Which segment accounted for the largest Aluminum Casting Market share?

Posted on 2022-07-04 by researchinsights in Chemicals // 0 Comments

San Francisco, California , USA, July 04, 2022 — /EPR Network/ —

Aluminum Casting Industry Overview

The global aluminum casting market size is expected to reach USD 135.20 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2022 to 2030. Rising demand for lightweight vehicles is anticipated to propel market growth as the product is used in manufacturing various auto components.

According to the Center for Automotive Research, the global sales of lightweight vehicles are expected to reach nearly 110 million units by 2026. The growth is attributed to stringent regulations on reducing fuel emissions, thus driving the need for lightweight materials such as aluminum. Vehicles made of aluminum offer better acceleration and better braking systems, thereby improving fuel economy.

However, despite steady demand from the automotive sector, the shift toward electrical drive is expected to negatively impact the market. A combustion engine requires 220 cast products and an electrical drive requires only 25 of them. Nonetheless, the growing demand for structural components and sensor casings of a vehicle is likely to continue as the electric engine or motor requires to die casting components to produce battery housings and casings. This, in turn, is anticipated to help keep product demand steady over the coming years.

Aluminum Casting Market Segmentation

Grand View Research has segmented the global aluminum casting market on the basis of process, application, and region:

Based on the Process Insights, the market is segmented into Die Casting, Permanent Mold Casting and Others.

The die casting segment accounted for the largest volume share of over 50.0% in 2021 owing to the rising demand for aluminum casting products in the automotive sector. Die casting is used to manufacture various auto parts such as engines, cylinders, gears, and flywheels, which are used in high-end vehicles to mass-produce vehicles. This is owing to factors such as the low cost of die casting and strict CO2 emission laws being laid down around the world.
Permanent mold casting is a process to manufacture a large number of cast products using a single mold structure that is made from high-temperature withstanding materials, such as cast iron and die steel.

Based on Application Insights, the market is segmented into Transportation, Industrial, Building & Construction and Others.

The transportation application segment accounted for the largest revenue share of over 55.0% in 2021. The growth is attributed to the increasing demand for lightweight vehicles and aircraft globally.
The building and construction segment is anticipated to exhibit a CAGR of 3.3% in terms of volume from 2022 to 2030 owing to the increasing use of aluminum casting products in houses.

Aluminum Casting Regional Outlook

North America
Europe
Asia Pacific
Central & South America
Middle East & Africa (MEA)

Key Companies Profile

The market is competitive and is likely to expand on account of the growing penetration of aluminum castings in EVs.

Some prominent players in the global Aluminum Casting market include

Walbro
Alcoa Corporation
Consolidated Metco, Inc.
BUVO Castings
RDW Wolf, GmbH
Georg Fischer Ltd.
Dynacast
GIBBS
Ryobi Limited
Martinrea Honsel Germany GmbH
Bodine Aluminum
Alcast Technologies
Endurance Technologies Limited
Aluminum Corporation of China Limited

Order a free sample PDF of the Aluminum Casting Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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