The aluminum casting market is projected to grow at a CAGR of 7.33% from 2017, to reach USD 79.13 billion by 2022. The aluminum casting market is witnessing considerable growth due to advancements in technology and high efficiency of aluminum cast products.
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Growing demand in the automobile and consumer applications, rising military investment in lightweight weaponry, and industrial expansion in emerging economies are the key factors fueling the growth of the aluminum casting market. The aluminum casting market has come across new opportunities as aluminum is preferred over iron and steel products in the automobile industry; moreover, investments in the automobile industry is growing, which will drive the demand fore cast aluminum products.
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However, factors such as environmental effects of aluminum castings and requirement of high capital investments restrain the growth of the market.
Complete report on Aluminum Casting Market spread across 169 pages, profiling 20 companies and supported with 135 tables and 32 figures is now available at www.rnrmarketresearch.com/aluminum…rket-report.html
“The transportation segment is estimated to dominate the aluminum casting market through 2022.”
The transportation segment is estimated to dominate the end-use segment of the aluminum casting market and is also projected to be the fastest-growing segment during the forecast period. The growing demand for lighter automobiles globally has led to the replacement of steel and iron parts in automobiles with aluminum products.
The rising demand for aluminum cast products in the transportation sector is attributed to the growing popularity of lightweight vehicles with better fuel efficiency.
“The Asia-Pacific aluminum casting market constituted the largest market share and is projected to register the highest growth rate during the forecast period."
In 2016, Asia-Pacific dominated the total aluminum casting market, in terms of value and volume, followed by Europe and North America. The growth in the Asia-Pacific market is attributed to the increasing usage of aluminum casting in applications such as automobiles, heavy machinery, building & construction, and mass transportation.
China is projected to be the fastest-growing country-level market in the region for the aluminum casting market. The growing automobile industry has resulted in a steady demand for aluminum casting supported by the country’s government policies, which have boosted car sales and driven the domestic demand.
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Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the aluminum casting market. Estimates reached after analyzing secondary sources were validated through these interviews.
Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:
By Company Type: Tier 1 –35%, Tier2 –30%, Tier 3 –35%
By Designation: Director Level – 65, Manager Level – 35%
By Region: North America –25%, Asia-Pacific – 22%, Europe –28%, Middle East and Africa – 15%,South America–10%
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The various key players profiled in the report are as follows:
- Alcoa Corporation(U.S.)
- Ryobi Limited(Japan)
- Aluminum Corporation of China (China)
- Nemak S.A.B. de C.V. (Mexico)
- Rio Tinto(U.K.)
- United Company Rusal (Russia)
- China Hongqiao Group Limited (China)
- Arconic Inc. (U.S.)
- Gibbs Die Casting Corp (U.S.)
- Dynacast Charlotte(U.S.)
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