The metal casting market is anticipated to expand at a CAGR of 8.87% over the course of the forecast period, reaching a value of USD 39.94 billion by 2025. The focus has turned away from traditional iron and steel and toward HSS and aluminum due to the recent trend of vehicle light-weighting, which is a result of more stringent emission restrictions and fuel economy standards. Additionally, increasing vehicle production and the lack of alternate methods for component manufacture are anticipated to drive the metal casting market in the near future.
Passenger car segment is estimated to hold the largest share of the metal casting market during the forecast period
According to data from the Organisation Internationale des Constructeurs d’Automobiles (OICA), 75.9% of all vehicles produced in 2016 were passenger automobiles. By 2025, MarketsandMarkets analysis projects that manufacturing of passenger cars will have increased by 5.74% from 2017 to 2025, or 107.1 million units. The use of lightweight materials like Al, Mg, and Zn is anticipated to increase as a result of the increase in vehicle production, current and forthcoming emission laws (US EPA Tier, Euro, etc.), and fuel efficiency standards like CAFE. These materials are used to create the components, which indicates a promising future for metal casting in the automotive sector, particularly for passenger cars.
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Body Assembly application is estimated to be the fastest growing market for metal casting from 2017 to 2025
The main body assembly components produced utilizing the metal casting process include alloy wheels, cross car beams, front doors, and seat frames. Approximately 47.0% of the weight of mid-sized passenger automobiles is made up with the body and structure, according to a US Department of Energy (DOE) report. Aluminum and magnesium are two lightweight materials that can help reduce weight by a large amount. GF Automotive, Meridian Lightweight, and Faurecia are a few of the well-known body assembly parts manufacturers that produce aluminum cast components. For select high-end vehicles, some manufacturers have also begun to supply magnesium cast parts. The primary development factors for the metal casting market for body assembly are the significant contribution of body assembly to the overall vehicle weight and the rising use of lightweight materials in body assembly components. Accordingly, the metal casting market’s fastest rising application is predicted to be body assembly.
Asia Oceania: The largest region for Metal Casting Market
From 2017 to 2025, the Asia-Oceania region is anticipated to have the greatest market for metal casting. With a surge in passenger car and commercial vehicle production of about 27.7% over the previous five years, the region is the leader in vehicle production globally. In terms of both vehicle production and sales, China has been the region’s top car market. China, Japan, and India together accounted for about 44% of the world’s vehicle production in 2016, according to OICA. Additionally, according to World Bank estimates, between 2010 and 2015, China’s and India’s per capita income rose by almost 68% and 14%, respectively. The region’s demand for aluminum or magnesium cast components is anticipated to climb as sales of medium and high-end automobiles rise as a result of the increase in disposable income.
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Key Market Players
The metal casting market is dominated by a few global players that include Nemak (Mexico), Ryobi Limited (Japan), Rheinmetall Automotive (Germany), GF Automotive (Switzerland), Ahresty Corporation (Japan), Dynacast (US), Endurance (India), and Mino Industrial (Japan).
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