| Source: Research and Markets Research and Markets
Dublin, Aug. 08, 2023 (GLOBE NEWSWIRE) — The “Aluminum Casting Market Size, Share & Trends Analysis Report By Process (Die Casting, Permanent Mold Casting), By End-use (Transportation, Industrial, Building & Construction), By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.
The global aluminum casting market size is expected to reach USD 135.20 billion by 2030. It is expected to expand at a CAGR of 5.1% from 2023 to 2030.
Rising demand for lightweight vehicles is anticipated to propel market growth as the product is used in manufacturing various auto components.
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.
Aluminum Casting Market Report Highlights
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.1.1. Global Metal Casting Market
3.2. Industry Value Chain Analysis
3.2.1. Raw Material Trends
3.3. Manufacturing Trends & Technology Overview
3.4. Sales Channel Analysis
3.5. Regulatory Framework
3.6. Market Dynamics
3.6.1. Market Driver Analysis
3.6.2. Market Restraint Analysis
3.6.3. Market Opportunity Analysis
3.6.4. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. PESTLE Analysis
Chapter 4. Aluminum Casting Market: Process Estimates & Trend Analysis
Chapter 5. Aluminum Casting Market: End-Use Estimates & Trend Analysis
Chapter 6. Aluminum Casting Market: Regional Estimates & Trend Analysis
Chapter 7. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/r/ua45sx
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