Metal Casting Market to Grow at 8.87% CAGR to 2025
Metal Casting Market is forecast to reach $39.94 billion by 2025 from $20.23 billion in 2017 at a CAGR of 8.87% during (2017-2025) driven by increase in vehicle light-weighting trend as a result of growing stringency in emission & fuel efficiency standards, and benefits offered by casting such as higher precision, accuracy, and excellent surface finish, increasing vehicle production and lack of alternative manufacturing processes.
The metal casting market is dominated by a few global players that include Nemak (Mexico), Ryobi Limited (Japan), Rheinmetall Automotive (Germany), GF Automotive (Switzerland), Ahresty Corporation (Japan), Dynacast (US), Endurance (India), and Mino Industrial (Japan).
The Asia Oceania region is estimated to lead the metal casting market. It is also the fastest growing market from 2017 to 2025. The market growth in the region can be attributed to higher vehicle production owing to low production cost, increasing presence of established OEMs, increasing sales of premium vehicles as a result of rising disposable income, and increase in demand for lightweight materials. Further, some of the key metal cast manufacturers such as Dynacast (US), Ryobi (Japan), Shiloh Industries (US), and Hiroshima Aluminum (Japan) are expanding their presence in this region. For instance, in August 2017, Dynacast opened a new sales office in Aichi-ken, Japan to cater the increased demand for automotive casting parts in the domestic market.
Read more: Metal Casting Market to Grow at 8.87% CAGR to 2025
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