According to our latest market study on “Metal Casting Market Forecast to 2030 – COVID-19 Impact and Global Analysis – Product Type, Process, and Application,” the global metal casting market size was valued at US$ 164,097.35 million in 2022 and is projected to reach US$ 253,220.00 million by 2030; it is expected to record a CAGR of 5.6% from 2022 to 2030. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
In 2022, Asia Pacific dominated the metal casting market, and China dominated the metal casting market in Asia Pacific. The government of China has taken several initiatives to support automobile manufacturers in pushing the production capacity of the country to 35 million units of vehicles by 2025. According to the 2022 report by the World Economic Forum, China recorded electric vehicle sales of 10.5 million in 2022. As per data provided by ARC Group, China is the world’s largest manufacturer of heavy equipment and construction machinery by volume and accounted for ~40% of the global heavy equipment sales from 2016 to 2021. The production and export volume of the construction machinery in China has been ranked first in the world. Further, China is the world’s largest construction market, which is highly supported by the country’s government policies. The government of China invested 1.9 billion in 13 public housing projects in 2019. According to the State Council of the People’s Republic of China, the country records the world’s highest urbanization rate, which reached 60.6% in 2019, and further increased to 64.7% in 2022. Per the 14th Five-Year Plan (2021–2025), China aimed to increase its urbanization rate to 65% in the period. Thus, government support for urbanization can lead to development in the construction and infrastructure sectors. Thus, the progressive industrial machinery, automotive, and construction industries are anticipated to favor the metal casting market growth in China over the coming years. In India, industries such as automotive and machine manufacturing are mainly driving the metal casting market. India’s machinery industry is the backbone of all industrial manufacturing. The machinery industry in India has the potential to meet the enormous demand for goods both in the domestic as well as the international market. The advancement in metal casting industry in the region is projected to boost the metal casting market over the coming years.
Global Metal Casting Market Breakdown – by Region
Metal Casting Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product Type (Carbon Steel Alloys, Stainless Steel Alloys, Aluminum Alloys, Grey Iron, Ductile Iron, and Others), Process (Sand Casting, Investment Casting, Gravity Die Casting, and Others), and Application (Automotive, Aerospace, Marine, Textile, Building and Construction, Oil and Gas, Industrial Machinery, and Others)
Metal Casting Market Size, Global Industry & Forecast 2030
Download Free Sample
ArcelorMittal SA, Posco Holdings Inc, Alcoa Corp, Lucchini RS SpA, RYOBI Aluminium Casting (UK) Ltd, Allard-Europe NV, FONDERIA AUGUSTA Srl, MEDEKO CAST Sro, Tycon Alloy Industries (Hong Kong) Co Ltd, and Novacast Ltd are among the major players operating in the global metal casting market. Market players are highly focused on developing high-quality and innovative product offerings to fulfill the customer’s requirements.
Impact of COVID-19 Pandemic on Global Metal Casting Market
In 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic disrupted the supply chain of key raw materials and hampered the growth of the metal casting market. The adverse effects of the pandemic on automotive and manufacturing industries reduced the demand for metal casting from these industries across the globe.
Various economies have started reviving their operations. As a result, the demand for metal casting has started increasing. The rising use of metal casting from manufacturing industries is expected to offer opportunities for the global metal casting market during the forecast period.
The report includes the segmentation of the global metal casting market as follows:
The global metal casting market, by product type, is segmented into carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. Based on process, the market is segregated into sand casting, investment casting, gravity die casting, and others. Based on application, the market is segmented into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. By geography, the global metal casting market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global metal casting market in North America is further segmented into the US, Canada, and Mexico. The global metal casting market in Europe is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global metal casting market in Asia Pacific is further segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into South Africa, Saudi Arabia, UAE, and the Rest of MEA. The global metal casting market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
Contact Us
Phone: +1-646-491-9876
Email Id: sales@theinsightpartners.com