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DUBLIN , Nov. 15, 2021 /PRNewswire/ -- The "Aluminum Casting Market by Process (Die Casting, Permanent Mold Casting, Sand Casting), End-use Sector (Transportation, Industrial, Building & Construction), and Region (APAC, Europe , North America , South America , MEA) - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global aluminum casting market is projected to grow from USD 70.4 billion in 2021 to USD 100.5 billion by 2026, at a CAGR of 7.4%. The aluminum casting market is witnessing high growth owing to the increase in the demand from the automotive, infrastructure, industrial and manufacturing and consumers goods sectors among others.
Die casting is the largest process segment of the aluminum casting market
The aluminum casting market is segmented on the basis of the process into die casting, sand casting and permanent mold casting. The die casting process segment accounted for a larger market share. Die casting is also projected to be the fastest-growing process segment. The growth in the die casting segment is attributed to the growing automobile industry, globally, as this technique is largely used in the manufacturing of automobile components such as engine blocks, wheel spacers, and transmission housing.
The transportation sector is the largest end-use segment of the aluminum casting market
The aluminum casting market is segmented on the basis of application into the transportation sector, building & construction sector, industrial sector, and others. The transportation sector segment led the market in terms of both value and volume. This growth is attributed to the growing popularity of lightweight vehicles and better fuel efficiency in automobiles. Moreover, the growing global demand for lighter automobiles has led to the replacement of steel and iron parts with cast aluminum parts by automobile manufacturers.
APAC is the largest market for aluminum casting market
The APAC region is projected to be the largest market, in terms of value. APAC is also expected to grow at the highest CAGR during the forecast period. Growth in APAC is backed by the efficient demand and supply cycle of the automobile sector majorly in countries like China , India and Japan . A periodic and significant increase in infrastructure development is driving the market in the area. APAC is also an industrial hub with a considerably large market size. Other factors, such as the increasing consumer goods demand, innovation in aerospace, etc. are expected to support the growth of this regional market during the forecast period.
The aluminum casting market has been segmented based on process, end-use sector, and region. This report covers the aluminum casting market and forecasts its market size until 2026. It also provides detailed information on company profiles and competitive strategies adopted by the key players to strengthen their position in the aluminum casting market. The report also provides insights into the drivers and restraints in the aluminum casting market along with opportunities and challenges.
The report also includes profiles of top manufacturers in the aluminum casting market. The key companies profiled in this report on the aluminum casting market include Alcoa Corporation (US), Ryobi Limited (Japan ), Aluminum Corporation of China Limited (China ), Rio Tinto (UK), United Company RUSAL (Russia ) are key players in aluminum casting market.
For more information about this report visit https://www.researchandmarkets.com/r/2wug3a
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