Metal Casting Market Size by Process, Material Type, Vehicle Type, Application, Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2030
Overview
Metal Casting Market size was valued at US$ 42.16 Bn. in 2023 and the total revenue is expected to grow at 18.9 % through 2024 to 2030, Metal Casting Market is reaching nearly US$ 141.64 Bn. by 2030
Metal Casting Market Overview
Metal casting is a method of forming solidified parts by pouring molten metal into a hollow container with a predetermined geometrical shape. Metal casting materials such as grey iron, ductile iron, aluminium, steel, copper, and zinc are all trustworthy and effective. For medium to large quantities of castings, metal casting can manufacture products with complex geometries and is less expensive than other production techniques. Cast metal items are present in 90% of manufactured goods and equipment, ranging from home appliances and medical equipment to key components for aircraft and automobiles, making them an essential aspect of human life and economy.
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Metal Casting Market dynamics:
Metal casting is a process of pouring molten metal into a hollow container with a specific geometric shape to make a molded part. Gray cast iron, ductile iron, aluminium, steel, copper, and zinc are all reliable and useful metal casting materials. Metal casting can produce products with complex geometries and is cheaper than other production techniques for medium to large numbers of castings. From household appliances and medical equipment to key components of airplanes and automobiles, 90% of manufactured products and equipment use cast metal products, making them an indispensable part of human survival and economy.
Cast iron is a metal alloy made up of silicon, carbon, manganese, sulphur, and phosphorus that has a wide range of applications. Cast iron market growth is fuelled by rising demand for pans, pots, cutlery, engines, pipelines, and automobiles. Because of its applications in housing, engine blocks, cylinder heads, and enclosures, demand for grey iron metal is expected to grow over time. Its qualities, including as stiffness, thermal conductivity, and wear resistance, make it suitable for such uses.
The demand for aluminium casting in the building market is being driven by an increase in the use of casting due to its lightweight qualities and aesthetic appeal. Construction equipment and machinery, heavy trucks, curtain walling, door knobs, windows, and roofs can all benefit from finished items. As building owners increasingly choose for deconstruction rather than demolition of old or out-of-use structures, the capacity to recycle aluminium products is becoming increasingly important. The environmental impact of construction activities is also reduced by removing recyclable materials from structures.
Cast iron is a metal alloy made up of silicon, carbon, manganese, sulphur, and phosphorus that has a wide range of applications. Cast iron market growth is fuelled by rising demand for pans, pots, cutlery, engines, pipelines, and automobiles. The usage of grey iron metal in housing, engine blocks, cylinder heads, and enclosures is likely to increase demand in the coming years. Its qualities, including as stiffness, thermal conductivity, and wear resistance, make it suitable for such uses.
Global Metal Casting Market Segmentation:
The Metal Casting Market is sub-segmented into Process, Material type, Vehicle type and Application.
Based on Material Type, the market is sub-segmented into Aluminium, Cast iron, Magnesium, Zinc and Others. In terms of volume, the iron casting segment had the biggest market share in 2023, with 70.2 %. Emerging markets are expected to account for the majority of demand in this area, particularly in the automotive, construction, and oil and gas sectors. Investors are likely to continue to focus on finished casting products. According to the MMR report, iron casting production climbed by 0.11 % in 2023 over the previous year.
The need for lightweight metals like magnesium and aluminium is expected to open up a lot of doors for market suppliers. Over the forecast period, stricter emission laws and rising energy efficiency standards are expected to enhance the production of lightweight materials in the market. Due to the small weight of auto components, these materials help to reduce fuel consumption. In terms of revenue, the aluminium casting segment is expected to rise at a CAGR of 9.3% over the forecast period.
Based on Application, the market is sub-segmented into Automotive & transportation, Industrial, building and Construction and Others. In 2023, the automotive & transportation, segment is expected to grow at a CAGR of 5.4 % from forecast period. Since the last few years, global car manufacturing has been on a sluggish but steady upward trend. Global automotive output increased by 2.5 % in 2023, according to the International Organization of Motor Vehicle Manufacturers. The usage of aluminium for weight reduction will continue to be a significant element for automakers and market vendors.
