The Global Aluminum Casting Market Growth Accelerated By Expanding Applications

The Global Aluminum Casting Market Growth Accelerated By Expanding Applications

 The aluminum casting products find applications in automobiles parts such as wheels, pistons, cylinder heads, engine blocks and structural aluminum parts. The increasing automobile production is augmenting the demand for aluminum casting. Moreover, aluminum alloys are highly suitable for high pressure die casting application due to their fluidity. The increasing requirement for light weighting and fuel efficiency of vehicles is propelling the demand for aluminum casting.

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 2023 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The expanding applications of aluminum casting is one of the major trend fueling the market growth over the forecast period. The aluminum castings provide advantages like light weight, machinability, corrosion resistance and good strength which makes it suitable for applications across numerous industries like automotive, aerospace, infrastructure, defense and industrial machinery. The increasing automotive production in developing economies like India and China offers significant growth opportunities for aluminum casting manufacturers. Moreover, the growing demand for commercial aircrafts from passenger traffic is also expected to drive the aluminum casting demand from aerospace industry. With increasing R&D investments, the manufacturers are developing novel aluminum casting techniques like thixocasting and rheoforming to manufacture complex parts through near net shape casting process which will further propel the market growth.

Segment Analysis

The global aluminum casting market is dominated by the automotive segment. The automotive sector accounts for over 60% of the total aluminum casting market share. Aluminum is extensively used in the automotive industry for manufacturing vehicle parts and components owing to its lightweight characteristic. It helps in reducing the overall weight of vehicles which enhances fuel efficiency. Key automobile components that use aluminum casting include engine blocks, cylinder heads, transmission cases, wheels, and chassis parts. The growing automotive production across countries is fueling the demand for aluminum castings from the automotive segment.

Key Takeaways

The Global Aluminum Casting Market  is expected to witness high growth over the forecast period of 2024 to 2031. The market is projected to reach a value of US$ 173.59 Mn by 2031, expanding at a CAGR of 6.0% during the forecast timeline. The growing consumption of aluminum castings in the automotive and industrial machinery sectors is a major factor driving the market.

Regional analysis:
Asia Pacific accounts for the largest share in the global aluminum casting market and the region is expected to maintain its dominance during the forecast period. Rapid industrialization and growth in the automotive industry in China, India, Japan, and other Asian countries provide a boost to aluminum casting demand from the region. Major automobile and industrial equipment manufacturers based in Asia Pacific are driving the 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, and Tektronix (Fortive Corporation). The market is highly fragmented with the presence of numerous small and medium players. The key companies are focusing on new product launches and capacity expansions to strengthen their market position. For instance, in 2021, Fluke Corporation expanded the production of its aluminum die casting facility in Mexico to meet the growing customer demand.
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For More details on the topic:
https://www.newswirestats.com/aluminum-casting-market-market-size-and-share-analysis/
 
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