The Global Aluminum Casting Market Is Estimated To Propelled By Increasing Usage In Automotive Industry
Aluminum casting process involves pouring molten aluminum into molds to create complex metal parts that can be used in a variety of applications. Aluminum castings are lightweight, corrosion-resistant and durable. They are widely used in automotive, industrial machinery, aerospace and defense industries due to their high strength-to-weight ratio.
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 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increasing Usage in Automotive Industry
The aluminum casting market is witnessing considerable growth, which is propelled by increasing usage of aluminum castings in the automotive industry. Automotive manufacturers are using aluminum castings to reduce vehicle weight and increase fuel efficiency. Lightweight aluminum castings help automakers meet stringent emission norms. Increased adoption of aluminum in under-hood applications such as engine blocks and heads, transmissions cases and suspension components is driving the growth of the aluminum casting market. Recent studies show that every 100 pounds reduction in vehicle weight can result in 0.2% to 0.5% improvement in fuel efficiency. Growing demand for lightweight and fuel-efficient vehicles globally will augment the need for aluminum castings during the forecast period.
SWOT Analysis
Strength: Aluminum has high strength to weight ratio and impressive corrosion resistance properties. These attributes make aluminum castings ideal for automotive and industrial applications.
Weakness: Aluminum casting processes require higher capital investments in equipment and molds compared to other metals. In addition, design modifications to existing aluminum castings can be expensive.
Opportunity: Rapid growth of the automotive industry driven by rising vehicle production and demand for light-weight components creates significant opportunities for aluminum casting manufacturers. Transportation applications account for over 60% of aluminum castings demand.
Threats: Volatility in aluminum prices can impact profit margins for casting producers. Substitute materials like composites and plastics also pose a threat where weight savings are not a major priority.
Key Takeaways
The Global Aluminum Casting Market Size is expected to witness high growth. 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 6.0% over the forecast period 2023 to 2030.
Regional analysis related content comprises the Asia Pacific region currently dominates the global market led by strong automotive manufacturing activity in China, India, and other Southeast Asian countries. The region accounts for over 50% of total aluminum casting demand.
Key players related content comprises Key players operating in the aluminum casting market are Keysight Technologi, Alcoa Corporation, Endurance Technologies Limited, Ryobi Limited, Dynacast, and Walbro. These companies have extensive production facilities and presence across major automotive manufacturing hubs to efficiently serve vehicle and engine part requirements of OEMs.
For More details on the topic:
Check more trending articles related to this topic:
https://wotpost.com/in-sync-with-life-exploring-the-promise-of-modern-cardiac-assist-advancements/
English
Arabic
Français
Español
Português
Deutsch
Dutch
Italiano
Russian
Romaian