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The aluminum casting market share is expected to increase by 5944.8 thousand MT from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 6.24%.
This aluminum casting market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers aluminum casting market segmentation process (die casting, permanent mold casting, and others), application (automotive, heavy machinery and industrial, aerospace and defense, construction, and Others), and geography (APAC, Europe, North America, MEA, and South America). The aluminum casting market report also offers information on several market vendors, including Alcoa Corp., Aluminum Corp. of China Ltd., ATEK Metal Technologies LLC, Consolidated Metco Inc., Dynacast, Endurance Technologies Ltd., Kaiser Aluminum Corp., NEMAK SAB de CV, Rio Tinto Ltd., and United Company Rusal IPJSC among others.
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"The growing use of aluminum casting in the automotive industry is notably driving the India aluminum casting market growth."
Based on our research output, there has been a positive impact on the market growth during and post COVID-19 era. The growing use of aluminum casting in EVs is notably driving the aluminum casting market growth, although factors such as increasing use of advanced steels in automotive body parts may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the aluminum casting industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Aluminum Casting Market Driver
The growth in the electric vehicles (EV) market is expected to drive the growth of the global aluminum casting market during the forecast period. The growth in the electric vehicles (EV) market is expected to drive the growth of the global aluminum casting market during the forecast period. Also, the increasing demand for lightweight vehicles is notably supporting the Europe aluminum welding wires market growth. Aluminum finds applications in various parts of a vehicle, such as the chassis, body, and wheels. In addition, aluminum is also used in the compartment that carries electric batteries in EVs. The thermal transfer capabilities of aluminum help in regulating the temperature around the battery modules in warm or cold weather. EVs are gradually emerging as the future of the automotive industry. Norway is one of the major markets for electric cars as the volume sales of electric cars in the country had crossed 40% of the total new car sales in 2019. According to IEA estimates, by 2025, electric cars will account for more than 18% of the total cars on the road in the US. In 2019, the volume sales of electric cars worldwide crossed 2 million units. Although the US was the major market for electric cars until 2015, China emerged as a major market in 2016. Therefore, the growth of the electric car market is expected to drive the growth of the global aluminum castings market during the forecast period.
Key Aluminum Casting Market Trend
The rise in technological advancements is another driver expected to influence the growth of the global aluminum casting market during the forecast period. The adoption of new technologies like simulations and automated systems is increasing due to the growing demand and competition of aluminum casting globally, which helps in reducing time, labor cost, operational cost, and human errors in the manufacturing process. Simulation is majorly driven by the increasing demand for customized castings from OEMs. Simulation-based casting results in the production of reliable and high-accuracy cast components. For instance, Pentz Cast Solutions Aluminum Foundry & Aluminum Castings has developed an innovative automated green sand molding process. The automated system can produce 150 molds per hour with a smooth surface finish. Thus, the rise in technological advancements will undeniably influence the growth of the global aluminum casting market during the forecast period.
Key Aluminum Casting Market Challenge
Increasing use of advanced steel in automotive body parts will be a major hindrance to the aluminum casting market growth. One of the major challenges for the global aluminum casting market is the increasing use of advanced steel for automotive body parts. For instance, Audi, a major automaker, has shifted from a full aluminum body for its A8 model and is using steel instead. The model will be made up of over 40% steel. The steel used will be press hardenable steel (PHS), which has a yield strength of up to 1500 MPa after press hardening. The strength-to-weight ratio of these steel grades is better than aluminum. The PHS grade steel protects the driver and passengers in case of a collision and has a better stiffness-weight ratio as compared to aluminum. Advanced High-Strength Steels (AHSS) is being increasingly used in vehicles, which can decelerate the demand for aluminum casting and pose a major challenge to the growth of the global aluminum casting market during the forecast period.Impact of drivers and challenges
This aluminum casting market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global aluminum casting market as a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the aluminum casting market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the aluminum casting market encompasses successful business strategies deployed by the key vendors. The aluminum casting market is fragmented and the vendors are deploying growth strategies such as organic and inorganic strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The aluminum casting market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the aluminum casting market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of global diversified metals and mining market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Market Segmentation by Process
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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