Metal Casting Market Report

Metal Casting Market Analysis, Market Size, End-Use Industry Analysis, Regional Outlook, Competitive Strategies, And Segment Forecasts, 2018 To 2025

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  • Report ID: GVR5609
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The global metal casting market is expected to observe steady growth over the coming years owing to growing need for energy efficiency, stringent emission regulations, and increasing lightweight metal production. The American Foundry Society defines metal casting as a process of metal forming by streaming molten metal into metal die or sand mold.

Strict regulatory norms specifically by U.S. and the European Union to reduce emission and fuel consumption is expected to drive demand for modernization of truck fleets in these regions. For instance, truck production in Europe is expected to increase by nearly 99 thousand units from 2018 to 2021. Increase in truck production is likely to present ample growth opportunities for the market in coming years.

China is a leading country in the market owing to extensive production of metal casting and light vehicles. Production of grey iron, steel cast, and ductile iron in the region is expected to increase by nearly 2.5 million tons and production of light vehicles is set to grow by nearly 3.7 million units from 2018 to 2022.

However, margin pressure, industry consolidation, and retiring workforce are some of the major challenges faced by the market. Due to low wages, skilled workers are opting for alternative means of survival. This has compelled the industry to carry out new work loyalty programs and offer various benefits, such as pension schemes, flexible timing, and profit-sharing.

Key material types in the market are iron and steel, aluminum, and copper. Iron and steel is expected to lead the industry in coming years owing to growing demand. Aluminum is also likely to emerge highly lucrative owing to change in regulatory norms, which has resulted in lower fuel consumption and automobile emissions.

On the basis of process, the metal casting market can be bifurcated into expandable mold and permanent mold casting. Permanent mold casting is expected to account for a prominent share of the overall revenue due to increasing demand for aluminum products and widespread adoption of methods, such as die and slush casting to cast aluminum.

Transportation, building and construction, and industrial are the major end-use sectors in the market. Transportation is expected to hold a prominent share in the market over the coming years. Rising norms and policies related to emissions and increasing demand for fuel-efficient vehicles is expected to drive demand for aluminum casted products in transportation.

The market can be segmented based on geography as North America, Asia Pacific, Central and South America, Europe, and Middle East and Africa. Asia pacific is expected to dominate the market in terms of volume and revenue owing to growing demand for the product in countries, including China and India. The region is expected to witness growth in iron and steel casting by nearly 3.2 million tons from 2018 to 2020.

Key players operating in the metal casting market include Alcast Technologies, Dynacast, Arconic, ArcelorMittal, HBIS Group, POSCO, Shagang Group, Evraz plc, and Tata Steel. Manufacturers are adopting strategies like mergers and acquisitions, expansion of production capacities, and increasing R&D activities to implement advanced technologies in the product. In addition, they are introducing innovative methods to develop metal casting technology that can reduce carbon dioxide emission.

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