The global Metal Casting market is forecast to reach USD 230.19 Billion by 2030, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising prevalence of the emission norms encouraging the use of the metal casting process, and increasing demand in the automobile sector. Moreover, the increasing trend of lightweight vehicles is fostering the market's demand. However, the high capital required for the setup is hampering the market's demand.
A rise in the trend in urbanization is a critical factor in the growth of the housing and infrastructure sectors. First-time homebuyers are encouraged and funded to cause the development of the building design industry. Governments in various countries provide opportunities and support to meet the housing needs of the increasing population.
Top Companies Operating in the Global Metal Casting Market:
Dynacast Ltd., Ryobi Limited, Gibbs (Koch Enterprises Inc.), POSCO, CALMET, Hitachi Metals, MES Inc., Alcast Technologies, Arconic, and Uniabex
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Further key findings from the report suggest
- Cast Iron segment accounted for the highest market share of 29.8% in 2019. A significant portion of the demand in this segment is projected to come from emerging markets, especially from the automotive, construction, and oil gas sectors.
- The automotive segment is growing at a higher CAGR of 5.3% owing to the initiatives taken by the government across the world focusing on stricter pollution fuel efficiency regulations resulting in a boost of demand for aluminum, the primary casting material in the automotive industry
- The growing use of lightweight properties casting on the account and the aesthetic appeal it offers drives demand for throwing in the construction market. Construction equipment machinery, heavy vehicles, curtain walling, door handles, windows, and roofing can be used in finished goods.
- Indiaand China are recording an increase in industrial output, which is, in turn, favoring the demand for metal casting. The Asia Pacific acquired the highest share of 64.3% in 2019 in the market for metal casting.
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The global Metal Casting market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Material Type Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Cast Iron
- Aluminum
- Stainless Steel
- Zinc
- Magnesium
Process Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Sand Casting
- Die Casting
- Shell Mold Casting
- Gravity Casting
- Vacuum Casting
End-use Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons; 2019 – 2030)
- Automotive Transportation
- Building Construction
- Mining
- Equipment Machine
- Consumer Goods
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