Aluminum Casting Market Size, Share & Trends Analysis Report By Process (Die Casting, Permanent Mold Casting), By End Use (Transportation, Industrial), And Segment Forecasts, 2020 - 2027
New York, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Aluminum Casting Market Size, Share & Trends Analysis Report By Process, By End Use And Segment Forecasts, 2020 - 2027" - https://www.reportlinker.com/p05867096/?utm_source=GNW
The global aluminum casting market size is anticipated to reach USD 83.2 billion by 2027., registering a 6.4% CAGR over the forecast period. Rising demand for lightweight vehicles is anticipated to propel market growth as the product is used in manufacturing various auto components.
According to the Center for Automotive Research, the global sales of lightweight vehicles are expected to reach nearly 110 million units by 2026.The growth is attributable to stringent regulations on reducing fuel emissions, thus driving the need for lightweight materials such as aluminum.
Vehicles made of aluminum offer better acceleration and better braking systems, thereby improving fuel economy.
However, despite steady demand from the automotive sector, the shift toward electrical drive is expected to negatively impact the market.A combustion engine requires 220 cast products and an electrical drive requires only 25 of them.
Nonetheless, growing demand for structural components and sensor casings of a vehicle is likely to continue as the electric engine or motor requires die casting components to produce battery housings and casings. This, in turn, is anticipated to help keep product demand steady over the coming years.
In Asia Pacific, the aluminum casting market is dominated by China due to numerous economic benefits offered in the country when it comes to green energy.The country is the largest producer of primary aluminum in the world as well as one of the biggest consumers of aluminum globally.
China has taken advantage of the availability of high-tech manufacturing facilities as well as a highly skilled workforce, which is essential for the manufacturing sector.The growing manufacturing sector in the country is anticipated to augment market growth over the coming years.
India is also a major market in the region. The Automotive Mission Plan (AMP) 2006–2016 introduced by the government of India was launched to support the growth of the automotive industry in the country, which in turn is likely to drive the demand for aluminum casting over the coming years.
Key product manufacturers include Alcoa Corporation; Dynacast; Aluminum Corporation of China Limited; Gibbs Die Casting Corp.; Bodine Aluminum, Inc.; and Endurance Technologies Limited. These companies are focusing on capacity expansion to meet growing product demand, majorly from the automotive industry. For instance, in March 2016, Gibbs Die Casting Corp. invested USD 10 million in its Henderson facility in Texas, U.S.
Further key findings from the report suggest:
• Based on process, permanent mold casting is anticipated to progress at a revenue-based CAGR of 6.2% over the forecast period owing to increasing demand for motorsport and recreational vehicles, especially in U.S.
• The industrial end-use segment is projected to witness a CAGR of 7.3% in terms of revenue over the forecast period owing to increasing demand from agricultural and construction equipment in emerging economies such as India and Brazil
• Asia Pacific is expected to exhibit a revenue-based CAGR of 8.4% over the forecast period owing to the presence of a large industrial sector and growth of the automobile sector in the region
• North America is anticipated to grow at a CAGR of 4.2% in terms of volume owing to increasing demand for lightweight materials in the automotive industry to reduce fuel emissions.
• Some of the key players operating in the aluminum casting market are Alcoa Corporation; Aluminum Corporation of China Limited; Alcast Technologies; Bodine Aluminum, Inc.; Consolidated Metco, Inc.; Dynacast; Endurance Technologies Limited; Gibbs Die Casting Corporation; Martinrea Honsel Germany GmbH; Martinrea Honsel Germany GmbH; Ryobi Ltd; and Walbro.
Read the full report: https://www.reportlinker.com/p05867096/?utm_source=GNW
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