Aluminum Casting Market is Booming to Satisfy Higher Demand from Manufacturing Sectors
into complex shapes by pouring the material into reusable molds. These molds contain cavities of the desired geometry that produce casted parts upon solidification of the molten aluminum. Aluminum castings offer excellent corrosion resistance properties and are light in weight compared to steel allowing increased fuel efficiency in automotive and aerospace applications. The high stability of these parts at elevated temperatures also makes them suitable for engine blocks and heads. The aluminum casting process enables complex geometries to be produced in single pour reducing overall manufacturing costs.
The Global aluminum casting market is estimated to be valued at US$ 87.11 Mn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2024 to 2031.
Key Takeaways
Key players: 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) are major players in aluminum casting market catering to automotive and other industrial applications.
Growing demand
Aluminum Casting Market demand is increasing due to the automotive industry’s need for lightweight components to meet stringent fuel efficiency norms, which is a major factor driving market growth.
Global expansion: Leading casting players are expanding their production capacity globally especially in developing nations to cater to growing demand for aluminum cast components from local automobile manufacturers.
Market key trends
Adoption of 3D printing for aluminum casting: 3D printing technology is gaining popularity for aluminum casting applications. It enables fabricating complex internal cavities and geometries not possible with conventional casting. 3D printed aluminum castings have potential to facilitate lightweighting in auto components.
Porter’s Analysis
Threat of new entrants: High capital requirements for setting up smelting plants represent a barrier for new entrants.
Bargaining power of buyers: Large buyers can negotiate lower prices due to the globalized nature of aluminum production.
Bargaining power of suppliers: Aluminum producers depend on a limited number of bauxite mine operators for raw material supplies.
Threat of new substitutes: There exist few viable alternatives to aluminum for transportation and packaging applications.
Competitive rivalry: Aluminum Casting Market challenges and opportunities as intense competition exists among major global aluminum producers to expand production capacity and market share.
Geographically
North America dominates the global aluminum casting market, accounting for over 35% of the total market value in 2024. This is attributed to large-scale consumption from the well-established automotive and transportation equipment manufacturing industries in the US and Canada. Asia Pacific exhibits the fastest growth and is projected to surpass North America to become the largest market by 2031, expanding at a CAGR of around 7.5% during the forecast period. Significant capacity additions in China along with the growing use of lightweight aluminum components in passenger vehicles manufactured in India, Japan, and South Korea will drive the regional market.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
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