April 20, 2024
Global Aluminum Casting Market

Aluminum Casting Market is Estimated to Witness High Growth Owing to Rising Demand from Automotive Industry

The aluminum casting market involves production of parts using aluminum and aluminum alloys through casting technique. Aluminum castings have advantages like lightweight, corrosion resistance and dimensional stability. They are used in wide range of applications including automotive, aerospace, industrial equipment and others. The global automotive industry is adopting aluminum castings at a rapid pace due to stringent regulations regarding fuel efficiency and emission norms.

The Global Aluminum Casting Market Size 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: Key players operating in the aluminum casting market are 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).

Key opportunities:

Rising demand for electric vehicles and increasing penetration of Internet of Things are expected to create lucrative growth opportunities for aluminum casting market players over the forecast period.

Global expansion: Leading aluminum casting manufacturers are focusing on expansion strategies across regions through partnerships, joint ventures and new production facilities to cater to growing regional demand.

Market drivers: Rising demand from automotive industry due to stringent emission and fuel efficiency norms is a key growth driver for aluminum casting market. Adoption of lightweight components helps automakers comply with regulations while improving vehicle performance.

PEST Analysis
Political: Aluminum casting industry is regulated by government environmental policies regarding emissions. Stringent regulations can increase compliance costs for manufacturers.
Economic: Global economic growth impact aluminum casting demand from end-use industries like transportation and construction. Recession can decrease new projects and replace spending lowering demand.
Social: Growing environmental awareness and sustainability focus drives demand for aluminum over other metals due to its light weight and recyclability.
Technological: Additive manufacturing and 3D printing are gaining acceptance for prototype development and complex parts reducing tooling costs. Automation and Internet of Things (IoT) enable remote monitoring of production processes.

The geographical regions where the aluminum casting market in terms of value is concentrated include Asia Pacific and North America. Asia Pacific region accounted for over 40% value share in 2024 led by presence of major aluminum casting destination countries like China, Japan, and India. Existence of large automotive, transportation and construction industries in the region supplement the regional market growth.

The fastest growing region for aluminum casting market is expected to be Europe between 2024 to 2031. This is attributed to reviving regional automobile industry and increasing government investments in infrastructure development projects. Transition towards electric vehicles adoption in major countries like Germany and UK will augment casting demand from automakers. Growing construction activity for bridges, buildings and equipment manufacturing in Eastern European nations further support the regional market expansion during the forecast period.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it