The global Metal Casting Market size is expected to reach USD 312.74 Billion in 2032 registering a CAGR of 7.7% Discover the latest trends and analysis on the Metal Casting Market
Vancouver, Nov. 14, 2023 (GLOBE NEWSWIRE) -- The global metal casting market exhibited a robust performance in 2032, reaching a valuation of USD 312.74 Billion. Anticipated to maintain a substantial growth trajectory, the market is expected to register a revenue CAGR of 7.7% during the forecast period. Key factors influencing this growth include the rising demand from the automotive and construction industries, the increasing adoption of 3D printing, and the stringent emission and fuel efficiency guidelines. Metal Casting
Metal casting, a process involving pouring molten metal into shaped molds, finds extensive applications in high-tech industries such as transportation, automotive, aerospace, construction, military and defense, medical, and more. The market is witnessing a surge in demand for 3D printing, especially in the production of magnetic shielding and vacuum components, contributing to the overall revenue growth
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The cast iron segment dominated the market in 2022, capturing the largest revenue share. This was attributed to the growing demand for cast iron in automotive factories, machinery, and tools. Cast iron's resistance to corrosion, wear and tear, and deformation under high pressure, coupled with its high thermal conductivity, positions it as a preferred material in various applications. The automotive industry, in particular, has witnessed increased orders and sales volumes, with manufacturers investing in research and development to meet evolving demands.
Among the various casting processes, sand casting emerged as the leader in 2022, holding the largest revenue share. Its popularity is driven by the demand for producing bearings, bushings, electronic equipment, and machine parts. The sand casting process allows for the creation of complex shapes with minimal tooling and equipment, making it an attractive choice for industries requiring precision, such as electronics and aerospace.
In terms of applications, engine parts claimed the largest revenue share in 2022, fueled by the growing adoption of metal casting in crankshafts, combustion chambers, and plugs. The material's ability to dissipate heat effectively, resist corrosion, and provide strength makes it ideal for engine components, contributing to the longevity and improved performance of engines.
The automotive segment is expected to witness a significantly fast revenue growth rate during the forecast period. The demand for small parts in cars, trucks, and other vehicles is driving this growth, with metal casting being recognized for its versatility, high durability, and ability to reduce overall weight, thereby enhancing performance and durability.
Regionally, the Asia Pacific market led the global metal casting market in 2022, accounting for the largest revenue share. The adoption of electric vehicles in countries like China, Japan, South Korea, and India has significantly contributed to the region's growth. China, in particular, exceeded its 2025 national target for New Energy Vehicles (NEVs), showcasing the region's potential for vehicle electrification.
North America is expected to register a fast revenue growth rate, driven by the expansion of the automotive industry in the U.S. and Canada. In 2020, the United States emerged as the second-largest market in the world for vehicle production and sales, with a strong emphasis on research and development, design, and testing activities.
In Europe, the market is poised for moderately fast revenue growth due to the expanding industrial sector and commercial operations, especially in the U.K., Germany, and France. The lightweight nature of metal castings is contributing to their adoption in the production of electric vehicles, aligning with the region's growth in electric vehicle sales.
While the market exhibits promising growth prospects, challenges such as the volatile cost of raw materials and a shortage of skilled labor pose significant barriers. The complex and resource-intensive molding process, involving high temperatures and advanced technology, contributes to higher operational expenses. Despite these challenges, manufacturers are actively investing in iron-casting manufacturing tools and exploring cost-effective alternatives to sustain growth.
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Revenue in USD Billion, Volume in Kilotons, and CAGR in % from 2023 to 2032
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Type, process, application, end-use, and region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Nemak Ryobi Ltd., Rheinmetall AG, GF Automotive, Ahresty Corporation, Dynacast, Endurance Technologies Limited, Mino Industrial, Aisin Automotive Casting, Gibbs, Dawang Steel Casting Foundry, Georg Fischer Ltd., Omnidex, RFQLINE Inc, Gujarat Precision Cast Pvt. Ltd, Alcast Technologies, POSCO, Reliance Foundry Co. Ltd, ArcelorMittal and Toshiba Machine Co. Ltd
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Major Companies and Competitive Landscape
The global metal casting market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective metal casting. Some of the major companies included in the global metal casting market report are:
Gujarat Precision Cast Pvt. Ltd
On 13 September 2022, POSCO Pohang Steelworks began creating semi-finished steel as the no.3 impact heater, and a few of its steel-making plants returned to ordinary. POSCO continued the operation of the no.3 impact heater on September 10 and no.4 and no.2 impact heaters on September 12, which made all the impact heaters of Pohang Steelworks return to typical. On September 12, POSCO reestablished the steel-making and nonstop casting offices to prepare the liquid metal delivered in an impact heater at the steel-making line.
On 13 October 2022, ArcelorMittal (‘the Company’), in the presence of the governments of Canada and Ontario, broke ground on a USD 1.3 billion investment decarbonization project at the ArcelorMittal Dofasco plant in Hamilton, Ontario, Canada. The project, a partnership between ArcelorMittal and the governments of Canada and Ontario, first announced last July, will play a key role in ensuring the company grows this decade in its efforts to decontaminate carbon and is part of ArcelorMittal's goal to reduce Carbon Dioxide (CO2) emissions. The carbon intensity of the steel it produces will increase by 25% by 2030.
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For the purpose of this report, Emergen Research has segmented the global metal casting market on the basis of type, process, application, end-use, and region:
Type Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Process Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Application Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
End-Use Outlook (Revenue, USD Billion, Volume, Kilotons; 2019-2032)
Regional Outlook (Revenue, USD Billion, Volume, Kilotons; 2019–2032)
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