USD 151.94 billion
Metal Casting Market Size, Share, Growth Analysis, By Process(Gravity Casting, High-Pressure Die Casting (HPDC), Low- Pressure Die Casting (LPDC), and Sand Casting), By Material type(Aluminum Casting, Cast iron, Magnesium Casting, Zinc Casting), By Application(Automotive & Transportation, Industrial, Building & Construction, and Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2034 |
Region:
Global |
Published Date: April, 2024
Pages:
184
|Tables:
65
|Figures:
77
Metal Casting Market Insights
Global Metal Casting Market size was valued at USD 151.94 billion in 2022 and is poised to grow from USD 160.75 billion in 2023 to USD 252.37 billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).
Metal castings are utilised in a variety of different industries, including those that deal with transportation, heavy machinery, machine tools, plant machinery, defence, electrical equipment machines, hardware, homes, and art pieces. The market for metal casting is expanding incredibly quickly due to upcoming demand from developing industries. In the metal casting market, transportation and heavy equipment account for 50% of casting consumption. The primary driving force behind the metal casting market's expansion is the body assembly component used in the production of vehicles. During the forecast period, the global metal casting market is anticipated to have considerable expansion due to the rising adoption of X-ray casting flaw detection systems. Additionally, process inspectors are now able to find any casting errors thanks to technology like digital imaging and radiography, which is expected to propel the metal casting market's expansion. Manufacturers have developed simulation-based castings as a result of the deteriorating environmental conditions in an effort to cut waste and operating expenses.
US Metal Casting Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Iron
Fastest Growth
Iron
Growth Rate
5.8% CAGR
Global Metal Casting Market 2022-2030 ($ Bn)
Country Share for Asia Pacific Region- 2022 (%)
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Metal Casting Market Segmental Analysis
Global Metal Casting Market is segmented by process, material type, application, and region. Based on process, the market can be segmented Gravity Casting, High-Pressure Die Casting (HPDC), Low- Pressure Die Casting (LPDC), and Sand Casting. Based on material type, the market is segmented into Aluminum Casting, Cast iron, Magnesium Casting, Zinc Casting, and Others. Based on application, the market is segmented into Automotive & Transportation, Industrial, Building & Construction, and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Metal Casting Market Analysis by Application
The largest metal casting application segment in 2022 was automotive & transportation, and it is expected to expand at a CAGR of 5.4%. Since the past few years, there has been a sluggish but encouraging increase in the global manufacturing of automobiles. According to the International Organization of Motor Vehicle Manufacturers, global car manufacturing increased by 2.3% in 2022. Aluminum's ability to reduce weight will continue to be a crucial issue for automakers and suppliers to take into account.
In 2022, the industrial sector held a 28.4% market share. Iron and steel are used in the production of industrial products such metal valves and gaskets, decanters, air injection tubes, flanges, radiation protection tubes, coal toss pipes, air injection tubes, rollers, collectors, elbows, and bends. It is projected that the growth of the industrial category will be fueled by the expansion of the manufacturing sectors in China and other growing nations.
Metal Casting Market Analysis by Material
The iron casting sector held the largest market share of 69.4% in 2022. A significant percentage of the demand in this market segment is anticipated to come from emerging markets, particularly from the automotive, construction, and oil & gas industries. Investors will probably continue to focus on finished casting products. The manufacturing of iron castings climbed by 0.8% from the previous year, according to the World Foundry Organization. It weighed 156.58 kilotons. A growth rate of 1.1% and 1.3%, respectively, was seen in the production of ductile iron and grey iron metal goods.
Market sellers could have a lot of opportunities due to the demand for lightweight metals like magnesium and aluminum. Over the course of the forecast period, increased demand for energy efficiency and stricter emission restrictions are expected to increase production of lightweight materials. Due to the lightweight nature of automotive components, these materials help to reduce fuel consumption. Over the projection period, the revenue for the aluminum casting segment is expected to increase at a CAGR of 9.3%.
Global Metal Casting Market Size By Material 2022(%)
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Metal Casting Market Regional Insights
In terms of volume, Asia Pacific dominated the regional metal casting market in 2022. Asia Pacific is the most profitable location for manufacturers to set up production facilities because of the availability of trained labor at reasonable prices. Over the course of the projected period, a shift in the global production environment in favor of emerging economies, particularly China and India, is anticipated to positively impact market growth. Over the course of the forecast period, the region's quickly growing vehicle industry is anticipated to further fuel market growth.
The revenue based CAGR for the Europe metal casting market is predicted to be 4.7%. 4,500 metal casting companies are present in Europe, the majority of them are small operations with fewer than 50 employees. Additionally, a huge demand for aluminum-based casting solutions is anticipated during the course of the projected period as a result of the presence of robust automotive industries in nations.
