Metal Casting Market worth $253.22 Billion by 2030- Exclusive Report by The Insight Partners
The global metal casting market is growing at a 5.6% CAGR from 2022 to 2030
Pune, India, Oct. 06, 2023 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Metal Casting Market Size, Share, Growth Factors, Opportunity and Forecast to 2030– COVID-19 Impact and Global Analysis – by Product Type, Process, Application, and Geography,” the metal casting market was valued at US$ 164.1 Billion in 2022 and is projected to reach US$ 253.22 Billion by 2030; it is expected to record a CAGR of 5.6% from 2022 to 2030. The projected growth of the market is attributed to increasing demand for industrial machineries.
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Global Metal Casting Market: Competitive Landscape and Key Developments
ArcelorMittal SA, Posco Holdings Inc, Alcoa Corp, Lucchini RS SpA, RYOBI Aluminium Casting (UK) Ltd, Allard-Europe NV, FONDERIA AUGUSTA Srl, MEDEKO CAST Sro, Tycon Alloy Industries (Hong Kong) Co Ltd, and Novacast Ltd are a few of the key players working in the global metal casting market. A few major players operating in the global metal casting market are constantly focusing on various strategies such as investments in research & development activities.
Metal Casting Market Report Scope, Segmentations, Regional & Country Scope:
|Market Size Value in||USD 164.1 Billion in 2022|
|Market Size Value by||USD 253.22 Billion by 2030|
|Growth rate||CAGR of 5.6% from 2022 to 2030|
|No. of Pages||253|
|No. of Tables||119|
|No. of Charts & Figures||108|
|Historical data available||Yes|
|Segments covered||Material, Application, Technology, End Use, and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Oman, Russia, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Companies Covered||ArcelorMittal SA, Posco Holdings Inc, Alcoa Corp, Lucchini RS SpA, RYOBI Aluminium Casting (UK) Ltd, Allard-Europe NV, FONDERIA AUGUSTA Srl, MEDEKO CAST Sro, Tycon Alloy Industries (Hong Kong) Co Ltd, and Novacast Ltd|
In 2022, Asia Pacific held the largest share of the global metal casting market and is expected to account for highest growth rate over forecast period. The demand for metal casting is directly proportional to the region’s rapid industrialization. Therefore, the large number of manufacturing industries across the region is expected to boost the demand for metal casting during the forecast period.
Rising Demand for Industrial Machineries
Industrial machinery enhances the productivity of manufacturing operations and positively impacts industrial competitiveness. As per the data released by The Observatory of Economic Complexity (OEC), China was the top exporter of industrial machinery in 2021, with exports valued at US$ 1,540 billion. As per the International Trade Administration, in 2021, the US exported machinery worth US$ 44 billion and electrical machinery worth US$ 24 billion. According to the Germany Trade & Invest, the machinery & equipment sector was the second largest industry in Germany in 2021. The sector in the country comprises 6,600 companies. The revenue generated by the sector is expected to increase from US$ 243.3 billion in 2021 to US$ 319.2 billion by 2025. According to UCIMU-Sistemi Per Produrre, the production of machine tools, robots, and automation systems reached ~US$ 8 billion in 2022, an increase of 15% compared to 2021. The use of machine tools rose by 26% in 2022 compared to 2021, specifically driven by deliveries to the domestic market.
As per the Parker Hannifin Corporation report, the global market for computer numerically controlled (CNC) machine tools is projected to reach US$ 129 billion by 2026. According to the US Plastics Industry Association, the shipments of injection molding and extrusion machinery rose by 19.3% in the fourth quarter of 2020, compared to the same period in 2019, in North America. A press release by the International Federation of Robotics in 2022 stated that car and car component manufacturers accounted for 47% of robot orders in North America in Q1 2022, a rise of 15% year-on-year. Industrial machinery performs diverse operations, from material handling, assembly, and welding to finishing and palletizing applications. Metal castings are widely used in the production of bearing housing machine tools and components and machinery frames and bases. Also, they are used for structural support. Thus, rising demand for industrial machinery propels the growth of the metal casting market across the globe.
Metal Casting Market: Segmental Overview
Based on product type, the metal casting market is segmented into carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. The grey iron segment held the largest market share in the global metal casting market in 2022 and is anticipated to account for the highest CAGR during the forecast period. Also, ductile iron casting is created by pouring molten ductile iron into a mold and allowing it to cool for solidifying into a specific shape. Due to its high strength, good machinability, fatigue strength, and higher modulus of elasticity, ductile iron is used in a wide range of applications such as valves, pump bodies, crankshafts, gears, automotive, and other machine components.
Based on process, the metal casting market is segmented into sand casting, investment casting, gravity die casting, and others. The sand casting segment accounted for the largest market share in the global metal casting market in 2022 and is anticipated to account for the highest CAGR during the forecast period. Investment casting is another attractive segment in the global metal casting market. Investment casting is an expensive and labor-intensive process; it is used for mass production or in complex castings to produce metal casting products such as gears, bicycle trunks, moto discs, and spare parts in blasting machines.
Based on application, the metal casting market is segregated into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment accounted for the largest market share in the global metal casting market in 2022. The industrial machinery segment is anticipated to record the highest CAGR during the forecast period. Metal casting is used to create metal components for many applications across manufacturing & assembly, agriculture, and other industries. It is also used in industrial pumps and commercial air compressors.
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Impact of COVID-19 Pandemic on Metal Casting Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic caused supply chain disruptions in chemical & materials and hampered the growth of the metal casting market. The adverse effect of the pandemic on the manufacturing industry negatively impacted the demand for metal casting from this industry.
However, various economies have started reviving their operations. As a result, the demand for metal casting started increasing. The increasing use of metal casting in heavy industries is expected to offer more growth opportunities for the global metal casting market during the forecast period.
Go through further research published by The Insight Partners: (Purchase with 10% Instant Discount):
Iron and Steel Casting Market Global Analysis and Forecast to 2030.
Metal Injection Molding Market– Global Analysis and Forecast to 2027.
Precision Casting Market Global Analysis and Forecast to 2030.
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
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