Metal Casting Market Size Worth $178.0 Billion By 2025 | CAGR: 5.3%

The global metal casting market size was valued at USD 123.8 billion in 2018 and is expected to expand at a CAGR of 5.3% from 2019 to 2025.

Posted on 2019-10-29 by researchinsights in Construction, Industrial, Marketing // 0 Comments

San Francisco, United States, 2019-Oct-29 — /EPR Network/ —

The global metal casting market size is expected to reach USD 178.0 billion by 2025, accelerating at a CAGR of 5.3% 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 9.3% 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 2025, 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.

To request a sample copy or view summary of this report, click the link below:
https://www.grandviewresearch.com/industry-analysis/metal-casting-market

Further key findings from the report suggest:

Iron casting segment is anticipated to be valued at USD 58.8 billion by 2025 owing to the expansion of industrial sectors such as oil & gas
In terms of revenue, aluminum metal segment is projected to grow at the highest CAGR of 9.3% over the forecast period owing to the presence of stringent emission regulations in automotive sector
Building & construction segment accounted for 6.9% of the market volume share in 2018
In terms of revenue, the Middle East & Africa is projected to grow at a CAGR of 5.0% from 2019 to 2025 on account of growing output from non-oil & gas sectors
POSCO; Dynacast; Alcast Technologies; Arconic; Endurance Technologies Limited; and Hitachi Metals, Ltd. are some of the key players in the metal casting market.

Related Report of Advanced Interior Materials:

Grand View Research has segmented the global metal casting market report on the basis of material, application, and region:

Metal Casting Material Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

Iron
Steel
Aluminum
Others

Metal Casting Application Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

Automotive & Transportation
Industrial
Building & Construction
Others

Metal Casting Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2014 – 2025)

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- Russia
- France
Asia Pacific
- China
- India
- Japan
Central and South America
- Brazil
MEA

Access Press Release of This Research Report by Grand View Research:
https://www.grandviewresearch.com/press-release/global-metal-casting-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
For More Info: www.grandviewresearch.com

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