Rising Demand for Industrial Machineries Drives North America and Europe Metal Casting Market Growth
According to our latest market study on “North America and Europe Metal Casting Market Forecast to 2030 – COVID-19 Impact and Regional Analysis – by Product Type (Carbon Steel Alloys, Stainless Steel Alloys, and Aluminum Alloys), 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),” 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. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Industrial machinery enhances the productivity of manufacturing operations and positively impacts industrial competitiveness. According to the International Trade Administration, in 2021, the US exported machinery worth US$ 44 billion and electrical machinery worth US$ 24 billion. According to the Germany Trade & Invest, the machinery & equipment sector was the second largest industry in Germany in 2021. This sector in the country comprises around 6,600 companies. The revenue generated by the sector is expected to increase from US$ 243.3 billion in 2021 to US$ 319.2 billion by 2025. According to UCIMU-Sistemi Per Produrre, the production of machine tools, robots, and automation systems reached ~US$ 8 billion in 2022, an increase of 15% compared to 2021. The use of machine tools rose by 26% in 2022 compared to 2021, specifically driven by deliveries to the domestic market.
North America and Europe Metal Casting Market Breakdown – by Region
North America and Europe Metal Casting Market Size and Forecasts (2020 - 2030), Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Product Type (Carbon Steel Alloys, Stainless Steel Alloys, and Aluminum Alloys), 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)
North America and Europe Metal Casting Market to Grow at a CAGR of 5.6% to reach US$ 34,000.21 million from 2023 to 2030
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According to the US Census Bureau, the sales of metalworking machinery in the US accounted for US$ 31.8 billion in 2019. As per the Parker Hannifin Corporation report, the global market for computer numerically controlled (CNC) machine tools is projected to reach US$ 129 billion by 2026. According to the US Plastics Industry Association, injection molding and extrusion machinery shipments rose by 19.3% in the fourth quarter of 2020, compared to the same period in 2019, in North America. A press release by the International Federation of Robotics in 2022 stated that car and car component manufacturers accounted for 47% of robot orders in North America in Q1 2022, a rise of 15% year-on-year. Industrial machinery performs diverse operations, from material handling, assembly, and welding to finishing and palletizing applications. Metal castings are widely used in the production of bearing housing and machine tool components, and machinery frames and bases. Also, they are used for structural support. Thus, rising demand for industrial machineries propels the growth of the metal casting market in North America and Europe.
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 major players operating in the North America and Europe metal casting market. Market players are highly focused on developing high-quality and innovative products to fulfil the customer’s requirements.
Impact of COVID-19 Pandemic on North America and Europe 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 metal casting market growth. The adverse effect of the pandemic on the automotive, aerospace, building and construction industry reduced the demand for metal casting from these industries in North America and Europe.
Various economies from North America and Europe started reviving their operations. As a result, the demand for metal casting has started increasing. The rising use of metal casting for metal excavation is expected to offer significant opportunities for the North America and Europe metal casting market during the forecast period.
The report includes the segmentation of the North America and Europe metal casting market as follows:
By product type, the North America and Europe metal casting market is segmented into carbon steel alloys, stainless steel alloys, and aluminum alloys. Based on source, the 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. By country, the North America and Europe metal casting market is segmented into the US, Canada, Mexico, Germany, France, the UK, Italy, Russia, and the Rest of Europe.
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