Aluminum Castings Market 2019 Leading Growth Driver, Emerging Audience, Global Segments, Sales, 2023
Posted: Aug 17, 2019
The role of Aluminum Castings is vital across various industrial verticals which have prompted substantial development of the market. Market reports associated with chemical and materials industry have been released by Market Research Future. It states that the Global Aluminum Castings Market to proliferate at a CAGR of 7.56% during the forecast period (2017-2023) and is anticipated to accumulate revenues worth US $ 92.8 bn by 2023. Later in 2016, the market achieved revenues worth US $ 59.6 bn.
The range of applications of Aluminum Castings Globally in industrial verticals has increased the demands of it invariably. Aluminum, the non-ferrous metal finds an intense usage in transportation, packaging, and in the production line of various consumer goods. The features of Aluminum Castings such as low density, high durability, and easy to handle, makes it the choicest option for many other verticals. The latest study on the market of aluminum castings covers factors which have been prompting the market to expand and will in the foreseen years.
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Major companies impacting the Aluminum Castings Market, as per MRFR’s analysis are Nemak S.A.B. de C.V. (Mexico), Alcoa Corporation (USA), Alcast Technologies Ltd. (Canada), Aluminum Corporation of China Limited (China), Arconic Inc. (USA), Endurance Technologies (India), Gibbs Die Casting Corp (USA), Dynacast Charlotte (USA), Martinrea Honsel (Germany), Rio Tinto (UK), Kaiser Aluminum (USA), Rockman Industries Ltd. (India), and Ryobi Limited (Japan).
Market Drivers & Trends:
The market for Aluminum Castings is growing with the number of utilities of it, mainly in the automotive and defense sector, which has provided significant traction over the years. The escalating reputation of Aluminum Castings in manufacturing of military-grade weapons have also driven the market at a higher position and is anticipated to grow remarkably during the assessment period.
Aluminum Castings being a lightweight component, also helps in reducing the fuel composition of vehicles owing to which the automotive sector is preferring its interest in the use of Aluminum Castings. Such demand for Aluminum Castings has developed the market position stronger than before, which is anticipated to expand during the forecast period.
The Aluminum Castings Market will further gain traction from the construction sector, where its use as an essential structural component and is estimated to enhance the Global Aluminum Castings Market in the coming years. On the other hand, urbanization is also impacting the Aluminum Castings Market significantly in the developing regions, worldwide.
On the flip side, factor such as the adoption of magnesium alloy can eventually deter the expected Global Aluminum Castings Market growth during the forecast period.
Market Research Future segments the Global Aluminum Market by End-Use Industry and by the process for a holistic understanding of the entire market.
In terms of End-Use Industry, the Aluminum Castings Market is segmented into building & construction, industrial, transportation, and many others. Among these, the transportation sector is gaining the most out of all other segments. Wherein the building & construction segment is also expected to witness considerable growth during the forecast period.
In terms of Process, the Aluminum Castings Market is segmented into die casting, sand casting, and permanent mold casting. Among these, die casting segment is the most preferred segment due to its cost-effectiveness and is also ideal for large volume production.
Detailed Regional Outlook:
Geographically, the Global Aluminum Castings Market is segregated into key regions like North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America.
Among these, North America is on the top in the list of gaining the maximum market share due to its well-structured defense and construction sector. The automotive industry is also on the verge of revamping, which is a positive sign for the growth of the regional market.
The market displays incredible growth in Europe due to the robust automotive sector that is estimated to boost the market significantly. The regional market share is also benefitted by the participation of developed countries such as the U.K., France, and Germany.
The Asia Pacific region is also viewing a remarkable growth due to the increasing uptake of the component by mushrooming industries. The region is also revamping its economy owing to the industrial sector growth in several countries like India, China, and Japan. Besides, the automotive sector is also booming, which has become a significant reason for the expansion of the market in this region.
On the other side, the MEA market can expect moderate growth with the presence of several weak economies in the region.
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At Market Research Future (Mrfr), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (Crr), Half-Cooked Research Reports (Hcrr) and Market Research & Consulting Services.