3D Printing is fastest growing segment fueling the growth of the Global Aluminum Casting Market
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| Aluminum Casting Market |
The global Aluminum Casting
Market is estimated to be valued at US$ 75.61 Bn in 2023 and is expected to
exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in
a new report published by Coherent Market Insights.
Aluminum casting products such as
components for automotive and machinery are widely used owing to their
properties like light weight, high corrosion resistance and durability. These
properties make aluminum castings suitable for producing components for
transportation and industrial sectors.
Market key trends: One of the major trends in the aluminum casting
market is the increasing adoption of 3D printing technology. 3D printing
technology allows manufacturers to produce complex and customized aluminum
casting parts with precision. This helps in reducing the weight of the final
products and improves design flexibility. With advancements in 3D printing,
aluminum powder can now be used as a raw material to print functional end-use
parts with properties comparable to traditional castings or wrought aluminum
products. This growth in 3D printing is expected to drive the overall demand
for aluminum castings during the forecast period.
Segment Analysis
The global aluminum casting
market is segmented into investment casting, die casting, and permanent mold
casting. Among these, the die casting segment dominates the market and accounts
for over 40% share owing to its ability to mass-produce parts in high volumes
at a lower cost. Die casting provides alloy mixtures that resist corrosion and
results in lightweight metal parts. It allows for intricate designs and close
tolerances to tight specifications.
Key Takeaways
The Global
Aluminum Casting Market Share is expected to witness high growth,
exhibiting a CAGR of 7.4% over the forecast period, due to increasing demand
from the automotive industry. Aluminum castings help reduce vehicle weight and
improve fuel efficiency.
Regional analysis
North America dominates the
global aluminum casting market with over 30% share owing to growth in the
region's automotive sector. Asia Pacific exhibits the fastest growth and
accounts for over 35% share led by expanding automotive and infrastructure
development in China and India.
Key players
Key players operating in the
aluminum casting market are Consolidated Metco, Inc., BUVO Castings, Bodine
Aluminum, Shandong Xinanrui Casting, RusAL, Walbro, RYOBI Aluminium Casting
(UK) Ltd., Dynacast, Rio Tinto, Alcoa Corporation. The market is dominated by
large players like Alcoa Corporation and Rio Tinto due to their integrated
mining and manufacturing operations and global production footprint.
Get More Insights Here
https://www.newsstatix.com/aluminum-casting-market-share-size-forecast-outlook-2023-2030/
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