by The prominent end-use industries of aluminum casting include automotive, aerospace, industrial machinery, and construction among others. In automotive industry, aluminum castings are preferred for powertrain components, door and hood components, transmission cases, wheels and suspension components owing to its light weight.
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, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing adoption across automotive industry is driving the growth of global aluminum casting market. With increasing focus on fuel efficiency and emission reduction, automotive manufacturers are incorporating light weight aluminum casted components to reduce overall vehicle weight. According to International Aluminum Institute, aluminum can reduce vehicle weight by 25-35% as compared to steel, which further helps improve fuel efficiency by 12-15%. Moreover, aluminum provides benefits of corrosion resistance, strength, and durability and easy recyclability. These benefits have resulted in growing preference for aluminum parts among automakers. Additionally, robust growth in electric vehicles that uses more aluminum parts is also augmenting the demand. However, volatile aluminum prices and availability issues pose challenge to market growth.
Segment Analysis
The global aluminum casting market can be segmented based on process type, end-use industry and region. Based on process type, the die casting segment dominates the market and accounts for more than 55% share of the overall market. Die casting process allows manufacturing of complex shapes and parts with close dimensional tolerances in high volumes, which makes it suitable for automotive applications.
PEST Analysis
Political: Stable political environment and supportive government policies promoting the growth of end-use industries such as automotive favor the growth of aluminum casting market.
Economic: Improving economic conditions, rising disposable incomes and growing automotive sales drive the demand for aluminum cast components from automotive industry.
Social: Increasing population and rising living standards boost the sales of consumer products and automobiles, fueling the aluminum casting market growth.
Technological: Developments in die casting techniques and processes to manufacture lightweight components with complex geometries at lower costs support the market expansion.
Key Takeaways
The Global Aluminum Casting Market is expected to witness high growth over the forecast period of 2024 to 2031 on account of rising demand from automotive and other end-use industries. 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 between 2024 to 2031.
The Asia Pacific region dominates the market and is expected to maintain its leading position during the forecast period. Growing automotive production in China and India along with availability of low-cost raw materials and labor are driving the aluminum casting market in Asia Pacific.
Key players operating in the aluminum casting market are Keysight Technologies, Fluke Corporation, Rohde & Schwarz, Yokogawa Electric Corporation, Agilent Technologies, Anritsu Corporation, EXFO Inc., B&K Precision Corporation, Hioki E.E. Corporation, Chauvin Arnoux Group, AMETEK, Inc., National Instruments Corporation, Gossen Metrawatt, Keithley Instruments. Key players are focusing on new product development, expanding their production capacities and enhancing process technologies to cater to the growing demand for aluminum castings.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
