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
Market Size Value in US$ 22,378.33 million in 2022 Market Size Value by US$ 34,000.21 million by 2030 Growth rate CAGR of 5.6% from 2022 to 2030 Forecast Period 2022-2028 Base Year 2022
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North America and Europe Metal Casting Market: Strategic Insights
| Market Size Value in | US$ 22,378.33 million in 2022 |
| Market Size Value by | US$ 34,000.21 million by 2030 |
| Growth rate | CAGR of 5.6% from 2022 to 2030 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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.
- 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 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.
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.
The List of Companies - North America and Europe 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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