Metal Casting Market Size Worth USD 352.65 Billion by 2024 at 7.55% CAGR
Pune, India, Feb. 24, 2021 (GLOBE NEWSWIRE) — Global Metal Casting Market Overview:
Market Research Future (MRFR), predicts that the Global Metal Casting Market is anticipated to acquire a market value of USD 352.65 Billion while expanding at a CAGR of 7.55% during the assessment period from 2019 to 2024. Metal casting is one of the most adopted manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape.
The growing demand for casting from the automotive sector is anticipated to make a significant contribution during the forecast period. The imposition of strict rules and regulations regarding pollution and energy efficiency in vehicles is expected to trigger the expansion of the industry in the assessment tenure. The rules have resulted in increased demand for lightweight vehicles, which is another salient cause that can grow the market significantly. The increasing vehicle production along with rising demand for premium vehicles, are predicted to augment the market in the assessment period. Furthermore, the growing production of electric and hybrid vehicles is anticipated to offer significant opportunities of expansion in the metal casting industry. On the contrary, the increasing preference for alternative metal processes is expected to be a significant factor that can hamper the market growth in the coming time. Furthermore, the high costs associated with casting metals is another cause that can hinder the market growth in the assessment tenure. However, the presence of various untapped markets in developing countries can provide lucrative opportunities of expansion in the forecast tenure.
Developments Post COVID-19 Outbreak:
The outbreak of COVID-19 has resulted in a negative impact on the casting market due to the temporary shutdown of manufacturing facilities and reduced demand. The imposition of lockdown affected the building and construction sector that brought a significant impact on the demand and supply chain. However, with the lifting up of lockdown across countries, the market is expected to gain momentum gradually.
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The segmental analysis of the global metal casting market is done by process, material type, and end-use. In the process-based segment of the global metal casting market, the sand casting segment is anticipated to be the most adopted metal casting process due to the low costs involved. The segment is expected to procure a market value of USD 352.6 billion by 2024. In the material type segment of the global metal casting market, the cast iron segment is predicted to be the most preferred material type. The market is projected to record a CAGR of 6.70% while garnering a market value of USD 202.7 billion by 2024. The expansion of the segment can be attributed to the increasing application of cast iron in various end-use industries due to its superior properties. In the end-user segment of the global metal casting segment, the automotive & transportation sector is anticipated to procure the largest market share in the coming time
Key Players Locking Horns:
Affluent vendors in the Global Metal Casting Market are:
- Endurance Technologies Limited (India)
- Georg Fischer Ltd (Switzerland)
- Dynacast (US)
- GIBBS (US)
- Ryobi Limited (Japan)
- Precision Castparts Corp (US)
- Ahresty Wilmington Corporation (US)
- Alcast Technologies (Canada)
- Reliance Foundry Co. Ltd (Canada)
- FORCEBEYOND (US)
Browse In-depth Market Research Report (253 Pages) on Metal Casting: https://www.marketresearchfuture.com/reports/metal-casting-market-8114
As per the regional analysis conducted by MRFR, APAC is anticipated to remain the market leader during the forecast period. The region is predicted to thrive at the highest growth rate of 8.33%, owing to the rapid development of the automotive sector. Among all, China is anticipated to be the most lucrative market owing to the rapid growth of automobile production and increasing disposable income are expected to make a significant contribution to developing the market in the coming time. The growing launch of new automotive brands in developing countries is also likely to augment the market size in the region. The announcement of the launch of Tesla in India is expected to offer significant growth opportunities in the region. Further, the launch of updated EVs is also likely to increase the market size in APAC. In Feb 2021, MG Motor India announced that it would introduce an updated 2021 version of the ZS EV. Europe is anticipated to procure significant market value during the forecast period. The expansion of the region can be attributed to the presence of established players. In December 2020, Rio Tinto, a UK headquartered player, introduced a range of high-performance allow series that will be used by North Americas vacuum die casters for mixing with their scrap and recycling the crushed wheels that have been cleaned. The product will be pocket-friendly and will have lesser carbon emissions, which will make a substantial contribution in strengthening the market in the region. Furthermore, the robust presence of vital automotive players in the region is anticipated to further augment the market size. North America is expected to garner significant market value during the forecast period owing to the rapid expansion of the automotive and construction sector. Among all, the US is predicted to play a significant role in augmenting the market in the region.
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Increasing Investments by Key Players to Expand Consumer Base
The competition prevailing in the metal casting industry is propelling owing to the growing initiatives taken by the key players to stay relevant in the market. The rising cases of acquisitions and partnerships are likely to expand the consumer base and also boost the growth potential. The rapid rise in the expansion of manufacturing capacity across the world is another competitive strategy adopted by firms to gain the upper hand in the market. The growing investment of key players in various fields are expected to offer a strong grip to the player in the industry. For example, Tesla invested USD 1.5 billion in Bitcoin. Further, the growing contribution of Tesla to dig a 3.2 Km tunnel under Miami for USD 30 million can further fuel the market competition by providing Tesla, an upper hand as compared to other players. In another recent news, Endurance Tech Limited, an Indian player, has announced commercial production at the new plant in Tamil Nadu. The growing expansion strategies can boost the competition in the industry.
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