|According to the latest report by IMARC Group, titled “Metal Casting Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026”, the global metal casting market reached a value of US$ 131 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 7.6% during 2021-2026. Metal casting stands for the process of pouring hot molten metal into a hollow mold to obtain a solidified part of the desired shape. Metal casts are usually made up of non-ferrous metals, such as zinc, copper, magnesium, lead, pewter, and tin-based alloys. They are mainly adopted for the mass production of metal components with intrinsic shapes. As a result, metal casting is extensively used to manufacture various goods and equipment, ranging from home appliances to critical components for aircraft.
We are regularly tracking the direct effect of COVID-19on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Metal Casting Market Trends:
The expanding automobile industry across the globe is primarily augmenting the demand for metal casting in manufacturing numerous automotive components. Metal casting technology helps in improving energy efficiency, reducing carbon emissions, and lowering the production costs of vehicles. Owing to these benefits, it is increasingly being used for pipes and fittings, mining and oilfield machinery, internal combustion engines, railroads and valves, and farm equipment. Besides this, the deteriorating environmental conditions have encouraged manufacturers to formulate simulation-based castings to minimize wastage and operational costs. Additionally, continuous technological advancements have led to the emergence of computer-based visualization for die casters, which are expected to further drive the global metal casting market in the coming years.
Read more: Metal Casting Market Size, Share, Trends, Outlook, and Report 2021-2026
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