by Aluminum castings are lightweight, corrosion-resistant and durable make them ideal for applications across automotive, industrial machinery, construction, and defense among others. The automotive industry is increasingly adopting aluminum casting for manufacturing vehicle components like engine parts, wheels, and transmission cases due to advantages like lower fuel consumption, reduced weight and enhanced performance.
The global Aluminum Casting Market is estimated to be valued at US$ 75.61 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from the transportation industry, especially from the automotive sector is expected to be a key growth driver for the aluminum casting market over the forecast period. With strict emission regulations and demand for fuel-efficient vehicles on the rise, automakers are focusing on reducing vehicle weight through increased use of lightweight aluminum alloys in automobile manufacturing. Aluminum castings have significantly lower weight compared to conventional cast iron and steel components helping in curbing vehicle weight and enhancing fuel efficiency. The growing automobile production across major economies like China, US, Germany is translating into higher consumption of aluminum casting for drivetrain, engine, and suspension applications, thereby accelerating the market growth.
Segment Analysis
The global aluminum casting market is segmented into (injection casting, gravity casting and low-pressure die casting) based on casting process. The low-pressure die casting segment holds the major share of the market currently due to the process’s ability to cast complex and close-tolerance parts in high volumes. It provides net-shape casting with great dimensional accuracy and repeatability compared to other casting processes.
Key Takeaways
The Global Aluminum Casting Market Size is expected to witness high growth in the coming years. The transportation industry has been a major contributor to this growth with greater adoption of aluminum components in automobiles to reduce weight and improve fuel efficiency. The global Aluminum Casting Market is estimated to be valued at US$ 75.61 Bn in 2024 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the market with China being the largest producer and consumer of aluminum castings globally. Countries like India and Japan are also emerging as key hubs for aluminum casting. Rapid industrialization and growth of the automotive industry in China and India has propelled the demand for aluminum cast components. Increasing stringency regarding vehicular emissions is further driving OEMs to use aluminum cast parts instead of iron to reduce weight. Countries like Japan also have a large number of aluminum casting companies catering to diverse industries.
Key players: Key players operating in the aluminum casting market are Keysight Technologies, Alcoa Corporation, Ryobi Ltd, Arconic, Dynasty Castings Private Limited and Alcast Company. Some of the leading foundries supplying aluminum castings include Chicago White Alloys, Brantford Aluminum, Pyrotek and Martinrea Honsel. These companies have been investing in advanced technologies like 3D printing and robotics to enhance productivity and meet the custom aluminum casting needs of customers.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
