Aluminum Casting Market to Grow 43 Percent by 2022
May 26, 2017—MarketsandMarkets published a report that claimed the aluminum casting market size is estimated to grow from $55 billion in 2017 to $79 billion by 2022, at a CAGR of 7.33 percent.
It is projected to witness significant growth in the next few years with the increasing demand for lightweight vehicles and new constructions all over the world due to rapid urbanization and industrialization. Large-scale investments in industrial and manufacturing units' coupled with the rising demand for lightweight, fuel-efficient vehicles in emerging economies are some of the factors driving the growth of the aluminum casting market.
The die casting segment is estimated to dominate the market in the aluminum casting market through 2022
The die casting segment is estimated to dominate the process segment of the aluminum casting market as it helps to reduce the weight of the vehicle and industrial machines. It is mainly used in the transportation sector to improve the fuel efficiency of vehicles. Owing to the considerable growth in the automobile industry globally, the demand for lightweight vehicles is expected to increase, which will further drive the die casting market.
The transportation sector dominated the market in 2016 and is projected to be the fastest-growing end-user sector over the next five years, as a result of the rising urbanization and demand for fuel-efficient and light-weight vehicles. The transportation sector is projected to witness the highest growth in demand for aluminum casting, as aluminum is considered one of the most viable materials for manufacturing automobile parts such as cylinder heads, chassis, and powertrain due to the wide range of benefits offered such as high strength-to-weight ratio, sustainability, recyclability, and versatility.
Asia-Pacific constitutes the largest market share in the aluminum casting market wherein China is the largest country-level market. The recovery of the Chinese residential market by 2010 after the 2007-2009 recession and the increasing demand for lightweight low maintenance vehicles are some of the factors driving the aluminum casting market in Asia-Pacific. The market in this region is growing rapidly due to the presence of numerous leading players. The excellent hold on industries such as construction, automotive, mass transport, and aerospace have played a crucial role in the growth of the market for aluminum casting in the Asia-Pacific region.