The global Aluminum Castings market is projected to reach 25.5 million tons by 2024, driven by the escalating demand for lightweight and energy efficient components in industries such as transportation, consumer appliances and industrial equipment, among others.
Metal castings are important manufacturing processes that are critical to the production of a range of manufactured parts and finished goods. Metal castings including aluminum castings will experience steady demand, supported by demand for manufactured durable goods such as automobiles, computers, and construction equipment, among others. Aluminum represents the metal of choice in castings where stiffness, strength, durability, corrosion resistance and formability coupled with lightweight are major requirements. Global market for aluminum castings is experiencing stable growth, supported by the increasing use of aluminum in an expanding range of applications due to its high tensile strength, corrosion resistance, lightweight features, high electrical & thermal conductivity, and higher stability for complex shapes.
The emergence of new applications also bodes well for the aluminum castings market. Growing demand for lightweight and energy efficient components from automotive and consumer appliances industries, and increasing investments in electronics, construction, mining and aerospace and defense sectors present considerable opportunities for aluminum castings market. The intensifying efforts to expand 4G networks and launch 5G networks are driving demand for aluminum castings in the telecommunications industry. Aluminum casting market is influenced by the stable growth in the global economy and the industrial and manufacturing activity being seen in high-growth emerging economies specifically in China and India. Sustained advancements in technology associated with casting automation will also fuel demand for aluminum castings in the coming years.
The transportation industry represents the dominant consumer of aluminum castings. Body parts and components for automobiles, aircrafts, helicopters, naval, commercial marine, rail, trailers, cars, trucks and other vehicles are major applications of aluminum castings in the transportation sector. Automotive industry contributes significantly to the growth of the aluminum industry, due to the strong demand for lightweight vehicles offering higher fuel efficiency and reduced carbon dioxide emissions, without compromising on strength, performance and structural integrity. The increasing focus of the auto industry on reducing vehicular weight and lowering CO2 emissions to improve fuel efficiency is enhancing the use of lightweight aluminum products as replacements for iron and steel products used in the industry. The market is also expected to benefit immensely from the shift towards aluminum over steel and iron products among automakers.
Asia-Pacific represents the largest regional market, worldwide. Asia-Pacific is also forecast to register the fastest CAGR of 7.3% over the analysis period. The growing use of aluminum castings in a range of applications including automotive, mass transportation, heavy machinery, and building & construction industries is driving growth in the region. Strong manufacturing activity, steady economic development, growing automotive production, expanding population, growth in personal income and spending power, booming consumer demand for high-performance appliances and electronic devices, and relocation of manufacturing plants to low-cost economies of China and India represent key growth drivers in the region.
Major players in the market include Alcast Company, Alcoa Corporation, Bodine Aluminum Inc., CAF innovative Shapecasting™, Cosma International Inc., Consolidated Metco Inc., Dynacast International Inc., Endurance Technologies Limited, Gibbs Die Casting Corp., Martinrea Honsel Germany GmbH, Nemak S.A. de C.V., Pace Industries, Rochester Aluminum Smelting Canada Ltd., Rockman Industries Ltd., and Ryobi Limited, among others.