Aluminum Casting Market Size Worth $135.20 Billion By 2030: Grand View Research, Inc.

2022-04-24 09:17:20 By : Mr. Andy Chen

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SAN FRANCISCO , April 20, 2022 /PRNewswire/ -- The global aluminum casting market size is expected to reach USD 135.20 billion by 2030, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 5.0% from 2022 to 2030. Rising demand for lightweight vehicles is anticipated to propel market growth as the product is used in manufacturing various auto components.

Key Insights & Findings from the report:

Read 125 page market research report, "Aluminum Casting Market Size, Share & Trends Analysis Report By Process (Die Casting, Permanent Mold Casting), By Application (Transportation, Industrial, Building & Construction), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Aluminum Casting Market Growth & Trends

According to the Center for Automotive Research, the global sales of lightweight vehicles are expected to reach nearly 110 million units by 2026. The growth is attributed to stringent regulations on reducing fuel emissions, thus driving the need for lightweight materials such as aluminum. Vehicles made of aluminum offer better acceleration and better braking systems, thereby improving fuel economy.

However, despite steady demand from the automotive sector, the shift toward electrical drive is expected to negatively impact the market. A combustion engine requires 220 cast products and an electrical drive requires only 25 of them. Nonetheless, the growing demand for structural components and sensor casings of a vehicle is likely to continue as the electric engine or motor requires to die casting components to produce battery housings and casings. This, in turn, is anticipated to help keep product demand steady over the coming years.

In Asia Pacific , the market is dominated by China due to numerous economic benefits offered in the country when it comes to green energy. The country is the largest producer of primary aluminum in the world as well as one of the biggest consumers of aluminum globally. China has taken advantage of the availability of high-tech manufacturing facilities as well as a highly-skilled workforce, which is essential for the manufacturing sector.

The growing manufacturing sector in the country is anticipated to augment market growth over the coming years. India is also a major market in the region. The Automotive Mission Plan (AMP) 2006–2016 introduced by the government of India was launched to support the growth of the automotive industry in the country, which, in turn, is likely to drive the demand for aluminum casting over the coming years.

Key product manufacturers include Alcoa Corporation; Dynacast; Aluminum Corporation of China Limited; Gibbs Die Casting Corp.; Bodine Aluminum, Inc.; and Endurance Technologies Limited. These companies are focusing on capacity expansion to meet the growing product demand, majorly from the automotive industry. For instance, in March 2016 , Gibbs Die Casting Corp. invested USD 10 million in its Henderson facility in Texas , U.S.

Aluminum Casting Market Segmentation

Grand View Research has segmented the global aluminum casting market on the basis of process, application, and region:

Aluminum Casting Market - Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Aluminum Casting Market - Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

Aluminum Casting Market - Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2030)

List of Key Players of Aluminum Casting Market

Check out more related studies published by Grand View Research:

Browse through Grand View Research's  Advanced Interior Materials Industry Research Reports.

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco , the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Sherry James Corporate Sales Specialist, USA Grand View Research, Inc. Phone: 1-415-349-0058 Toll Free: 1-888-202-9519 Email: [email protected] Web: Grand View Compass | Grand View Pipeline Follow Us: LinkedIn | Twitter

SOURCE Grand View Research, Inc.

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