The aluminum casting market size is expected to value at USD 97.36 billion by 2025. The market is subject to witness a substantial growth due to rise in the adoption of aluminum in automobile sector by substituting heavy metals such as iron and steel. In addition, increasing adoption of aluminum metal in building & construction industry is anticipated to boost demand of market during the forecast period. Globally, the market is predicted to grow at CAGR of 7.8% in forecast period, providing numerous opportunity for market players to invest for research and development in the aluminum casting market.
Wide popularity of aluminum casting among various industries is credited to its exclusive features such as high strength and its lightweight. Constant demand from automotive industry for vehicle manufacturing in order to enhance fuel efficiency and limit carbon dioxide emission is key driver for the growth of the aluminum casting market in recent years. One of the widely popular segment of the aluminum casting market is die casting. Increasing adoption of the die casting in the automotive industry is due to factors such as high efficiency, and its ability to mold dry cast into any of shapes and size during the casting processes.
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Aluminum casting has become vital during production of vehicle parts similar to engine cylinders, engine blocks, gears boxes, rims, and wheel spacer. Increasing demand from automotive and transport industry are expected to fuel growth of the aluminum casting market in coming years. Furthermore, increasing demand for lighter vehicle and improved fuel efficiency by end-user is expected to trigger growth of the aluminum casting market over the forecast period. Aluminum is ideal substitute for heavy metal such as iron and steel as it limits emission of carbon dioxide into atmosphere. Increasing demand form building & construction sector is further attributing to the expansion of aluminum casting market.
The die casting is considered as one of the fastest growing segment in the aluminum casting market with highest revenue generation in last few years. Rising demand from automotive sector and numerous advantages of die casting are major driver for the growth of the die casting market segment. The die casting offers high strength to the automobile parts as no additional of welding is needed. Lower cost and ease of operation during manufacturing are further amplifying demand of the die casting market segments.
Aluminum castings offers numerous benefits such as ability to mold to any net shape, maximizing the overall manufacturing output with minimum resources for further processing. Such advantages are important in end-user industries. Aluminum casting is a process in which aluminum is melted inside of a furnace or ladle then added into a deep mold, commonly made from sand or other material. During the casting process, a sand mold is used only one time while the aluminum mold or a die can be used multiple times to achieve exact shape of casting material. Aluminum is one of the widely utilized casting metal. With the adoption of latest methodologies such as pressure die-casting, permanent die-casting, sand die-casting, plaster die-casting and investment casting are utilizing less quantity of aluminum in comparison with traditional casting processes.
The market is divided into regional market segment such as North America, Europe, Asia-Pacific, Latin America and Africa. North America and European region have shown major growth in recent years owing to stringent laws and regulation regarding excess of carbon emission, and existence well-established industrial infrastructure. Asia-Pacific region is predicted to hold major market share in the aluminum casting market with massive growth in forecast period. Countries such as India and China are leading the Asia-Pacific market with easy availability of cheap and skillful labor coupled with increasing invest by prominent industry players considering potential opportunities in the region.
The key players in the aluminum casting industry are Alcoa Co., AlcastHQ Ltd., Ryobi Tools Ltd., Dynacast International, Inc., Consolidated Metco, Inc., Martinrea Honsel Inc., and Gibbs Die Casting Co.
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