Aluminum Casting Market - Structure, Size, Trends, Analysis and Outlook 2030
The global aluminum casting market size was valued at USD 90.97 billion in 2022 and is estimated to exhibit a compound annual growth rate (CAGR) of 5.1% from 2023 to 2030. The increasing use of aluminum in automobiles owing to its high strength and lightweight is likely to drive the market over the coming years. Nearly 30-40% of aluminum is being used per lightweight vehicle every year and is likely to reach 70% over the coming years owing to stringent regulations on reducing fuel emissions across the globe. According to the Federal Reserve Bank of St. Louis, the global sales of lightweight vehicles reached 17.385 million units in May 2019. Thus, increasing demand for lightweight vehicles on account of soaring environmental pollution, rising disposable incomes, and changing lifestyles of consumers is anticipated to boost the demand for aluminum casting.
Increasing demand for general utility and sports utility vehicles is anticipated to drive product demand in the U.S. For instance, according to the automotive consultancy firm, LMC Automotive, the U.S. is likely to have more than 90 mainstream SUV models by 2023. Moreover, automobile manufacturers in the country are under increasing pressure to meet the regulatory requirements pertaining to the environmental impact of vehicles. As per Corporate Average Fuel Economy (CAFE), passenger cars are required to reach a fuel economy target of 54.5 miles per gallon by 2026 owing to the increasing emission of greenhouse gases, which, in turn, is anticipated to augment market growth.
Gather more insights about the market drivers, restrains and growth of the Global aluminum casting market
Aluminum Casting Market Segments Highlights:
- The die casting segment accounted for the largest volume share of around 53.0% in 2022 owing to the rising demand for aluminum casting products in the automotive sector.
- Aluminum die casting is further segmented into pressure die casting and others. The distinct characteristics offered by pressure die casting such as smooth surface finish, easy filling of cavity, strong mechanical properties, and tighter dimension tolerance are expected to assist segment growth, especially in the automotive sector.
- The transportation segment accounted for the largest revenue share of over 58.0% in 2022. The growth is attributed to the increasing demand for lightweight vehicles and aircraft globally.
- The growth in the transportation segment is also supported by increasing demand for aircraft as aluminum cast products are used in manufacturing jet or aircraft engines.
- In the industrial segment, construction equipment is likely to observe strong growth in the years to come owing to rigorous infrastructure development across the globe.
- The building and construction segment is anticipated to exhibit a CAGR of 3.4% in terms of volume from 2023 to 2030 owing to the increasing use of aluminum casting products in houses.
- Asia Pacific held the largest volume-based share of over 44.0% in 2022 owing to the rapidly expanding manufacturing sector in China and India.
- As of December 2018, Continental, a Germany-based automaker, invested USD 25.65 million in setting up a premium surface materials facility in Pune, India with a production capacity of 5 million square meters.
- In North America, demand for lightweight vehicles is anticipated to grow at a healthy rate over the coming years on account of the North American Free Trade Agreement (NAFTA).
- Europe emerged as the second-largest regional market in 2021 owing to its established automotive sector, supported by stringent regulations on reducing CO2 emissions.
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Aluminum Casting Market Segmentation
Grand View Research has segmented the global aluminum casting market on the basis of process, end-use, and region:
Aluminum Casting Process Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- Die casting
- Pressure die casting
- Others
- Permanent mold casting
- Others
Aluminum Casting End-Use Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- Transportation
- Industrial
- Building & Construction
- Others
Aluminum Casting Regional Outlook (Volume, Kilotons; Revenue, USD Million; 2018 - 2030)
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Italy
- France
- Russia
- Asia Pacific
- China
- India
- Japan
- South Korea
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
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