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NEW YORK , May 14, 2021 /PRNewswire/ -- The global aluminum casting market by process (die casting, permanent mold casting, and others), application (automotive, heavy machinery and industrial, aerospace and defense, construction, and others), and geography (APAC, Europe , North America , MEA, and South America ) has been added to Technavio's offering. The global aluminum casting market is expected to grow by 5,944.80 thousand MT, at a CAGR of over 6% during 2021-2025.
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The imposition of lockdowns and other restrictions by governments worldwide in 2020 severely impacted the growth of several industries such as automotive and defense. Also, most aluminum cast manufacturers were compelled to temporarily halt their production activities, which created disruptions in the supply chain. However, the resumption of manufacturing activities in Q4 2020 and the removal of lockdowns and restrictions are likely to enhance the market growth in 2021.
The market is expected to be driven by factors such as the growing use of aluminum casting in EVs, stringent regulations for environmental protection, and an increase in construction activities.
The report also offers information on the upcoming trends and challenges that will influence market growth. Download Our Free Sample Report
There is a significant demand for modern and sustainable materials in the construction industry. This is increasing the preference for light and durable materials such as aluminum in the construction of complex construction designs. Similarly, in the aerospace and defense sector, casting structures and large components like airframes, engines, and parts for space rockets are made out of aluminum owing to its lightweight and cost-effectiveness. Over the years, countries across the world have been making significant investments in the construction and defense sectors. This is creating significant demand for aluminum cast products, thereby opening several growth opportunities for market vendors.
Aluminum Casting Market: Segmentation by Process
Based on the segmentation by process, the market generated maximum revenue in the broad-spectrum die casting segment in 2020. The segment is driven by the increasing preference for aluminum in die castings owing to its moderate melting point, lightweight, and corrosion resistance properties. Also, the high dimensional accuracy of aluminum die-cast products is contributing to the growth of the segment.
Aluminum Casting Market: Segmentation by Geography
APAC held the largest market share in 2020 and the market growth in the region is expected to be faster compared to the growth of the market in other regions. The growth of the market in APAC can be attributed to the increasing production and sales of automobiles in countries such as China , India , and Japan . Also, the proliferation of airports and increasing investments in public infrastructure development are contributing to the growth of the aluminum casting market in APAC.
One of the fortune 500 companies had used the detailed research report on the aluminum casting market and had decided to increase their market share in the APAC region which offers the highest market opportunities during the forecast period.
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Aluminum Casting Market: Major Vendors
The company offers various aluminum casting products such as billet, slab, foundry ingot, alloyed and EC-grade rod, powder, high-purity, and P1020.
Aluminum Corp. of China Ltd.
The company offers various aluminum casting products such as Stab, wrought aluminum alloy, casting and rolling strip, and electrical aluminum pole.
The company offers various aluminum casting services such as ATEKleanCast, Low Pressure Permanent Mold, and Semi Permanent Mold casting service.
The company offers various aluminum casting services such as Permanent Mold Castings, Low Pressure Aluminum Castings, Machining, High Pressure Die Casting and manufacturing of heavy-duty truck, and transportation applications.
The company offers various aluminum casting products and services such as Aluminum Alloy, Aluminum Die Casting, Recycling Aluminum Die Castings with Aluminum Alloy A380, and Aluminum Alloy 383 (ADC12).
Along with the market data, Technavio offers customizations as per the specific needs of companies. The following customization options are available for the aluminum casting market report:
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Related Reports on Aluminum Casting Market:
Global Aluminum Die Casting Machinery Market – Global aluminum die casting machinery market is segmented by product (HPDC, LPDC, and others) and geography (APAC, Europe , North America , South America , and MEA). Download Exclusive Free Sample Report
Global Steel Casting Market – Global steel casting market is segmented by application (automotive and transportation, construction and infrastructure, mining, power, and others) and geography (APAC, Europe , North America , MEA, and South America ). Download Exclusive Free Sample Report
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Contact Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com Report: www.technavio.com/report/aluminum-casting-market-industry-analysis
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