Study and Markets has announced the addition on the “Aluminum Casting Industry by Method (Die Casting, Permanent Mold Casting, Sand Casting), End-use Sector (Transportation, Industrial, Developing & Construction), and Region – Global Forecast to 2022″ report to their offering.
It’s projected that the aluminum casting marketplace size will grow from USD 55.56 Billion in 2017 to USD 79.13 Billion by 2022, at an estimated CAGR of 7.33%. The aluminum casting market is witnessing considerable growth due to advancements in technology and high efficiency of aluminum casting. The aluminum casting industry has immense opportunities as aluminum is preferred over iron and steel products in the automobile industry; moreover, investments in the automobile industry is growing, which will drive the demand for cast aluminum products.
On the basis of approach, the aluminum casting industry is segmented into die casting, permanent mold casting, and sand casting. The die casting approach is projected to grow at the highest CAGR during the forecast period. The dominant industry position with the die casting segment can be attributed to the excellent efficiency and the economical nature with the method that offers a broader range of shapes and components than other casting techniques. Die casting is extensively used in the automobile sector for parts such as engine blocks, wheel spacers, and valve covers.
In terms of value, the transportation segment, by end-use, is projected to grow at the highest rate during the forecast period. This growth is attributed to the growing demand for lighter automobiles globally, which has led to the replacement of steel and iron parts in automobiles with aluminum products. The rising demand for aluminum cast products in the transportation sector is attributed to the growing popularity of lightweight vehicles with better fuel efficiency.
In 2016, the Asia-Pacific industry accounted for the largest share on the global aluminum casting market place, followed by Europe and North America. However, as the aluminum casting industry in developed countries is maturing, markets in developing countries such as China, India, and Turkey are projected to grow at a higher rate from 2017 to 2022. Asia-Pacific is projected to grow faster than any other region-level market, owing to the rapid expansion of applications such as automobiles, heavy machinery, constructing & construction, and mass transportation. China and India, among others, are investing in the infrastructure and manufacturing industries, which is expected to drive the transportation sector in the region, and in turn, drive the aluminum casting marketplace as well.