Aluminum Casting Market Size, Share & Trends Analysis Report By Process (Die Casting, Permanent Mold Casting), By End Use (Transportation, Industrial, Building & Construction), By Region, And Segment Forecasts, 2025 - 2030

Aluminum Casting Market Size, Share & Trends Analysis Report By Process (Die Casting, Permanent Mold Casting), By End Use (Transportation, Industrial, Building & Construction), By Region, And Segment Forecasts, 2025 - 2030

Market Size & Trends

The North America industrial component market size was estimated at USD 34.85 billion in 2024 and is projected to grow at a CAGR of 8.6% from 2025 to 2030. The rise of advanced manufacturing technologies, such as additive manufacturing (3D printing), is transforming the market in North America. Additive manufacturing allows for the production of complex components with reduced material waste and shorter lead times. As companies explore the benefits of 3D printing, demand for materials and components that support these processes is increasing. This technology also enables customization and rapid prototyping, allowing manufacturers to respond quickly to changing market demands. As advanced manufacturing technologies continue to gain traction, they will play a significant role in shaping the market’s future.

The rise of renewable energy sources, such as wind and solar, significantly influences the industry. As governments and organizations prioritize sustainability and clean energy initiatives, the demand for components used in renewable energy technologies is rising. For instance, manufacturers require specialized components for wind turbines, solar panels, and energy storage systems. This growth in the renewable energy sector creates new opportunities for industrial component suppliers and encourages innovation in materials and technologies. As the transition towards renewable energy continues, the market will see a sustained increase in demand driven by these green initiatives.

In addition, the adoption of Industry 4.0 principles, which emphasize the integration of digital technologies into manufacturing processes, is reshaping the industrial landscape in North America. Companies increasingly implement smart manufacturing practices that leverage IoT, artificial intelligence, and advanced analytics. This transition drives demand for industrial components that enable connectivity, automation, and real-time data analysis. As manufacturers adopt Industry 4.0 technologies, the need for advanced sensors, communication devices, and smart components will increase, further propelling market growth.

Furthermore, expanding end-user industries such as automotive, aerospace, electronics, and renewable energy drives market growth. The automotive industry, for example, is experiencing a transformation with the rise of electric vehicles (EVs) and autonomous driving technologies. This shift necessitates advanced components such as batteries, power electronics, and smart sensors, contributing to market growth. Similarly, the aerospace sector is seeing increased demand for lightweight materials and precision components to enhance fuel efficiency and performance. As these end-user industries continue to grow and evolve, they will drive the demand for specialized industrial components tailored to their unique requirements.

North America Industrial Component Market Report Segmentation

This report forecasts revenue growth at country levels and offers a qualitative and quantitative analysis of the market trends for each segment and sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the North America industrial component market based on product, industry vertical, and country.

• Product Outlook (Revenue, USD Million, 2017 - 2030)
• Bearing

o Ball Bearing

o Roller Bearing

o Plain Bearing

o Others

• Roller Chain & Sprocket
• Shaft Couplings
• Others
• Industry Vertical Outlook (Revenue, USD Million, 2017 - 2030)
• Automotive
• Agriculture
• Railway
• Aerospace
• Food & Beverage
• Others
• Regional Outlook (Revenue, USD Billion, 2017 - 2030)
• North America

o U.S.

o Canada

o Mexico"
"Biosimulation Market Growth & Trends

The global biosimulation market size is expected to reach USD 10.0 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 17.0% from 2025 to 2030. The key factors fueling the market growth include the increasing incidence of chronic diseases, increase in healthcare digitization, and usage of biosimulation solutions in clinical trials and research.

The need for drug discovery and development amidst the prevalence of acute and chronic diseases has increased the allocation of funds for R&D activities, which has propelled the adoption of biosimulation solutions. In addition, a high drug attrition rate leads to an increase in the cost of clinical trials, which is expected to drive the clinical urgency to incorporate in silico biology approach. This approach significantly reduces the probability of drug failure by predicting biological interactions, thereby reducing overall costs.

A rise in drug relapse rates, drug resistance cases, and the limited availability of drugs to treat diseases such as AIDS have led to high clinical urgency for the adoption of biosimulation in applications such as drug development and drug discovery.

The COVID-19 pandemic also had a significant impact on the market growth. Simulations Plus, for instance, launched the StrategiesPlus COVID-19 ACT Program in March 2020 for speeding consulting assistance to any organization involved in COVID-19 research. The company declared that as of November 2020, its business was not materially adversely affected. However, the continuing spread of COVID-19 and the measures taken by governments of affected countries are likely to disrupt the supply chain and adversely impact its business and financial performance.

Surging demand for biosimulation software and services can also be attributed to their higher cost-efficiency. Biosimulation solutions enable cost-effective prediction of toxicity, adverse reactions, and efficacy of investigational drugs during the early stages of product development, thus limiting the probability of drug relapse and adverse events at later stages.

Market players are investing in many strategic initiatives, such as acquisitions, mergers, partnerships, and product launches, to maintain a competitive edge in the market. For instance, in January 2022, Simulations Plus Inc. collaborated with an animal health company for validating current animal physiologically based pharmacokinetic (PBPK) models. With this funded collaboration, the company aimed to add a critical new species to its GastroPlus platform. Moreover, in November 2021, Yokogawa Electric Corporation acquired Insilico Biotechnology AG, a Germany-based company that develops and provides bioprocess software and services.

Biosimulation Market Report Highlights

• Software dominated the market, with a revenue share of 62.02% in 2024. This can be attributed to the availability of application-specific software catering to specific research and development requirements.
• The drug development segment held the largest market share of 55.43% in 2024, driven by the increasing number of drug development processes.
• Oncology held the largest revenue share in 2024. In oncology, biosimulation is crucial in understanding tumor dynamics, treatment responses, and patient-specific factors influencing cancer outcomes.
• Cloud-based deployment model dominated the market and held the largest revenue share of over 43.00% in 2024 and is expected to grow at the fastest CAGR during the forecast period.
• License-based model held the largest revenue share in 2024. The advantage of this model is that it provides users with access to sophisticated tools without the need for substantial investments in infrastructure or development.
• Life science companies accounted for the largest revenue share in 2024. These companies are increasingly adopting biosimulation software as a critical tool in drug development and research.

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