|The growth of the global metal casting market is primarily driven by the high demand for automobile components such as sensor and airbag housings wheels, engine components, heads, blocks, and hoods. The increasing automobile production in the developing economies on account of increased spending coupled with rising per capita disposable income of consumers is driving the growth of the automotive industry, which is likely to fuel the demand for metal casting.
Additionally, increasing environmental regulations and emission targets set by the regulatory authorities such as the European Union (EU) and US Environmental Protection Agency (EPA) to curb carbon emissions have resulted in increase in the production of lightweight, hybrid, and electric vehicles, which has fueled the demand for aluminum cast components at a significant rate.
The building & construction industry is the other major consumer for metal cast products, wherein steel and aluminum are primarily used in the manufacturing of various building parts. Steel, being a versatile, and durable metal, finds applications in ceilings, roofing, heating & cooling equipment, cladding, stairs for buildings, and rebar, plates, railway tracks, and underground pipelines. With the increase in residential and non-residential construction activities, the demand for metals such as steel and aluminum is likely to increase in the construction industry.
However, growing preference for alternative metal working process, e.g., extrusion process, is expected to be the key factor hampering the growth of the global market during the review period.
Read more: Covid-19 Analysis Metal Casting Market: Growth, Demand, Trends, Segments and Share by 2024
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