The growing preference for electric vehicles further increasing the consumption of aluminum in the automotive sector due to its low weight and ability to provide better performance efficiency to the vehicles. The sale of electric and hybrid vehicles is expected to rise to 30 % of the global auto market by 2030, according to metal consultants CRU, up from 4 % of the 86 million vehicles sold in 2020. Since the rise in the number of lightweight vehicles is capable of accelerating the consumption of aluminum casting products, the respective factor acts as a major market driver for the global aluminum casting market.
Data Bridge Market Research analyses that the aluminum casting market is expected to grow at a CAGR of 7.9% in the forecast period of 2021 to 2028 and is expected to reach USD 1, 25,047.18 million by 2028. The rise in usage of the aluminum cast in agricultural tools about its lightweight & corrosion resistance properties could be considered as a market driver. In short, as agriculture is one of the prominent markets in the world and is growing exponentially, the growing demand for aluminum cast tools in agriculture due to their advantages such as lower cost and lightweight is considered as a major market driver for the global aluminum cast market due to its ability to boost the overall sales and demand for the respective market.
The Replacement of Iron and Steel with Aluminum in the Automobile Sector is Expected to Drive the Market's Growth Rate
The large scale replacement of iron and steel with aluminum in various automobiles due to the ability of aluminum to reduce the weight of the automobile with few fuel consumption has been achieved by the aluminum casting products which helps in keeping the vehicles lighter and could be considered as a major opportunity for the global aluminum casting market due to the ability of the respective factor to boost the demand for aluminum casts on a global scale. To recapitulate, since the replacement of iron and steel with aluminum in automobiles to reduce CO2 emission and bodyweight of the manufactured vehicle could scale up the overall sales and demand of the global aluminum casting market, the respective parameter is considered as a major opportunity for the market.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2021 to 2028
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Base Year
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2020
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Historic Years
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2019(Customizable to 2018 - 2013)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Process (Expendable Mold Casting and Non-Expendable Mold Casting), Source (Primary (Fresh Aluminum) and Secondary (Recycled Aluminum), Application (Intake Manifolds, Oil Pan Housings, Structural Parts, Chassis Parts, Cylinder Heads, Engine Blocks, Transmissions, Wheels and Brakes, Heat Transfers and Others), End-User (Automotive, Building and Construction, Industrial, Household Appliances, Aerospace, Electronic and Electrical, Engineering Tools and Others)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Market Players Covered
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3M (U.S.), Eastman Chemical Company. (U.S.), Saint-Gobain (France), AVERY DENNISON CORPORATION (U.S.), XPEL, Inc. (U.S.), STEK-USA (U.S.), PremiumShield (U.S.), REFLEK TECHNOLOGICAL CORPORATION (U.S.), Grafityp (U.S.), ORAFOL Europe GmbH (U.K.), OPTICSHIELD (Czech Republic), Ziebart International Corporation (U.S.), Sharpline Converting Inc. (U.S.), SCHWEITZER-MAUDUIT INTERNATIONAL, INC (U.S.), SCORPION WINDOW FILM (U.S.), Garware Polyester Ltd. (India), Madico, Inc. (U.S.), HAVERKAMP GMBH (Germany), KDX OPTICAL FILM MATERIAL (SHANGHAI) CO., LTD. (China) and RENOLIT SE (Germany)
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Data Points Covered in Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
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Segment Analysis:
The global aluminum casting market is categorized into four notable segments which are based based on process, source, application, and end-user.
- On the basis of process, the market is segmented into expendable mold casting and non-expendable mold casting. In 2021, the non-expendable mold casting segment is expected to dominate the market, growing at the highest CAGR of 8.2%
The non-expendable mold casting segment is expected to dominate the market, growing at the highest CAGR of 8.2%
In 2021, the non-expendable mold casting segment is expected to dominate the market, growing at the highest CAGR of 8.2% in the forecast period of 2021 to 2028 as most of the products which are produced are from non-expendable processes such as die-casting, permanent die casting, and others. Further, the cost of the process or technique is low as compared to the expendable mold casting process such as investment casting.
