The size of global aluminum casting market is expected to value at $97.36 billion by the year 2025. The global market is subject to see a substantial growth owing to an increase in the adoption of aluminum in the automobile segment by substituting heavy metals like steel and iron. Besides, aluminum metal’s increasing adoption in the building and construction segment is expected to boost the market demand during the forecast time period.
Globally, it is forecasted to grow at 7.8 percent CAGR in the period, giving a number of opportunities for industry players to invest for the purpose of research and development (R&D) in aluminum casting market.
Aluminum casting’s wide popularity among several segments is credited to the exclusive features of it like high strength and lightweight. Continuous demand from the automotive segment for vehicle manufacturing to enhance the fuel efficiency and carbon monoxide’s emission has been a key driver for aluminum casting market’s growth.
One of the market’s popular segments is the die casting industry. Increasing adoption of it in the automotive segment is owing to factors like high efficiency and its capability to mold into just about any size and shapes during the metallurgical process.
Die Casting Facts
Aluminum casting has been key during manufacturing of vehicle components similar to engine blocks, engine cylinders, gearboxes, wheel spacer, and rim. The increasing demand from automotive and transport industries are anticipated to fuel aluminum casting market’s growth in the coming years. Besides, growing demand for lighter automobile and improved fuel efficiency by end users is anticipated to trigger the growth of the market over the forecast time period.
Aluminum is an ideal alternative for heavy metals like steel and iron since it limits carbon dioxide’s emission, into the atmosphere. Growing demand from the building and construction industry is further attributing to aluminum casting market’s expansion.
Die casting in California or nearly anywhere in the world has been one of the fastest growing segments, with highest revenue generation, over the last few years. The growing demand from the automotive segment and numerous benefits of the metallurgical process are major drivers for the market segment’s growth. Die cast automobile components have high strength, without having to require additional welding. Lower cost as well as ease of operation during production of parts is further amplifying the demand for die casting market segments.
Aluminum castings offer numerous advantages like the ability to mold to just about any net shape, which maximizes the overall production result with minimum possible resources for further processing. Such benefits are important in end-user segments.