Metal Casting Market Set to Soar Past USD 225.46 Billion by 2030 | Skyquest Technology
In the metal casting industry, exciting growth prospects are on the horizon. From 2023 to 2030, this market will see significant expansion, with key materials like iron, steel, aluminum, and others driving the momentum. Applications span diverse sectors, including automotive, industrial, construction, and more, reflecting a dynamic landscape of opportunities.
Westford, USA, Feb. 06, 2024 (GLOBE NEWSWIRE) — The global Metal Casting market size is expected to reach USD 225.46 billion by 2030 and exhibit a CAGR of 5.8% in the forecast period (2023−2030), according to Skyquest’s latest research report. The growing demand for complex and lightweight components in various industries, such as automotive and aerospace, the expansion of infrastructure projects that require large-scale metal castings, the need for energy-efficient and environmentally friendly casting processes, the adoption of automation and digitalization to improve casting efficiency and quality, and the globalization of supply chains, which drives the demand for metal castings in diverse markets.
According to SkyQuest’s latest global research of the Metal Casting market, the growing adoption of additive manufacturing techniques like 3D printing for complex and customized casting designs, the increasing use of sustainable and recyclable materials to align with environmental regulations, the integration of automation and robotics to enhance casting precision and efficiency, and the implementation of digital twin technology for real-time monitoring and quality control are the trends that aid in the market’s growth.
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Browse in-depth TOC on “Metal Casting Market”
- Pages – 157
- Tables – 94
- Figures -79
Metal casting is a manufacturing process that uses molten metal to create a desired shape. The molten metal is poured into a mold, a cavity with the same shape as the desired object. The metal then cools and solidifies in the mold, taking the shape of the mold.
Prominent Players in Metal Casting Market
- American Cast Iron Pipe Company (A.C.I.P.)
- Arconic
- Bharat Forge Limited
- Dynacast Corporation
- Georg Fischer
- Grede Foundries
- Hitachi Metals
- IMI Precision Engineering
- J.F. McMaster Manufacturing Company
- Kobe Steel
- Linamar Corporation
- Martinrea International Inc.
- Precision Castparts Corp.
- Sandvik AB
- SLM Solutions Group AG
- Sumitomo Metal Industries
- ThyssenKrupp AG
- Unicast Corporation
- Valmont Industries
- Worthington Industries
Report Scope & Segmentation:
| Attributes
| Details
|
| Forecast Period
| 2023-2030 |
| Market Size in 2022
| 151.94 Billion |
| 2030 Value Projection
| 225.46 Billion |
| CAGR | 5.8% |
| Segments Covered
|
Iron, Steel, Aluminum, Others
Automotive & Transportation, Industrial, Building & Construction, Others
|
| Regions Covered
| North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
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Sand Casting Demand to Grow Substantially in the Forecast Period
Sand Casting dominates the global online market as, due to its versatility, it can be used for a wide range of metals, including iron, steel, aluminium, and copper. This flexibility makes it suitable for various industries and applications.
The Automotive Industry is the Leading Application Segment
In terms of application, the automotive industry is one of the largest consumers of metal castings, requiring a wide range of components, including engine parts, transmission components, chassis, and body components. The sheer volume and diversity of metal castings needed for vehicle manufacturing drives sales.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets with a huge emphasis on technological advancements. The region has a robust manufacturing industry, significant infrastructure development, and the presence of a vast number of foundries. China, in particular, is one of the world’s largest producers and consumers of metal castings. Its manufacturing capabilities and export-oriented industries have driven substantial demand for metal castings in the region.
A recent report thoroughly analyzes the major players operating within the Metal Casting market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavours to develop innovative solutions that cater to the ever-increasing demand for Metal Casting.
Key Developments in Metal Casting Market
- In February 2023, Nova Metrix LLC acquired Vallen Systeme, a German manufacturer of monitoring systems. This acquisition added Vallen Systeme’s expertise in acoustic emission and Metal Casting technologies to Nova Metrix’s product offerings.
- In March 2023, Hottinger Baldwin Messtechnik GmbH acquired Digitexx Data Systems, Inc., a leading provider of data acquisition and processing systems for SHM applications. This acquisition strengthened Hottinger Baldwin Messtechnik GmbH’s position in the SHM market and expanded its portfolio of data acquisition and processing solutions.
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Key Questions Answered in Metal Casting Market Report
- What specific growth drivers will impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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