Metal Casting Market Growth Drivers and Forecast by 2030

[Research Report] The 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.

MARKET ANALYSIS

The metal casting market is experiencing substantial growth driven by increasing demand across key industrial sectors. Metal casting is a versatile manufacturing process wherein molten metal is poured into a mold to achieve a specific shape upon solidification. This method is fundamental to the production of a wide variety of components, making it integral to industries such as automotive, aerospace, industrial machinery, and energy. Investment casting, die casting, and other advancements in casting technologies have enhanced the quality, speed, and scalability of production. The integration of digital design tools and simulation software also allows for improved process control and reduced material waste. The automotive sectors is a key enabler of the metal casting market growth. Manufacturers in this sector leverage metal casting to produce lightweight yet durable components that enhance fuel efficiency and meet stringent emission standards. Aluminum and grey iron are especially prevalent due to their favorable properties—aluminum for its light weight and corrosion resistance, and grey iron for its excellent machinability and vibration damping characteristics. These materials contribute to reduced vehicle weight, which is increasingly important in the push toward electric and hybrid vehicles.

In the aerospace industry, the precision and strength-to-weight ratio offered by metal casting are critical for manufacturing turbine blades, structural airframe components, and engine parts. The process also allows for the production of complex geometries that are otherwise difficult or costly to achieve through other manufacturing techniques. Moreover, the recyclability of metals used in casting supports sustainability goals and cost efficiency, making the process even more attractive to manufacturers under pressure to reduce environmental impact. Overall, the global shift toward lightweight, durable, and sustainable components across multiple industries fuel the expansion of the metal casting market

GROWTH DRIVERS AND CHALLENGES

The growing automotive & construction industry is the key factor in propelling the metal casting industry growth. Per a 2022 report by the International Energy Agency, the sales of electric cars were recorded to be doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units were sold in that year. According to China Passenger Car Association's (CPCA) data released in 2022, the registration of over 5.92 million new passenger plug-in electric cars was recorded in China, which is 83% more than in 2021. There are well-established automotive producers such as Audi AG, Bayerische Motoren Werke AG, Stellantis NV, Ford Motor Company, Honda Motor Co Ltd, Hyundai Motor Company, Mercedes Benz, and Volkswagen Group, as well as many original equipment manufacturers across the globe. Per the International Organization of Motor Vehicle Manufacturers (OICA), in 2021, North America registered vehicle production of 13.4 million units. Automotive is a major industry in Europe as it highly contributes to the GDPs of Germany, Italy, the UK, and other European countries. According to the 2022 report by the International Energy Agency, the sale of 2.3 million electric vehicles is reported in Europe in 2021. Per a report by the Germany Trade & Invest (GTAI), in 2021, German automobile manufacturers produced more than 15.6 million vehicles. Per a report by Germany Trade & Invest, the country is a major automotive market in Europe, and the country’s market registered a foreign market revenue of US$ 289 billion (surge of 10% from 2020) from passenger car and lightweight commercial vehicle OEMs in 2021.

The construction sector in North America is witnessing growth due to a robust economy and increased federal and state financing for commercial and institutional structures in the region. According to a 2022 report by the USAFacts Institute, the federal government of the US passed the Infrastructure Investments and Jobs Act in 2021, allocating US$ 550 billion for new federal infrastructure, including the repair or rebuilding of bridges, roads, rail, and airports, for the period of 5 years. A rise in investments by governments and private companies in infrastructure building and construction projects fuels the demand for construction materials, specifically metal castings. The growing need for lightweight materials in the automotive, construction, defense, medical, and aerospace sectors is a key factor in replacing conventional iron and steel alloys. Alternatives to metal casting are advanced high-strength steel, high-performance composites, and carbon fiber, offering several advantages such as lightweight and durability. Thus, this factor is restraining the global metal casting market growth.

Strategic

Insights

REPORT

SEGMENTATION

AND SCOPE

The "Global Metal Castings Market Forecast to 2030" is a specialized and in-depth study with a major focus on the global metal castings market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation based on product type, process, application, and geography. The global metal castings market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the use of metal castings worldwide along with their demand in major regions and countries. In addition, it provides a qualitative assessment of various factors affecting the metal castings market performance in major regions and countries. The report also includes a comprehensive analysis of the leading market players and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative metal castings market opportunities that would, in turn, aid in identifying the major revenue pockets.

Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global metal castings market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL

ANALYSIS

The global metal castings market is segmented on the basis of product type, process, and application. By product type, the market is categorizedinto carbon steel alloys, stainless steel alloys, aluminum alloys, grey iron, ductile iron, and others. Based on process, the market is segregated into sand casting, gravity die casting, investment casting, and others. In terms of application, the market is categorized into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others.

Based on product type, the grey iron segment held a significant global metal castings market share in 2022. Grey cast iron provides ductility, tensile strength, yield strength, and impact resistance for most of the application. The grey cast iron is applicable in the manufacturing of various products such as gears, hydraulic components, plow shares, pumps, tractor parts, valves, steering knuckles, machinery bases, etc. By process, the sand casting segment dominates the metal casting market. Sand casting is a common type of metal casting process. It uses sand mixed with clay or other binding agents as a mold material. Sand casting is a versatile casting process used to cast ferrous and nonferrous metal alloys, such as aluminum alloys, copper alloys, steel alloys, iron alloys, etc. By application, the automotive segment led the global metal casting market with the largest market share. The automotive industry plays a major role in the metal casting market by using ferrous and nonferrous metals and their alloys for manufacturing automotive components. Several casting methods are used to produce automobile accessories that are lightweight, easy to manufacture, and low in cost.

REGIONAL

ANALYSIS

The report provides a detailed overview of the global metal castings market with respect to five major regions, namely, North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America. Asia Pacific accounted for a huge portion of the global metal castings market share and is valued at more than US$ 90 billion in 2022. China and Japan are considered the world’s top five countries in the manufacturing of machine tools. Further, Asia Pacific is home to major automobile players across the world, including Toyota Motor Corporation; Tata Motors Ltd.; Hyundai Motor Company; Nissan Motor Co., Ltd.; and Honda Motor Co., Ltd. Also, Europe is expected to witness considerable growth, and is expected to account for approximately US$ 40 billion by 2030. The metal casting industry in Europe is highly driven by technological advancements, skilled workforce availability, and adherence to stringent quality regulations. Furthermore, in North America, there has been a widespread usage of metal casting. This has created lucrative opportunities in the metal castings market. The metal castings market in North America is expected to grow at a CAGR of around 5% from 2022 to 2030.

INDUSTRY DEVELOPMENTS

AND

FUTURE OPPORTUNITIES

Partnerships, acquisitions, and new product launches are among the top strategies adopted by the players operating in the global metal castings market.

• In July 2022, Alcoa Corporation announced the construction of a project to boost the casting capabilities to include standard ingots at its Deschambault smelter in Canada. The smelter has a nameplate capacity of 287,000 metric tons of aluminum per year.
• In 2022, Omni-Lite Industries Canada, Inc. announced a series of strategic transactions, including the acquisition of Brampton, an Ontario-based company—Designed Precision Castings Inc. (DP Cast). It is an investment castings manufacturer and marketer of engineered, high-performance, structural and hardware components for aerospace, defense, industrial, and energy applications, and a sale and leaseback of the company’s manufacturing facility and real estate in California.

Metal Casting

Market

Report Scope

IMPACT OF

COVID-19

Pandemic

Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries across the globe. The crisis disturbed supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. These disruptions restricted the availability of metal casting. It caused delays in production and increased costs, negatively impacting the overall supply of metal casting. Many foundry operations were temporarily halted or scaled back during the COVID-19 pandemic to comply with lockdown measures and ensure the safety of workers. In addition, the pandemic impacted the global economy, leading to fluctuations in commodity prices and reduced demand for metals. As a result, foundry companies were cautious about their investments, which influenced their demand for metal casting.

The global marketplace is recovering from the losses as governments of different countries have announced relaxation in the restrictions. Metal casting activities are rebounding as countries gradually recover from the pandemic and vaccination efforts continue. Manufacturers are permitted to operate at full capacity to overcome the supply gap. Increased infrastructure investments and stimulus packages in many regions drive the demand for metals. Thus, the global metal casting market is anticipated to grow strongly during the forecast period.

COMPETITIVE

LANDSCAPE

AND KEY COMPANIES

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 key players operating in the global metal casting market.

Metal Casting Report Scope