24/7 Customer Support
The Global Aluminum Casting Market, analyzed by Astute Analytica, foresees a tremendous growth in revenue of the market from US$ 61.3 Bn in 2021 to US$ 108.6 Bn by 2030. The market is registering a CAGR of 6.8% during the forecast period 2022-2030. In terms of volume, the market is recording a CAGR of 6.1% over the projection period.
The global aluminum casting market growth is driven by the growth of the automobile industry. Aluminum is now the most widely used material in the production of vehicle engines and wheels. Audi has been producing an all-aluminum frame for its A8 model for nearly two decades, and other automakers are starting to catch up. Ford is now designing an all-aluminum framework for its F-150 pickup truck, which is the most popular vehicle in North America. Changing the body from steel to aluminum is estimated to reduce the car's weight by around 700 pounds, or 15% of its present weight, resulting in a 25% boost in fuel economy. The decreased weight in the vehicle also improves towing, hauling, acceleration, and stopping abilities making it an all-around more efficient vehicle than its steel-based counterpart. A shift from steel to aluminum in the body of vehicles could help the demand for the aluminum casting market increase by as much as 40 percent in the upcoming years.
Furthermore, the rising military investment in lightweight weapon systems is driving the need and use of aluminum casting. Aluminum’s lighter weight may be used to improve vehicle speed and cross-country mobility compared to steel-hulled vehicles with the same level of protection. Due to weight restrictions on highways and bridges, lighter vehicles use less fuel, have a longer operational range, and can access more of the battlefield. Less gasoline is used with lighter vehicles, which reduces logistical challenges. Aluminum is used in a variety of small guns, including the M-72 light antitank weapon, the M16 assault rifle, and the M79 grenade launcher's barrel. Meanwhile, missiles make even more extensive use of light metal. The Hawk missile's speed and maneuverability are heavily dependent on aluminum, and the Polaris missile requires 4000 pounds of light metal, plus a few thousand pounds of aluminum powder for its propellant mix. The Ravenswood factory has opened its enhanced 144" cold mill on November 8, 2021, due in part to funding from the Department of Defense. Ravenswood was able to update the 144" mill with this investment, resulting in considerable gains in throughput to fulfil the Department of Defense's expanding requirements for cold-rolled aluminum. This upgrade enables the DoD-Constellium team to create, prototype, and implement manufacturing processes for the new generation of armored products. Constellium will continue to provide the most advanced and highest performing aluminum for their vehicles, ships, aircraft, and equipment.
The report provides a detailed and comprehensive study of the global aluminum casting market covering the covid-19 impact on the market and its recovery. The report provides inclusive research of the global aluminum casting market within 19 chapters, totaling 340 pages, 101 extensive data tables, and 128 figures.
The report provides an in-depth analysis of the market covering factors influencing market growth and opportunities such as the replacement of iron and steel with aluminum in the automobile industry and the growing electric vehicles market. Electric vehicles are expected to drive up demand for aluminum enormously, with the downstream aluminum sector focusing on product innovation. Aluminum extrusions are becoming an increasingly important element, from assisting car makers in decreasing vehicle weight to enhancing the economy of conventional vehicles or expanding the range of electric vehicles. EVs currently have a limited range. A 100 kg weight decrease in an electric vehicle can result in an additional 10-15% range increase. Increased range is also essential for increasing EV adoption and closing the gap with ICE vehicles. According to Egil Hogna, head of Extruded Solutions at Norsk Hydro, "the electric vehicle segment is the bright spot in the automotive market; now, 20% of sales volume is going to e-mobility, and the trend is accelerating." Hydro delivers more than 350,000 tons of aluminum products to the auto industry every year, with rough estimates showing around 15% of that going to electric vehicles.
According to the regional study of the market, North America holds the highest market share of 45.7% in the year 2021, as most of the major players in aluminum casting market are based in North America region. However, the Asia Pacific region is projected to expand at the highest CAGR over the forecast period by 7.5%. China, India, and Japan are important contributors to the aluminum casting market. The market in the area is being driven by a rise in the construction industry. In the building and construction industry, aluminum casting is used to manufacture windows, cladding, curtain walling, prefabricated buildings, shop partitions, and fittings. China benefits APAC since it is one of the largest world's manufacturing hubs and has a significant market size. Increased consumer demand, aeronautical innovation, and other factors are projected to propel the APAC market forward throughout the forecast period.
Covid-19 Impact on Global Aluminum Casting Market
According to the covid-19 graphical representation in the report, the market sees an -2.17% Year-over-Year (YoY) dip from 2019 to 2020. The recession that followed the outbreak of the pandemic had a negative influence on the aluminum sector. 60% of smelters worldwide have lost money due to the unanticipated drop and uncertainty in aluminum pricing before and after the COVID-19 outbreak. The aluminum sector will continue to be impacted by the protracted interruption and impacted supply chain in the coming years.
Nevertheless, the YoY grows from 2020 to 2021 by 3.53%. The government has taken various steps to maintain material demand and supply. It is supporting local producers of aluminum casting and intermediates used in the production of aluminum casting. As a result, the government has decided to provide financial and procedural assistance to domestic enterprises in order to jumpstart local production. To assist the materials sector, the government is exploring a variety of stimulus initiatives. In addition, to deal with the problem, the government plans to offer tax concessions and exemptions to manufacturers in order to help them recover from the disruption.
Global Aluminum Casting Market- Competitive Landscape
As per the research, the global aluminum casting market is observed to be having a monopolistic nature in the market. The top players in the market are holding 24.1% of the market share with various competitive strategies such as investing much in research & development to develop new and more effective goods that meet their customers' needs and with innovation and creative technologies, creating new value and are committed to cutting-edge information technology, and culture.
The report provides the company profiling of several companies covering their business overview, key officials, strategic outlook, product listing & description, financial table, business segmentation revenue, and geographical revenue. The report includes companies such Arkema SA, Arrmaz, BASF Corporation, Dupont De Nemours Inc., Dynacast Deutschland GmbH, Honeywell International Inc., Huntsman Corporation, Kao Corporation, Ingevity Corporation, MartinreaHonsel Germany GmbH, Alcast Technologies Inc., Kraton Corporation, Nouryon and Sasol Limited.
Segmentation Overview of the Global Aluminum Casting Market
Following are the different segments of the Global Aluminum Casting Market: -
By Product Segment of the Global Aluminum Casting Market is sub-segmented into:
By Method Segment of the Global Aluminum Casting Market is sub-segmented into:
By Industry Application Segment of the Global Aluminum Casting Market is sub-segmented into:
By region Segment of the Global Aluminum Casting Market is sub-segmented into:
Silicon, Iron, Copper, Magnesium, and Zinc are the products of aluminum casting.
Die Casting, Permanent Mold Casting, Investment Casting, and Sand Casting are the methods of aluminum casting.
The market size of aluminum casting was US$ 61.3 Billion in 2021.
Factors such as rising demand in the automobile industry and rising military investment in lightweight weapon systems are supporting the growth of the aluminum casting market across the globe.
Importer countries-China, Italy, Japan, Germany, and others | Exporter countries- United States, China, India, Japan, and others
Asia Pacific region is estimated to hold the largest share in the market
Arkema SA, Arrmaz, BASF Corporation, and Dupont De Nemours Inc., are the key players in the aluminum casting market.
The COVID-19 pandemic impacted every manufacturing and the industrial sector where aluminum casting is heavily used in automotive, construction, transport, and many others. Due to stringent travel restrictions during the pandemic, the supply chain of aluminum casting material, has led to unforeseen price volatility and has also reduced negotiation potential for prospective buyers.
Rising vehicle production has increased the demand for aluminum casting in a wide range of components of vehicles. Similarly, there is a large-scale demand for lightweight materials for planes and flying crafts, as they have favorable weight for aerospace components.
Die-casting is one of the most widely adopted casting methods in the aluminum casting market.
The political goal of Europe of decarbonization, is a concern of the aluminum industry. Moreover, the Brexit situation adversely affected the automotive industry and aluminum production in Germany and UK. The ongoing tariff battle on primary aluminum imports from Canada to the US has put pressure on US consumers.
Germany, Japan, the United States, and China are the top importers.
Automotive industry is the largest user of aluminum casting.