Global Aluminum Casting market accrued earnings worth approximately 48.3 (USD Billion) in 2019 and is set to record a CAGR of about 9.6% over the period from 2020 to 2026.
Aluminum Casting Market
The global Aluminum Casting market accrued earnings worth approximately 48.3 (USD Billion) in 2019 and is set to record a CAGR of about 9.6% over the period from 2020 to 2026. The report offers assessment and analysis of the Aluminum Casting market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Casting is referred to as a metalworking method that involves pouring of liquid metal or molten metal into a mold. Moreover, aluminum casting is a process in which aluminum & aluminum alloys are heated and transformed into liquid form and then poured into molds.
Aluminum castings possesses similar features as aluminum parts. After the casting procedure is completed, the aluminum castings rapidly forms an exterior coating of aluminum oxide that offers protection against rust.
Details of the Report:
2017 and 2018
Earnings provided in terms of USD Billion and CAGR estimated from 2020 to 2026
By Process, By End-Use, and By Region
North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa
Market Growth Dynamics
Escalating demand for lightweight automobiles as a result of strict government laws for controlling fuel emissions is projected to drive the growth of aluminum casting market over the years to come. Apart from this, automotive made up from aluminum alloys or aluminum metal provide good velocity and outstanding braking systems, thereby enhancing the fuel efficiency. This, in turn, will drive the industry trends. In addition to this, large-scale use of aluminum casting in aerospace & defense sector and construction activities like commercial offices & residential homes construction will embellish the business landscape over the years to come.
Apparently, application scope of the product is rising in agriculture device, mining instrument, and many of the heavy-duty equipment. This will elevate the growth map of the aluminum casting industry in the foreseeable future. Breakthroughs in metal technology and high efficiency of aluminum casting is anticipated to define the growth of aluminum casting industry during the period from 2020 to 2026.
Asia Pacific To Enlarge The Scope Of Market Over Forecast Period
The regional market growth over the estimated timeline is subject to thriving manufacturing industry in the countries like India and China. In addition to this, vehicle manufacturers are shifting their manufacturing units in these nations due to easy availability of highly skilled workforce at reduced wages and supportive government regulations such as liberal FDI laws.
Key players profiled in the report include Aluminum Corporation of China Limited, Martinrea Honsel Germany GmbH, Ryobi Ltd, Gibbs Die Casting Corporation, Walbro, Endurance Technologies Limited, Alcoa Corporation, Dynacast, Consolidated Metco, Inc., Bodine Aluminum, Inc., and Alcast Technologies.
The global aluminum casting market is segmented as follows:
The key growth drivers that will leverage the business hemisphere include massive use of aluminum casting in aerospace & defense and construction activities.
The CAGR of the industry is expected to be nearly 9.6% during the forecast timeline.
Asia Pacific region will contribute lucratively towards the global market value over the estimated timeline.
The key market participants include Aluminum Corporation of China Limited, Martinrea Honsel Germany GmbH, Ryobi Ltd, Gibbs Die Casting Corporation, Walbro, Endurance Technologies Limited, Alcoa Corporation, Dynacast, Consolidated Metco, Inc., Bodine Aluminum, Inc., and Alcast Technologies.