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Dec 07, 2023

Aluminum Casting Market [SHARE] 2023 Projections Unveiling Growth Trajectory 2031

The global aluminum casting market showcased its prowess with a robust market value of USD 61.29 billion in 2021, poised to ascend further to reach an impressive USD 108.65 billion by 2030 . This

The global aluminum casting market showcased its prowess with a robust market value of USD 61.29 billion in 2021, poised to ascend further to reach an impressive USD 108.65 billion by 2030. This journey forward is fueled by an anticipated Compound Annual Growth Rate (CAGR) of 6.8% throughout the forecast period. Additionally, the market volume is estimated at approximately 30,025.3 MT in 2021, accentuating its dynamic growth trajectory.

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The demand for premium automobiles and the surge in electric vehicle adoption are the prime catalysts propelling the aluminum casting industry. This automotive fervor is vividly evident with global lightweight vehicle sales scaling up to 17.385 million units in May 2019, as reported by the Federal Reserve Bank of St. Louis. Notably, lightweight vehicles align with the trends of electric mobility, setting the stage for the industry’s upward journey.

Intriguingly, the aluminum casting industry’s growth narrative is interwoven with lightweight prowess in military realms. Investments in accessible and lightweight weapon systems have emerged as significant contributors. This strategic incline is corroborated by tangible instances, such as the launch of advanced aluminum alloys by Rio Tinto in collaboration with Comptech. These alloys find application in cutting-edge technologies like electric vehicles and 5G antennas, fostering market expansion.

The robust surge in military investments, coupled with governmental impetus, is casting a favorable spotlight on the aluminum casting sector. Noteworthy is India’s landmark policy decision in April 2022, catalyzing indigenous weaponry and platforms. From light-weight tanks to advanced missile systems, this indigenization drive foretells an augmented demand for aluminum casting components.

The escalating adoption of electric vehicles is orchestrating an indirect symphony for the aluminum casting market. Diverse institutions, both public and private, are fervently embracing electric mobility. Dubai’s procurement of 200 Teslas in 2017 for its airport taxi fleet exemplifies this trend. This newfound electric momentum is painting a promising picture for the aluminum casting industry.

The global aluminum casting market unfurls in three distinct dimensions: product, methods, and industry applications. Among products, the spectrum encompasses silicon, iron, copper, magnesium, and zinc. Notably, the iron segment is projected to showcase the highest growth rate of 7.1% over the forecast period. Furthermore, the copper segment aims to surpass the USD 20 billion milestone by 2027.

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Within the realm of methods, four distinguished avenues emerge: die casting, permanent mold casting, investment casting, and sand casting. Dominating the landscape, the die casting segment commanded over 50% of the market share in 2021. This preference underlines its paramount significance as the favored approach for aluminum casting.

Industry application reverberates across diverse sectors, painting a panoramic view of aluminum casting’s prowess. The canvas spans aerospace, construction, automotive, agriculture, and beyond. Noteworthy is the automotive domain, holding a commanding market share exceeding 35% in 2021. Furthermore, the electrical and electronics application is poised to surpass the USD 10 billion revenue mark by 2028, signifying its influential role in the industry’s evolution.

The global landscape of aluminum casting is vividly painted by five geographic regions: Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. North America’s aluminum casting market is poised to capitalize on a USD 7.85 billion opportunity from 2022 to 2030. Meanwhile, the Asia Pacific region promises the highest growth rate of 7.5% during the forecast period. Europe, with its steady growth trajectory, is poised to ascend due to burgeoning awareness and rising demand.

Key players in the global aluminum casting market, including Arkema SA, Alcast Technologies Ltd., Arrmaz, and more, contribute to a diverse tapestry. This industry’s dynamic nature is mirrored by the strategic endeavors of these players, encompassing product launches, collaborations, mergers & acquisitions, and expansions. A testament is Continental, which invested USD 25.65 million to establish a premium surface materials facility in India, featuring a staggering production capacity of 5 million square meters.

The global aluminum casting market report delves deep into the industry’s dynamics, encompassing pivotal aspects such as market penetration, development, diversification, competitive landscape assessment, product development, innovation, pricing analysis, manufacturing cost breakdown, and more. The report scrutinizes the strategic moves that hold promise for market entry, emerging technology trends, regulatory frameworks, market share of leading players, and avenues for favorable market positioning.

The global aluminum casting market report sheds light on critical questions:

Intricate facets, from market evolution to technological frontiers, converge to paint a comprehensive portrait of the global aluminum casting market, making this report a guiding light for industry stakeholders.

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