April 11, 2024 19:30 ET | Source: The Brainy Insights The Brainy Insights
Newark, April 11, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 100 billion in 2023 global metal casting market will reach USD 179.08 billion in 2033. Melted metal is poured into a mould cavity during metal casting manufacturing to make products with the desired form. Because of its adaptability, affordability, and capacity to create complex components, it is an essential tool in contemporary production. Metal is poured into the prepared mould cavity after being heated to a molten condition in a furnace. The particular needs of the finished product determine which metal is best. The molten metal cools and solidifies inside the mould after it is poured. Aluminum Sand Casting Foundry
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The metal piece is taken out of the mould once it has cooled. Numerous industries use metal casting, including the automotive, aerospace, construction, and manufacturing sectors. It produces various parts and components, ranging from complex machinery parts to engine blocks. Metal casting is a flexible, affordable, and highly precise method of creating complicated forms. It enables large manufacture of identical parts, quick prototyping, and customization. Furthermore, metal casting lessens waste and its negative environmental effects by recycling the scrap metal produced throughout the process.
Key Insight of the Global Metal Casting Market
Asia Pacific will dominate the market during the forecast period.
Strong industrial infrastructure supporting the manufacture of a wide range of metal casting products, especially in nations like China, India, Japan, and South Korea, together with sophisticated facilities and skilled labour, all contribute to the region's supremacy in the worldwide market. The rapid pace of infrastructural development, urbanization, and industry also aids the region's development. The region's manufacturing, automotive, aerospace, and construction industries are the main users of metal-casting goods, which fuels industry expansion and investment. The government's support of the industry through incentives, subsidies, and infrastructure expenditures drives technological breakthroughs in metal casting techniques, equipment, and materials, stimulating industry growth.
In 2023, the sand casting segment dominated the market with the largest market share of 45% and revenue of 45 billion.
The process segment is divided into sand casting, gravity casting, high-pressure die casting (HPDC), low-pressure die casting (LPDC), and others. In 2023, the sand casting segment dominated the market with the largest market share of 45% and revenue of 45 billion.
In 2023, the aluminium segment dominated the market with the largest market share of 38% and revenue of 38 billion.
The material type segment is divided into cast iron, aluminium, steel, zinc, magnesium, and others. In 2023, the aluminium segment dominated the market with the largest market share of 38% and revenue of 38 billion.
In 2023, the automotive and transportation segment dominated the market with the largest market share of 39% and revenue of 39 billion.
The end-use segment is divided into automotive and transportation, equipment and machine, building and construction, aerospace and military, and others. In 2023, the automotive and transportation segment dominated the market with the largest market share of 39% and revenue of 39 billion.
To help meet critical U.S. defence needs in the casting and forging industry, the Institute for Advanced Composites Manufacturing Innovation (IACMI) and the Department of Defense's (DoD) Industrial Base Analysis and Sustainment (IBAS) Programme have announced a national workforce initiative. The DoD and IACMI have an agreement that spans several years, and it is now in progress to build a curriculum for several stackable training opportunities in the metals industry that centre on advancing engineering labour and trades.
Driver: The increasing level of industrialization.
The demand for machinery, equipment, and infrastructural components is driven by expanding industrialization; these items heavily rely on metal castings. Globally, there is a continuing need to expand industrial capacities and replace ageing infrastructure. Rapid industrialization and infrastructural development in developing nations have made them major consumers of metal components for industry, transportation, and construction. The growing automobile sector largely drives the need for metal castings. The demand for autos increases along with the world population and urbanization rate, which drives the requirement for metal casting in the automotive sector. Thus, the market's expansion will be fuelled by quick industrialization.
Restraints: High initial investment costs.
The necessity to make moulds and templates for particular components is the main cause of high initial tooling costs in metal casting. This procedure entails high upfront costs due to the need for specialized manpower, materials, and equipment. Engineering knowledge is needed to design moulds and patterns, which raises the price even further. The cost of materials for creating patterns and using specialized tools are other factors that affect the total tooling cost. Consequently, metal casting's cost issues will impede the market's expansion.
Opportunities: Technological developments in metal casting.
Customization, innovation, and process and material developments drive metal casting's growth and expand its uses. The range of uses for metal casting has expanded due to the development of new alloys with superior qualities brought about by technological advances in materials science. These alloys are appropriate for demanding industrial and automotive applications because they increase strength, endurance, and corrosion resistance. Product development cycles are sped up, and rapid prototyping capabilities foster innovation. Sustainability concerns are also fuelling improvements in metal casting techniques. Recycling programmes save resources and reduce trash, lessening the environmental effect of casting operations. Programmes to reduce waste and implement energy-efficient technologies improve sustainability.
Metal casting operations demand significant energy inputs for the entire process and often rely on fossil fuels. This results in emissions of pollutants contributing to air pollution, smog formation, and climate change. Additionally, metal casting generates various waste materials, and Improper disposal of these wastes can lead to environmental contamination and habitat destruction. Furthermore, metal casting relies on finite resources extracted from the earth's crust, raising concerns about resource depletion and sustainability. Therefore, the environmental concerns associated with metal casting will challenge the market's growth.
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Some of the major players operating in the global metal casting market are:
• Alcast Technologies • Arconic • CALMET • Dynacast • Endurance Technologies Limited • Hitachi, Ltd. • MES, Inc. • POSCO • Ryobi Limited • UNI Abex
Key Segments covered in the market:
• Sand Casting • Gravity Casting • High-Pressure Die Casting (HPDC) • Low-Pressure Die Casting (LPDC) • Others
• Cast Iron • Aluminum • Steel • Zinc • Magnesium • Others
• Automotive and Transportation • Equipment and Machine • Building and Construction • Aerospace and Military • Others
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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