Aluminium Casting Products Market Forecasts to 2030 – Global Analysis By Product (Gravity Die Casting, Low Pressure Die Casting, High Pressure Die Casting and Permanent Molding), Sales Channel (Distribution Channel and Direct Channel), Application and By

Aluminium Casting Products Market Forecasts to 2030 – Global Analysis By Product (Gravity Die Casting, Low Pressure Die Casting, High Pressure Die Casting and Permanent Molding), Sales Channel (Distribution Channel and Direct Channel), Application and By Geography

According to Stratistics MRC, the Global Aluminium Casting Products Market is accounted for $150.4 billion in 2023 and is expected to reach $254.5billion by 2030 growing at a CAGR of 7.8% during the forecast period. Aluminum casting products refer to components that are manufactured using the process of aluminum casting. These products cover a wide range, including aerospace components and automotive parts like engine blocks and transmission cases. Since aluminum is a lightweight material, it is perfect for uses where weight is a concern, like in the aerospace and automotive sectors. The low density of this material facilitates improved fuel efficiency for aircraft and vehicles.

Market Dynamics:

Driver:

Rising popularity of electric vehicles

The automotive industry's need for aluminum casting products is expected to rise in conjunction with the growing popularity of electric vehicles. Because of their lightweight design and high heat conductivity, aluminum components are preferred in electric vehicles (EVs) because they are critical to battery cooling and overall vehicle efficiency. Additionally, they depend on battery technology; electric vehicles need to use lightweight materials to minimize overall efficiency and balance the weight of the battery packs. The growing popularity of electric vehicles propels market expansion.

Restraint:

High cost

Setting up or upgrading aluminum casting facilities requires significant capital investment in casting equipment, moulds, and technology. It takes a substantial initial outlay of funds to guarantee a steady supply of superior aluminum ingots, which are an essential raw material for the casting process. Facilities for smelting and refining aluminum need a significant amount of energy and a large-scale infrastructure. Additionally, it also costs money to conduct research and development to create new aluminum alloys and better casting methods, which can raise product quality and satisfy changing industry standards. Therefore, it is a significant barrier to market expansion.

Opportunity:

Light weighting trends

The persistent focus on light weighting across multiple sectors, including the automotive and aerospace industries, presents a prospect for products utilizing aluminum casting. Aluminum components that are lightweight are expected to become more in demand as manufacturers look to reduce the weight of their products to increase performance and fuel efficiency. Light weighting, the process of making structures and components lighter without sacrificing or worsening their functionality, is an important factor in many different industries, but it is especially important in the automotive and aerospace sectors. These factors enhance market demand.

Threat:

Casting defects

One significant barrier that affects both product quality and manufacturing efficiency in the market for aluminum casting products is the existence of casting defects. Defects in castings can take many different forms, such as porosity, inclusions, and surface irregularities, and they can be very harmful to the industry. These defects can undermine consumer confidence and harm a manufacturer's reputation, in addition to leading to products that need to be scrapped or reworked and raising production costs. Furthermore, fixing casting flaws frequently necessitates additional post-processing, like heat treatment, welding, or grinding. Additionally, it may result in increased material waste, which would further harm the manufacturing sector's ability to make funds.

Covid-19 Impact

The COVID-19 pandemic had a significant impact on the aluminum casting product market. Early on in the pandemic, a number of industries noticed operational disruptions and a drop in demand for aluminum casting products, including the automotive, aerospace, and construction sectors. Delays and shortages in production resulted from this impact on the production of aluminum casting products. Additionally, due to decreased consumer spending, travel restrictions, and economic uncertainty, industries that are major consumers of aluminum casting products, such as the automotive and aerospace industries, saw a sharp decline in demand. As a result, there was less demand for aluminum-cast parts.

The low pressure die casting segment is expected to be the largest during the forecast period

The low pressure die casting segment is estimated to hold the largest share. Low-pressure die casting is a specialized and effective method of producing different components for aluminum casting products. Low-pressure die casting is a precision-engineered casting technique that produces aluminum parts with less air exposure and turbulence, leading to excellent results. Reduced porosity in castings, superior surface finish, and the capacity to maintain tight tolerances are some benefits of the low-pressure die casting process. As a result of this, it plays a crucial role in the production of essential parts such as engine blocks, cylinder heads, and structural pieces, advancing the development of strong, lightweight solutions for a range of uses.

The aerospace and marine segment is expected to have the highest CAGR during the forecast period

The aerospace and marine segment is anticipated to have lucrative growth during the forecast period. These industries make extensive use of aluminum casting products because of the material's special mix of qualities. Aluminum castings are utilized in the aerospace industry to create vital parts like engine parts, structural elements, and complex interiors for aircraft. Because aluminum can withstand the corrosive effects of saltwater and exposure to harsh environmental conditions, its corrosion resistance is especially valuable in marine applications. Furthermore, aluminum's lightweight characteristics help vessels maneuver more easily and use less fuel.

Region with largest share:

North America commanded the largest market share during the extrapolated period. The need for aluminum casting products has been driven by the automotive industry's requirement for lightweight materials like aluminum. To increase fuel efficiency and lower emissions, these parts are widely employed in engines, transmissions, and structural components. Due to its strength-to-weight ratio and corrosion resistance, aluminum casting products are used for missile casings, aircraft parts, and other vital applications in the region's booming aerospace and military industries.

Region with highest CAGR:

Europe is expected to witness profitable growth over the projection period due to its rich industrial heritage, strong manufacturing tradition, and diverse applications of aluminum casting products. The European aerospace and defense industries are well-established, and they rely on aluminum casting components for their military and aircraft needs. These goods are prized for their sturdiness, resilience to corrosion, and strength. Tight environmental laws in Europe encourage the use of sustainable and recyclable materials like aluminum. This encourages the region's need for aluminum casting products.

Key players in the market

Some of the key players in the Aluminium Casting Products Market include Consolidated Metco, Alcast Technologies, Ryobi, Dynacast International, Alcoa Howmet, Bodine Aluminum, Gibbs Die Casting, Martinrea Honsel Germany, Aluminum Corporation of China, Rio Tinto, Walbro, China Hongqiao Group, Nemak, United Company Rusal and Leggett & Platt.

Key Developments:

In October 2022, Rio Tinto and BHP formed a partnership to accelerate the development of technology that could significantly increase water recovery from mine tailings, and in turn reduce potential safety risks and environmental footprints associated with tailings storage facilities.

In March 2022, ConMet Announces Collaboration with Meritor to Enable Zero-Emission Trailers. To deliver this electrified trailer solution, Meritor is redesigning its trailer suspension and drum brake, including a specifically engineered spindle package to be compatible with ConMet's eHub.

Products Covered:
• Gravity Die Casting
• Low Pressure Die Casting
• High Pressure Die Casting
• Permanent Molding

Sales Channels Covered:
• Distribution Channel
• Direct Channel

Applications Covered:
• Heavy Machinery and Industrial
• Automobiles
• Building and Construction Hardware
• Aerospace and Marine
• Telecom
• Power and Hand Tools

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements