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
Metal casting is a manufacturing process in which hot liquid metal is poured into a mold to form the desired finished shape. Casting is significantly used in the manufacturing process to convert the metal into various end use products. Metal casting is highly preferred in the automotive and aerospace industries. Metal casting offers various advantages to manufacturers such as cost, time, product quality, complex structures, surface finish, and recyclability of metals, due to which it is highly employed in end use industries for producing different body parts. Grey iron and aluminum is widely used for casting as it is lightweight and provides high strength. Thus, the demand for lightweight products in manufacturing industries is offering immense growth potential to 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.
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Metal Casting Market: Strategic Insights
Market Size Value in US$ 164,097.35 million in 2022 Market Size Value by US$ 253,220.00 million by 2030 Growth rate CAGR of 5.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Metal Casting Market: Strategic Insights
| Market Size Value in | US$ 164,097.35 million in 2022 |
| Market Size Value by | US$ 253,220.00 million by 2030 |
| Growth rate | CAGR of 5.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
The global metal castings market is segmented on the basis of product type, process, and application. By product type, the market is categorized 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, 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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
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.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, Process, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The major players operating in the global metal casting market are 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 (HongKong) Co Ltd, Novacast Ltd.
In 2022, Asia Pacific held the largest revenue share of the global metal casting market. The metal casting market growth in Australia, China, India, and Indonesia is attributed to growing automotive and other manufactring industry in the region. The demand for metal casting is directly proportional to the region's industrial development. Therefore, expansion of manufacturing industries across the region is expected to boost the demand for metal casting during the forecast period.
The grey iron segment held the largest market share. The grey cast iron is applicable in manufacturing of various products such as gears, hydraulic components, plow shares, pumps, tractor parts, valves, steering knuckles, machinery bases, etc.
Industrial machinery is estimated to register the fastest CAGR in the global metal casting market over the forecast period. Metal casting is used to create metal components for many applications across manufacturing & assembly, agriculture, and other industries. It is also used in industrial pumps and commercial air compressors.
The automotive segment held the largest share of the market in 2022. The automotive industry plays a vital role in the metal casting market by using ferrous and nonferrous metals and their alloys for manufacturing automotive components. Various casting methods are used to produce automobile accessories that are light in weight, easy to manufacture, and low in cost.
The sand casting segment held the largest share of the market in 2022. 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.
The List of Companies - Metal Casting Market
- 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 (HongKong) Co Ltd
- Novacast Ltd
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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