- On the basis of source, the market is segmented into primary (fresh aluminum) and secondary (recycled aluminum). In 2021, the primary (fresh aluminum) segment is expected to dominate the market, growing at the highest CAGR of 8.1% in the forecast period of 2021 to 2028 as the products which are made through it do not possess any additive and the adulteration rate is very low as compared to the recycled aluminum, which helps to boost its demand.
- On the basis of application, the market is segmented into intake manifolds, oil pan housings, structural parts, chassis parts, cylinder heads, engine blocks, transmissions, wheels & brakes, heat transfers and others. In 2021, wheels & brakes are expected to dominate the market, growing at the highest CAGR of 8.7% in the forecast period of 2021 to 2028 as they are cost-effective and require a slow rate of frequency in maintenance which boosts its demand. Moreover, due to the increased demand of automobiles in the local market the demand of wheels and brakes has been growing which further augmented the demand of aluminum casting products globally.
- On the basis of end-user, the market is segmented into automotive, building and construction, industrial, household appliances, aerospace, electronics and electrical, engineering tools, and others. In 2021, automotive is expected to dominate the market, growing at the highest CAGR of 8.2% in the forecast period of 2021 to 2028 because most of the automotive parts are made from aluminum which provides lighter weight to vehicles and the countries like China are moving towards the electric vehicles.
Major Players
Data Bridge Market Research recognizes the following companies as the major aluminum casting market players in aluminum casting market are 3M (U.S.), Eastman Chemical Company. (U.S.), Saint-Gobain (France), AVERY DENNISON CORPORATION (U.S.), XPEL, Inc. (U.S.), STEK-USA (U.S.), PremiumShield (U.S.), REFLEK TECHNOLOGICAL CORPORATION (U.S.), Grafityp (U.S.), ORAFOL Europe GmbH (U.K.), OPTICSHIELD (Czech Republic), Ziebart International Corporation (U.S.), Sharpline Converting Inc. (U.S.), SCHWEITZER-MAUDUIT INTERNATIONAL, INC (U.S.), SCORPION WINDOW FILM (U.S.), Garware Polyester Ltd. (India), Madico, Inc. (U.S.), HAVERKAMP GMBH (Germany), KDX OPTICAL FILM MATERIAL (SHANGHAI) CO., LTD. (China) and RENOLIT SE (Germany).
Market Development
- In April 2020, Aleris Corporation, a major supplier of rolled aluminium goods on a global scale, has been acquired by Novelis Inc., the market leader in aluminium rolling and recycling. By enhancing its innovative product line, building a more trained and diverse workforce, and strengthening its commitment to safety, sustainability, quality, and partnerships, Novelis is now even better positioned to fulfil rising consumer demand for aluminium.
- In July 2020, RUSAL, a leading global aluminium manufacturer has announced that the EcoSoderberg technology changeover at its Krasnoyarsk Aluminium Smelter (KrAZ) is now complete. In order to use the EcoSoderberg process, a total of 1954 reduction cells had to be modified as part of the recently finished retrofitting project at the smelter.
Regional Analysis
Geographically, the countries covered in the aluminum casting market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in aluminum casting market during the forecast period
North America dominated the aluminum casting market owing to the increasing demand across the automobile market. North America will continue to dominate the aluminum casting market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to the high concentration of automotive manufacturers, particularly the manufacturers of luxury cars in this region.
Asia-Pacific is estimated to be the fastest-growing region in aluminum casting market
Asia-Pacific is expected to grow during the forecast period due to the increasing demand for aluminum casting in this region. In addition to this, the increase in disposable income are expected propel the market's growth rate in this region.
For more detailed information about the aluminum casting market report, click here – https://www.databridgemarketresearch.com/reports/global-aluminum-casting-market
