances fuel efficiency and safety. Many research institutes and private organizations are working on new grades of AHSS. These grades have capabilities to reduce the vehicle weight by 25% to 39% and help achieve 3 to 4.5 tons of greenhouse gas savings over the life cycle of a vehicle. Metal casting industry faces various challenges including underutilization of capacity, optimization of resources, high energy consumption, stringent norms, and overall effectiveness. Metal casting manufacturers are likely to focus on industrial internet of things (IIoT) over the coming years as IIoT has the potential to control and monitor the temperature of foundries, machinery downtime tracking, and enhance resource management. Request sample report of Metal Casting Market@https://www.grandviewresearch.com/industry-analysis/metal-casting-market/request/rs1 Increasing demand for casting from the automotive sector is anticipated to drive market growth over the forecast period. Metal casting is one of the popular manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape. It helps produce complex and large-size parts for various industrial applications. Stringent regulations regarding pollution and energy efficiency requirements in vehicles are triggering the growth of the metal casting industry. Regulations have forced automakers to shift to lightweight vehicles to improve fuel efficiency. Metal Casting Market Report Highlights
Increasing use of casting on account lightweight properties and aesthetic appeal imparted by it is driving the demand for aluminum casting in the construction market. Finished products can be used in construction equipment & machinery, heavy vehicles, curtain walling, door handles, windows, and roofing. The ability to recycle aluminum products is becoming a crucial factor as building owners are increasingly moving toward deconstruction instead of demolishing old or out-of-use buildings. Extracting recyclable materials from buildings also reduces the environmental impact of construction activities. Cast iron is an alloy containing metals such as silicon, carbon, manganese, sulfur, and phosphorus with wide application range. Increasing demand for pans, pots, utensils, engines, piping, and automotive are the growth factors for the cast iron market. Demand for grey iron metal is projected to increase over the years on account of its applications in housing, engine blocks, cylinder heads, and enclosures. Its properties, such as stiffness, high thermal conductivity, and wear resistance, make it useful in such applications. Metal Casting Market Report Scope
The global market is anticipated to be driven over the forecast period by rising product demand from end-use industries, especially in the Asia Pacific. The use of aluminum and stainless-steel cast products in healthcare and telecom industries is likely to positively influence market growth. Increasing demand from Asia’s building & construction industry is one of the key growth drivers for the market. The building and construction sector in the Asia Pacific region is largely driven by the developing countries of the region including China, India, Malaysia, Indonesia, and others. For instance, in 2018, Malaysia’s residential and non-residential sectors observed growth of nearly 4.4% in real terms. Similarly, Indonesia’s building sector registered a healthy growth of around 7-8%. In 2018, total construction projects in the country, excluding the oil & gas sector, were worth USD 32.2 billion. List of Key Players in Metal Casting Market
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