Metal Casting Market Size is expected to
reach USD 178.0 billion 2019 - 2025
“Metal Casting Market Size, Share & Trends Analysis
Report By Material (Aluminum, Iron, Steel), By
Application (Automotive & Transportation, Building &
Construction, Industrial), By Region, And Segment
Forecasts, 2019 - 2025.”
The global metal casting market size is expected to reach USD 178.0 billion by 2025, accelerating
at a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research,
Inc. Expansion of the construction sector due to infrastructure requirement and housing needs is
one of the key drivers for market growth. An increase in urbanization trend in China and India is a
key factor triggering the growth of housing and infrastructure industries. Incentives and funding for
first-time home buyers are triggering the growth of building & construction industry. Governments
across various countries are offering incentives and funding to meet the housing needs of growing
population. For instance, the Canadian government offers a 5% incentive on the purchase of an
existing house for first-time buyers. Similarly, in Germany, under the federal government initiative,
around USD 13,400 is granted to first-time buyers under certain criteria. India and China are also
recording an increase in industrial output, which is in turn favoring the demand for metal casting.
Asia Pacific accounted for the highest volume share of 64.1% in 2018 in the market for metal
casting.
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Aluminum casting segment is projected to grow at the highest CAGR of 9.3% over the forecast
period. As per a report by The Aluminum Association, total aluminum content in vehicles is
projected to reach 256 kg per vehicle by 2025, globally. Strict regulations such as Euro 6c emission
standards in the European Union are contributing to the growth of the market. It has become
necessary for automakers to reduce the weight of vehicles using lightweight materials such as
aluminum and magnesium.
Steel segment is anticipated to grow at a moderate CAGR on account of demand from automotive
components. As per the World Steel Association, around 900 kg of steel is required per vehicle.
Around 34% of steel is used in doors, panels, closures, and body structure parts. The growing
usage of advanced high strength steel (AHSS) is projected to create new opportunities for metal
casting vendors as it reduces the weight of a vehicle and also enhances fuel efficiency and safety.
Many research institutes and private organizations are working on new grades of AHSS. These
grades have capabilities to reduce the vehicle weight by 25% to 39% and help achieve 3 to 4.5 tons
of greenhouse gas savings over the life cycle of a vehicle.
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Metal casting industry faces various challenges including underutilization of capacity, optimization of
resources, high energy consumption, stringent norms, and overall effectiveness. Metal casting
manufacturers are likely to focus on industrial internet of things (IIoT) over the coming years as
IIoT has the potential to control and monitor the temperature of foundries, machinery downtime
tracking, and enhance resource management.
Further key findings from the report suggest:
•
Iron casting segment is anticipated to be valued at USD 58.8 billion by 2025 owing to the
expansion of industrial sectors such as oil & gas
•
In terms of revenue, aluminum metal segment is projected to grow at the highest CAGR
of 9.3% over the forecast period owing to the presence of stringent emission regulations
in automotive sector
•
Building & construction segment accounted for 6.9% of the market volume share in 2018
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•
In terms of revenue, the Middle East & Africa is projected to grow at a CAGR of 5.0% from
2019 to 2025 on account of growing output from non-oil & gas sectors
•
POSCO; Dynacast; Alcast Technologies; Arconic; Endurance Technologies Limited; and
Hitachi Metals, Ltd. are some of the key players in the metal casting market.
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