Global Metal Casting Market Size By Geography, 2022-2030
- Largest
- Fastest
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Metal Casting Market Dynamics
Metal Casting Market Drivers
Increasing Industrialization and Infrastructure Development to Bolster Market Growth
- The demand for metal castings is closely linked to industrialization and infrastructure development. As countries undergo industrialization, there is a rising need for metal castings in sectors such as automotive, construction, energy, and machinery manufacturing. The construction of infrastructure projects, including buildings, bridges, and transportation networks, further drives the demand for metal castings.
- The need for repairing and maintaining existing infrastructure, including bridges, railways, and pipelines, contributes to the demand for metal castings. Replacement of aging and worn-out components requires the use of durable metal castings to ensure the longevity and structural integrity of the infrastructure.
Metal Casting Market Restraints
Skilled Labour Shortage to Hinder Market Growth
- The metal casting industry requires skilled labour with expertise in casting processes, mold making, and metallurgy. However, there is a shortage of skilled workers in certain regions, which can limit the growth potential of metal casting companies. Lack of skilled labour can lead to longer lead times, lower productivity, and difficulties in maintaining consistent quality standards.
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Metal Casting Market Competitive Landscape
Due to the prevalence of several small and medium-sized businesses (SMEs) and the unorganized character of the industry structure, the metal casting market is fragmented. Several major players are concentrating on boosting their production capabilities internationally and expanding their footprint. Players in the metal casting production industry face a number of difficulties, such as underutilization of capacity, resource optimization, high energy usage, and adherence to strict standards.
Metal Casting Market Top Player’s Company Profiles
- Nemak (Mexico)
- Buhler AG (Switzerland)
- Bharat Forge Limited (India)
- Hitachi Metals, Ltd. (Japan)
- Arconic Inc. (United States)
- CITIC Dicastal Co., Ltd. (China)
- Xinxing Ductile Iron Pipes Co., Ltd. (China)
- Amsted Industries Incorporated (United States)
- China First Heavy Industries (CFHI) (China)
- Weichai Group (China)
- Grupo Industrial Saltillo (Mexico)
- Neenah Foundry Company (United States)
- Metal Technologies Inc. (United States)
- Ryobi Limited (Japan)
- Aisin Takaoka Co., Ltd. (Japan)
- Waupaca Foundry, Inc. (United States)
- Gibbs Die Casting Corp. (United States)
- Kocel Machinery Co., Ltd. (China)
- Shiloh Industries, Inc. (United States)
Metal Casting Market Recent Developments
- At the 8–10 June 2023 Euroguss event in Nuremberg, Germany, Nemak, S.A.B. de C.V. ("Nemak", or the "Company") (BMV: NEMAK), a leading supplier of cutting-edge lightweighting solutions for the global automotive industry, demonstrated its capabilities in cutting-edge electrification, body-in-white, and chassis applications in May 2023.
- The Materials and Trade section of Rheinmetall received three new orders in April 2023 for structural components used for e-mobility cars. Nearly 200,000 of the sets, which included the two side members and front shock absorber mountings, were supplied by Rheinmetall. The two side members are substantial casting components weighing more than fifty kilograms each. The sets are designated for the first fully electric minivan owned by the customer.
- POSCO announced in November 2022 that its Pohang and Gwangyang steel facilities have been certified for their exceptional efforts to promote sustainability in the steel sector. This noteworthy accomplishment demonstrates the plants' steadfast commitment to advancing Environmental, Social, and Corporate Governance (ESG) goals for a more sustainable future, as well as their adept management.
- Alcoa Corporation stated in July 2022 that it will be building a project at its Deschambault smelter in Canada to increase the casting capacity to incorporate standard ingots. The smelter can produce 287,000 metric tons of aluminum annually at nameplate capacity.
Metal Casting Key Market Trends
- With increasing consumer expectations and aesthetic requirements, there is a rising demand for metal castings with superior surface finishes. Manufacturers are investing in advanced surface treatment techniques, such as shot blasting, sandblasting, powder coating, and electroplating, to achieve high-quality finishes and enhance the visual appeal of cast components.
Metal Casting Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analyses, the global metal casting market is a vital component of the manufacturing industry, providing essential metal components for a wide range of applications across various sectors. Metal casting involves the process of pouring molten metal into a mold and allowing it to solidify, resulting in the production of complex-shaped metal parts. The global metal casting market is driven by industrialization, infrastructure development, advancements in casting technologies, and the increasing demand from sectors such as automotive and renewable energy. To maintain competitiveness, companies need to focus on technological advancements, sustainability, and continuous improvement in quality and cost-efficiency. The metal casting market has experienced steady growth in recent years and is expected to continue expanding in the foreseeable future.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 151.94 billion |
| Market size value in 2031 | USD 252.37 billion |
| Growth Rate | 5.8% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Metal Casting Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Metal Casting Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Metal Casting Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Metal Casting Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Metal Casting Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Metal Casting Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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