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Metal Casting Market Projected to Register 9.1% CAGR through 2027
| The Metal Casting Market is estimated to be USD 23.7 Billion in 2020 and is projected to grow at a CAGR of 9.1% during the forecast period, to reach USD 41 Billion by 2027. Increasing demand for casting from the automotive sector is anticipated to drive the market growth over the forecast period. Metal casting is one of the popular manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape. Increasing use of casting on account of lightweight properties and aesthetic appeal imparted by it is driving the demand for aluminum casting in construction market. Finished products can be used in construction equipment & machinery, heavy vehicles, curtain walling, door handles, windows, and roofing. The ability to recycle aluminum products is becoming a crucial factor as building owners are increasingly moving toward deconstruction instead of demolishing old or out-of-use buildings. Extracting recyclable materials from buildings also reduces the environmental impact of construction activities. Cast iron is an alloy containing metals such as silicon, carbon, manganese, sulphur, and phosphorus with wide process range. Increasing demand for pans, pots, utensils, engines, piping, and automotive are the growth factors for the cast iron market. Demand for grey iron metal is projected to increase over the years on account of its process in housing, engine blocks, cylinder heads, and enclosures. Its properties, such as stiffness, high thermal conductivity, and wear resistance, make it useful in such process. Manufacturers of automotive metal casting are increasingly focusing on developing metal castings with better durability and longer life. They are introducing newer inventions and the latest technologies in order to save manufacturing costs and improve product quality. Moreover, consumer spending has substantially increased all over the globe, due to a rise in urbanization and availability of new employment opportunities. This is likely to increase spending in the automotive sector. These factors are anticipated to propel the automotive metal casting market. However, rusting of iron and zinc metal castings is expected to be one of the major restraints of the automotive metal casting market. Nevertheless, rise in demand for aluminum metal casting due to its light weight and low cost is expected to offer attractive opportunities to the market in the near future. Read more: Metal Casting Market Projected to Register 9.1% CAGR through 2027 |
Metal Casting
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