The global aluminum casting market is anticipated to reach USD 1,25,047.18 Million by 2028, growing at a significant CAGR 7.9% over the forecast period of 2021 to 2028. Growing demand from the automobile and construction industries for lightweight materials is expected to fuel growth in the industry.
Adroit Market Research report on global aluminum casting market gives a holistic view of the market from 2015 to 2025, which includes factors such as market drivers, restraints, opportunities, challenges and regulatory scenario. The market has been studied for historic years from 2015 to 2017, with the base year of estimation as 2018 and forecast from 2019 to 2025. The report covers the current status and future traits of the market at global as well as country level.
In addition, the study also assesses the market competition with porter's five forces analysis and positions the key players based on their product portfolio, geographic footprint, strategic initiatives and overall revenue. Prominent players operating in the global aluminum casting market have been studied in detail.
Increasing need for lightweight vehicles over the forecast period is projected to drive aluminum casting market development in the automotive industry. The product demand in U.S. and Europe as the main region in the market has been anticipated by the rising developments from the leading producers in the market.
Owing to the growing consumer demand for vehicles, the development of the aluminum casting industry has increased tremendously. Business development is also guided by rising demand for home goods, manufacturing, strong investment in mining, and telecommunications, expansion in industries and developing economies. Aluminum is replaced by magnesium as a liquid metal which restricts the growth of the casting market for aluminum. Aluminum choice over iron and steel in the automobile industry is the major boost for the market. Strong building and manufacturing projects are now opening up prospects for the casting industry of aluminum.
The global aluminum casting market is categorized based on process and end use. Region wise, Asia Pacific was the largest market in 2018, and is anticipated to grow at a significant CAGR over the forecast period. North America is expected to grow at a significant rate over the coming years.
Key players serving the global aluminum casting market include Alcoa Inc., Aluminum Corporation of China Limited, United Company Rusal, Ryobi Limited, Rio Tinto, Arconic Inc., China Hongqiao Group Limited, Gibbs Die Casting Corp, Dynacast Charlotte, and Nemak S.A.B. De C.V. among others.
Key segments of the global aluminum casting market
Process Overview, 2015-2025 (USD Billion)
- Die casting
- Permanent mold casting
- Sand casting
End Use Overview, 2015-2025 (USD Billion)
- Building & construction
Regional Overview, 2015-2025 (USD Billion)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa