Published on : Jan 29, 2018
Albany, New York, January 29, 2018: Casting is the most widely used method to form aluminum. Automotive pistons, cylinder heads, engines are some of the commonly manufactured articles using aluminum casting process. In the present time, the market for aluminum castings is being primarily strengthened by the flourishing automotive sector which is increasingly supplanting steel with aluminum on account of its light weight and high strength. To elaborate further on this rapidly growing sector, analysts have prepared a study titled “Aluminum Castings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017-2025”, which encapsulates vital details about the market, such as current dynamics impacting growth positively, and future growth prospects on a global and regional level. Additionally, the market has been forecast based on volume (in Kilo Tons) and revenue (US$ Mn) from 2017 to 2025, considering 2016 as the base year.
Market Overview & Key Insights
The rising popularity of aluminum in various application owing to its intrinsic properties such as lightweight; corrosion resistance, high electrical & thermal conductivity, high stability for complex shapes and high tensile strength is anticipated to drive the market over next eight years. According to the research key findings, the aluminum castings market will likely rise at a steady 5.2% CAGR during the period between 2017 and 2025. At this rate, the market which was cherished at US$ 25.23 bn in 2016, is anticipated to be worth US$40.14 bn by 2025.
Automotive, machinery and equipment, building and construction, and telecom, among others, are some of the key end-use segments of aluminum castings market. Automotive sector is the major consumer of aluminum castings. Automotive sector is poised for a rapid growth in Asia Pacific region. It has been mentioned in the study that, as aluminum supplanting steel, the overall weight of automobiles has been brought down by almost half. This results in almost 17.0% reduction in emission of carbon, thus making the vehicle's fuel efficient, thereby increasing demand in the automotive.
Regional segmentation includes current and forecasts demand for aluminum castings in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Of these, Asia Pacific currently holds over the half the share in the global market for aluminum castings. In the years ahead, the region is expected to further increase its share by pulling in a maximum CAGR of 5.3% during forecast period between 2017 and 2025.
Moving further, the research has been segmented on the basis of source, process and applications. The two sources of aluminum castings are primary and secondary. The secondary source, which consists of recycled aluminum, will likely account for a dominant share. By process, it covers Die Casting, Sand Casting and Permanent Mold Casting. Of them, the segment of die segment is seeing the widespread uptake.
At present, key players in the aluminum castings market are Nemak, Alcoa Corporation, Arconic Inc., Ryobi Ltd., Dynacast International, Endurance Technologies Ltd., Eagle Aluminum Cast Products etc. In order to grow their market share further, the players are also seen coming up with cost-effective products.
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