In terms of quantity, industrial categories will account for 28.4% of the market in 2023. The iron and steel industry products include metal valves and gaskets, decanter centrifuges, jet pipes, flanges, radiation protection pipes, coal jet pipes, jet pipes, drums, collectors, elbows and elbows. The emergence of manufacturing industries in China and other emerging countries is likely to stimulate the growth of industrial division of labor.
Global Metal Casting Market Regional Analysis:
With a volume share of 65.2 % in 2023, Asia Pacific was the dominant regional metal casting market. China was a big producer and consumer in the region in the same year. China's total production output in 2023 was 49,400 kilotons. India had a production volume of 12,055.1 kilotons in the same year. End-use industries such as construction and automotive are boosting product demand in these countries due to rising population and income levels. From 2024 to 2030, the European metal casting market is expected to grow at a moderate rate, with a CAGR of 4.9 % in terms of revenue. The region's main driver is the need for completed goods in Germany and France. Around 4,500 metal casting companies may be found in Europe, with 70% of them being small operations with fewer than 50 people.
The objective of the report is to present a comprehensive analysis of the global Metal Casting Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding the global Metal Casting Market dynamics, structure by analyzing the market segments and project the global Metal Casting Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Metal Casting Market make the report investor’s guide.
Global Metal Casting Market Scope:Inquire before buying
| Global Metal Casting Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2023 | Forecast Period: | 2024-2030 |
| Historical Data: | 2018 to 2023 | Market Size in 2023: | US $ 42.16 Bn. |
| Forecast Period 2024 to 2030 CAGR: | 18.9 % | Market Size in 2030: | US $ 141.64 Bn. |
| Segments Covered: | by Process | Gravity Casting High-Pressure Die Casting (HPDC) Low-Pressure Die Casting (LPDC) Sand Casting |
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| by Material Type | Aluminium Cast iron Magnesium Zinc Others |
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| by Vehicle Type | BEV HEV PHEV |
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| by Application | Automotive & transportation Industrial Building & construction Others |
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Metal Casting Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Metal Casting Market, Key Players are
North America
1. Nemak
2. Dynacast
3. Mino Industrial
4. Aisin Automotive Casting
5. Gibbs Die Casting
6. FORCEBEYOND
7. Reliance Foundry Co. Ltd
Europe
8. Rheinmetall Automotive
9. Georg Fischer Ltd
10. Marimex - M. Ivanov
11. ArcelorMittal SA,
12. Bühler AG
Asia-Pacific
13. Ryobi Limited
14. Ahresty Corporation
15. Endurance
16. Tycon Alloy Industries (HongKong)
17. TOYOTA INDUSTRIES CORPORATION
18. NINGBO INNOVAW MECHANICAL CO., LTD
19. Pyrotek
Middle East and Africa
20. Gulf Metal Foundry
21. Saanvi Founders
22. National Metal Manufacturing and Casting Company
23. Arabian FORASOL Foundation LLC
South America
24. Fundição Regali Brasil
25. Industrias Ascheri & Cia.
Frequently Asked Questions:
1) What was the market size of Global Metal Casting Market in 2023?
Ans - Global Global Metal Casting Market was worth US$ 42.16 Bn. 2023
2) What is the market segment of the Metal Casting Market?
Ans -The market segments are based on Material type, Process, Vehicle type and Application.
3) What is the forecast period considered for Global Metal Casting Market?
Ans -The forecast period for Global Metal Casting Market is 2024 to 2030.
4) What is the market size of Global Metal Casting Market in 2030?
Ans – Global Metal Casting Market is estimated as worth US$ 141.64 Bn.
5) Which region is dominated in Global Metal Casting Market?
Ans -In 2023, Asia pacific region dominated the Global Metal Casting Market.