|Global Metal Casting Market is anticipated to acquire a market value of USD 352.65 Billion while expanding at a CAGR of 7.55% during the assessment period from 2019 to 2024. Metal casting is one of the most adopted manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape. |
The growing demand for casting from the automotive sector is anticipated to make a significant contribution during the forecast period. The imposition of strict rules and regulations regarding pollution and energy efficiency in vehicles is expected to trigger the expansion of the industry in the assessment tenure. The rules have resulted in increased demand for lightweight vehicles, which is another salient cause that can grow the market significantly. The increasing vehicle production along with rising demand for premium vehicles, are predicted to augment the market in the assessment period. Furthermore, the growing production of electric and hybrid vehicles is anticipated to offer significant opportunities of expansion in the metal casting industry. On the contrary, the increasing preference for alternative metal processes is expected to be a significant factor that can hamper the market growth in the coming time. Furthermore, the high costs associated with casting metals is another cause that can hinder the market growth in the assessment tenure. However, the presence of various untapped markets in developing countries can provide lucrative opportunities of expansion in the forecast tenure.
Developments Post COVID-19 Outbreak:
The outbreak of COVID-19 has resulted in a negative impact on the casting market due to the temporary shutdown of manufacturing facilities and reduced demand. The imposition of lockdown affected the building and construction sector that brought a significant impact on the demand and supply chain. However, with the lifting up of lockdown across countries, the market is expected to gain momentum gradually.
The segmental analysis of the global metal casting market is done by process, material type, and end-use. In the process-based segment of the global metal casting market, the sand casting segment is anticipated to be the most adopted metal casting process due to the low costs involved. The segment is expected to procure a market value of USD 352.6 billion by 2024. In the material type segment of the global metal casting market, the cast iron segment is predicted to be the most preferred material type. The market is projected to record a CAGR of 6.70% while garnering a market value of USD 202.7 billion by 2024. The expansion of the segment can be attributed to the increasing application of cast iron in various end-use industries due to its superior properties. In the end-user segment of the global metal casting segment, the automotive & transportation sector is anticipated to procure the largest market share in the coming time
Read more: Metal Casting Market Size Worth USD 352.65 Billion by 2024 at 7.55% CAGR
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