19-Jun-2020 | Zion Market Research
According to Zion Market Research, the worldwide aluminum casting market size was valued at USD 48.3 billion in 2019 and is expected to grow at a CAGR of about 9.6% during the forecasted period 2020–2026. The upsurge in the utilization of aluminum in the manufacturing of automobiles and increased demand in the building & construction segment across the Asia Pacific region has propelled the development of the market. Automobile producers are under mounting pressure to meet authoritarian requirements related to the environmental impact of vehicles. The CAFE (Corporate Average Fuel Economy) has increased its target by almost twice for average fuel-efficiency throughout 2012–2025 due to the augmenting emission of greenhouse gases. The weight reduction in vehicles by aluminum use is set to play a vital role in these conditions so as to meet regulatory requirements.
Some of the prominent players in the market are Martinrea Honsel Germany GmbH; Walbro; Alcoa Corporation; Dynacast; Consolidated Metco, Inc.; Bodine Aluminum, Inc.; Gibbs Die Casting Corporation; Aluminum Corporation of China Limited; Ryobi Ltd; Endurance Technologies Limited; and Alcast Technologies.
Increased Use Of Aluminum Cast Products In Automobiles To Boost The Global Aluminum Casting Market
The stringent emission laws obligatory by the U.S. EPA are amongst the primary growth factors for the market across the country. The policies aimed to decrease greenhouse gas emissions from automobiles by surging fuel competence of vehicles can be efficiently attained by making the vehicle lighter. The rapid development in the automotive industry globally is also estimated to benefit the expansion of the market. On an international scale, almost 59% of cast products in the market are pointed toward the automotive industry. In some nations, the use of aluminum cast products in the automotive segment is much higher than the global average. For example, about 78% of manufactured aluminum cast products in Spain are used by the automotive sector.
The global aluminum casting market is bifurcated on the basis of process, end-use, and regional analysis. Based on the process, the market is divided into die casting, permanent mold casting, and others. The die casting segment is sub-divided into pressure die casting (low pressure die casting and high pressure die casting) and others. Based on end-use, the market is divided into transportation, building & construction, industrial, and others. The industrial segment is sub-divided into construction equipment, agricultural equipment, and others.
The Asia Pacific Region Estimated To Dominate The Global Aluminum Casting Market
Based on the geographical analysis, the global aluminum casting market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The Asia Pacific region was the major contributor in terms of revenue in the market, contributing to over 43.5% during 2019. The manufacturing of automotive vehicles across the region witnessed a surge of almost 4.2% from 2016 to 2017, according to the study. Thus, the shift of production units across the region, along with the steady growth of the automobile sector is expected to strengthen the growth of the market.
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The global aluminum casting market is segmented as follows:
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