Market Overview:
The global Aluminum Casting Market is estimated to be valued at US$ 75.61 Bn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Aluminum casting products such as components for automotive and machinery are widely used owing to their properties like light weight, high corrosion resistance and durability. These properties make aluminum castings suitable for producing components for transportation and industrial sectors.
Market key trends: One of the major trends in the aluminum casting market is the increasing adoption of 3D printing technology. 3D printing technology allows manufacturers to produce complex and customized aluminum casting parts with precision. This helps in reducing the weight of the final products and improves design flexibility. With advancements in 3D printing, aluminum powder can now be used as a raw material to print functional end-use parts with properties comparable to traditional castings or wrought aluminum products. This growth in 3D printing is expected to drive the overall demand for aluminum castings during the forecast period.
Segment Analysis
The global aluminum casting market is segmented into investment casting, die casting, and permanent mold casting. Among these, the die casting segment dominates the market and accounts for over 40% share owing to its ability to mass-produce parts in high volumes at a lower cost. Die casting provides alloy mixtures that resist corrosion and results in lightweight metal parts. It allows for intricate designs and close tolerances to tight specifications.
Key Takeaways
The Global Aluminum Casting Market Share is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing demand from the automotive industry. Aluminum castings help reduce vehicle weight and improve fuel efficiency.
Regional analysis
North America dominates the global aluminum casting market with over 30% share owing to growth in the region's automotive sector. Asia Pacific exhibits the fastest growth and accounts for over 35% share led by expanding automotive and infrastructure development in China and India.
Key players
Key players operating in the aluminum casting market are Consolidated Metco, Inc., BUVO Castings, Bodine Aluminum, Shandong Xinanrui Casting, RusAL, Walbro, RYOBI Aluminium Casting (UK) Ltd., Dynacast, Rio Tinto, Alcoa Corporation. The market is dominated by large players like Alcoa Corporation and Rio Tinto due to their integrated mining and manufacturing operations and global production footprint.
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