by Aluminum casting involves pouring molten aluminum into reusable molds to produce complex metal parts that can be ground, polished, or machined for various industrial applications. Due to its lightweight, durability, corrosion resistance and other beneficial properties, aluminum is increasingly being used as a substitute for cast iron and steel components in automotive as well as other industries.
The global Aluminum Casting Market is estimated to be valued at US$ 87.11 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
According to industry estimates, electric vehicle sales jumped by 41% in 2021 to 6.6 million units. With governments focusing on promoting electric mobility to reduce emissions, the electric vehicle market is expected to grow rapidly in the coming years. This will positively influence the demand for aluminum components in automotive sector. Aluminum is becoming a preferred material for manufacturing components like engine blocks and cylinder heads due to its light weight and corrosion resistance properties which help improve the efficiency of electric vehicles. The superior properties of aluminum enable automakers to produce lightweight yet durable vehicles, thereby improving performance while meeting stringent emission standards.
SWOT Analysis
Strength: Aluminum casting has high strength to weight ratio making it suitable for applications where weight is a major design constraint. It has excellent corrosion resistance and offers good castability.
Weakness: Aluminum casting has high raw material costs. It has low elastic modulus limiting its use in applications requiring high stiffness. The casting process also produces more scrap than other metal forming techniques.
Opportunity: Growing automotive industry is driving the demand for aluminum casting due to stringent emission norms promoting use of lightweight materials. Increasing shift towards electric vehicles also presents opportunities due to lightweight property.
Threats: Stagnant automotive production in major countries amid Covid-19 pandemic poses short term risks. Growing environmental regulations regarding CO2 emissions from aluminum production can limit market growth.
Key Takeaways
The Global Aluminum Casting Market is expected to witness high growth over the forecast period. The automotive industry is the largest end-user segment and Asia Pacific dominates the market. The global Aluminum Casting Market is estimated to be valued at US$ 87.11 Mn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Regional analysis: Asia Pacific holds the largest share of the global aluminum casting market due to robust automotive production in China. Countries like India and Japan are also emerging as high growth aluminum casting markets on back of expanding automotive and construction industries. Growing domestic automakers in the region further supports regional market growth.
Key players: Key players operating in the aluminum casting market are Keysight Technologies, Fluke Corporation (Fortive Corporation),Rohde & Schwarz, Yokogawa Electric Corporation, Agilent Technologies, Anritsu Corporation,Tektronix (Fortive Corporation),EXFO Inc., B&K Precision Corporation, Hioki E.E. Corporation,Chauvin Arnoux Group, AMETEK, Inc., National Instruments Corporation, Gossen Metrawatt, Keithley Instruments (Tektronix). They are focusing on developing lightweight casting solutions to meet evolving emission standards.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
