North America and Europe Metal Casting Market Growth Opportunities and Forecast by 2030

The North America and Europe metal casting market size was valued at US$ 22,378.33 million in 2022 and is projected to reach US$ 34,000.21 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 desired finished shape. Casting is significantly used in manufacturing to convert metal into final products. Metal casting is highly preferred in the automotive and aerospace industries. It offers various advantages to manufacturers, such as low cost, less production time, superior product quality, complex structures, surface finish, and recyclability of metals. Thus, it is highly employed in end-use industries for producing different body parts. Aluminum is a widely used metal for casting as it provides certain benefits such as lightweight and high strength. Therefore, the rising demand for lightweight products in manufacturing industries offers immense growth potential to the metal casting market.

GROWTH DRIVERS AND CHALLENGES

According to a 2022 report by the International Energy Agency, the sales of electric cars doubled in the US in 2021; the sales share increased by 4.5%, and 6.6 million units sold in that year. According to the International Trade Administration data released in 2022, Mexico is the seventh largest global passenger vehicle producer, manufacturing ∼3.0 million vehicles yearly. Moreover, 90% of vehicles produced in Mexico are exported, of which ∼76% are exported to the US. North America and Europe have 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. 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. Thus, the growing automotive and construction industries propel the growth of the metal casting industry.

Further, rising demand for lightweight materials in the automotive, construction, defense, medical, and aerospace sectors replaces 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 restrains the growth of the North America and Europe metal casting market.

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North America and Europe Metal Casting Market: Strategic Insights

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REPORT SEGMENTATION AND SCOPE

The "North America and Europe Metal Casting Market Forecast to 2030" is a specialized and in-depth study with a major focus on the North America and Europe metal casting market trends and opportunities. The report aims to provide an overview of the market with detailed market segmentation on the basis of product type, process, application, and country. The report provides key statistics on metal casting use and their demand in major countries. In addition, it provides a qualitative assessment of various factors affecting the metal casting 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 casting 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 North America and Europe metal casting market, which helps understand the entire supply chain and various factors affecting the market growth.

SEGMENTAL ANALYSIS

The North America and Europe metal casting market is segmented on the basis of product type, process, and application. Based on product type, the market is segmented into carbon steel alloys, stainless steel alloys, and aluminum alloys. By process, the North America and Europe metal casting market is segmented 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.

Based on product type, the aluminum alloys segment held a significant North America and Europe metal casting market share in 2022. Aluminum alloys contain a high percentage of aluminum alloyed with copper, magnesium, silicon, tin, manganese, or zinc. They are preferred for many aerospace applications due to their lightweight and corrosion-resistant properties. By process, the sand casting segment dominates the North America and Europe 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 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 North America and Europe metal casting market with the largest market share in 2022. The automotive industry plays a vital role in the North America and Europe 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.

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REGIONAL ANALYSIS

The report provides a detailed overview of the North America and Europe metal casting market with respect to North America and Europe. Europe accounted for a significant share of the market, and the market in the region was valued at more than US$ 4 billion in 2022. The metal casting industry in Europe is highly driven by technological advancements, skilled workforce availability, and adherence to stringent quality regulations. The strong manufacturing base of several industries, such as automotive, original equipment manufacturing, machinery, and aerospace, and demand for high-quality metal components drive the North America and Europe metal casting market in the region. Further, the metal casting market in North America recorded growth due to increased demand from automotive, aerospace, infrastructure & construction, and machinery companies. The metal casting market in North America is also expected to be valued at over US$ 5 billion by 2030.

INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES

Partnerships, acquisitions, and new product launches are among the major strategies adopted by the players operating in the North America and Europe metal casting market.

• In July 2022, Alcoa Corporation announced the construction of a project to increase the casting capabilities at its Deschambault smelter in Canada to include standard ingots. The smelter has a nameplate capacity of 287,000 metric tons of aluminum per year.

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 in North America and Europe. In these regions, the crisis disturbed supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales, further restricting 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 investment.

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 North America and Europe metal casting market is anticipated to grow strongly from 2022 to 2030.

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 (HongKong) Co Ltd, Novacast Ltd, Lestercast Ltd, Dean Group International Ltd, Hadleigh Castings Ltd, Tritech Group Ltd, and Aeromet International Ltd are among the key players operating in the North America and Europe metal casting market.

North America and Europe Metal Casting Report Scope