New York, May 19, 2020 (GLOBE NEWSWIRE) — The global Metal Casting market is forecast to reach USD 193.53 Billion by 2027, according to a new report by Reports and Data. The market is witnessing a surge in demand owing to the rising prevalence of the emission norms encouraging the use of the metal casting process, and increasing demand in the automobile sector. Moreover, the increasing trend of lightweight vehicles is fostering the market’s demand. However, the high capital required for the setup is hampering the market’s demand.
A rise in the trend in urbanization is a critical factor in the growth of the housing and infrastructure sectors. First-time homebuyers are encouraged and funded to cause the development of the building & design industry. Governments in various countries provide opportunities and support to meet the housing needs of the increasing population.
The use of lightweight casting materials, including magnesium and aluminum alloy, will minimize the weight of the body and frame by up to 50%. Consequently, to meet the European Union (EU) and US Environmental Protection Agency (EPA)’s strict pollution, and fuel efficiency goals, the use of lightweight materials (Al, Mg, Zn & others) has increased in the automotive sector.
One of the main limitations for the manufacturers is the high cost of cast materials such as aluminum and magnesium. The initial period capital cost for setup is also becoming a challenge for new entrants. These factors will, in the near future, affect the growth of the industry.
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The COVID-19 impact:
As the COVID-19 crisis grows, most trade fairs have also been rescheduled as a preventive measure, and significant gatherings have been limited to a certain number of people. As trade fairs are a reliable platform for discussing business deals and technology innovations, the delay has caused a significant loss to many companies.
The spread of the Coronavirus has also already impacted foundries. The foundries have been closed, stopping further production along with overstocked inventories. Another issue regarding foundries is that requirement for cast components is diminished by the far-reaching production stop in the automotive sector. This has hit especially hard medium and small factories, which generate mainly components for the industry.
Further key findings from the report suggest
- Cast Iron segment accounted for the highest market share of 29.8% in 2019. A significant portion of the demand in this segment is projected to come from emerging markets, especially from the automotive, construction, and oil & gas sectors.
- The automotive segment is growing at a higher CAGR of 5.4% owing to the initiatives taken by the government across the world focusing on stricter pollution & fuel efficiency regulations resulting in a boost of demand for aluminum, the primary casting material in the automotive industry
- The growing use of lightweight properties casting on the account and the aesthetic appeal it offers drives demand for throwing in the construction market. Construction equipment & machinery, heavy vehicles, curtain walling, door handles, windows, and roofing can be used in finished goods.
- Indiaand China are recording an increase in industrial output, which is, in turn, favoring the demand for metal casting. The Asia Pacific acquired the highest share of 64.3% in 2019 in the market for metal casting.
- Key participants include Dynacast Ltd., Ryobi Limited, Gibbs (Koch Enterprises Inc.), POSCO, CALMET, Hitachi Metals, MES Inc., Alcast Technologies, Arconic, and Uniabex, among others.
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For the purpose of this report, Reports and Data have segmented into the global Hospital Equipment and Supplies market on the basis of process type, material, application, and region:
Process Type Outlook (Revenue, USD Billion; 2017-2027)
- Gravity Casting
- High-Pressure Die Casting
- Low-Pressure Die Casting
- Sand Casting
Material Outlook (Revenue, USD Billion; 2017-2027)
- Cast Iron
- Aluminum
- Zinc
- Magnesium
- Others
Application Outlook (Revenue, USD Billion; 2017-2027)
- Automotive
- Industries
- Building & Construction
- Others
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/metal-casting-market
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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