Large-scale automotive productions in emerging markets across Asia are a predominant contributor to the aluminum castings market. Bouyed by their superior temperature resistance and extraordinary tensile strength, aluminum castings remain in demand, particularly in the construction industry.
A new study of Fact.MR projects the net revenue pool of aluminum castings market to expand 1.8 times through the forecast period (2019-2029). Moreover, increasing uptake of aluminum castings in a number of sports utility vehicles is supplementing the market growth, according to the report.
“Heightening demand for fuel efficiency is driving consumption of ductile and non-magnetic ductile parts, including aluminum castings, which considerably reduces the overall vehicular weight,” reports Fact.MR.
Die casting process remains highly preferred by manufacturers across the globe. In terms of end-use, transportation accounts for leading share in the global aluminum castings market. East Asia accounts for one-third of total demand for aluminum castings. Europe will hold a substantial revenue share in the global aluminum castings market over the forecast period.
Stringent statutory regulations imposed by governments are favoring the growth of aluminum castings market. Soaring demand for lightweight and ductile automotive components is boosting the sales of aluminum castings. Enhanced product durability and energy-efficiency associated with aluminum castings will bode well for the market.
Proliferation of digital start-ups in Asia is supporting the growth of aluminum castings market in the region. Enormous demand for aluminum castings in electric vehicles is stimulating market growth.
Key Impediments: Aluminum Castings Market
Relatively high price point of aluminum castings is limiting its adoption across the globe, thereby hindering market growth. Aluminium components have slightly lower strength than steel which is retraining market growth.
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Impact of COVID-19 on Aluminum Castings Market
The automotive industry where aluminum castings are predominantly used is experiencing massive shocks in view of the COVID-19 outbreak. Oversupply from China, travel restrictions, and reduced workforce are major concerns hampering growth of aluminum castings market. However, experts suggest that the market would be able to recover from the recent stagnation in demand by the end of 2020. Even though a strong economic rebound is still far away, the market will inch towards the end of Q2 2020. As of now, logistics is the biggest issue which may exacerbate China’s supply surplus.
Competition Landscape of the Aluminum Castings Market
Some of the noteworthy companies profiled in this Fact.MR study include, but are not limited to, Endurance Technologies Limited, Alcast Technologies, Aluminum Corporation of China Limited, Martinrea Honsel Germany GmbH, Alcoa Corporation, Walbro, Bodline Aluminum Inc., Ryobi Ltd., Gibbs Die Casting Corporation, Dynacast, and Consolidated Metco Inc. Top players continue to develop scalable and efficient casting methods to stay afloat in the aluminum castings market. In addition, turnkey projects remain the top priority of key stakeholders, particularly in emerging economies. This decade will witness rapid integration of smart devices with lightweight aluminum components.
About the Report
This 170-page study offers in-depth commentary on the aluminum castings market. The study provides compelling insights on the aluminum castings market on the basis of process (die casting, pressure die casting, permanent mold casting), end use (automotive, industrial, building & construction) across seven regions (North America, Latin America, Europe, East Asia, South Asia & Oceania, Middle East & Africa).