The global aluminum castings market is increasingly competitive and fragmented on account of the marked presence of several regional and global players competing intensively with one another, finds Transparency Market Research (TMR). Incumbents increasingly focus on a robust product portfolio to get a better foothold in the market and further to consolidate their shares across the globe. TMR notes that several prominent companies are developing cost-effective and high-performing products to retain their stronghold. They are largely leveraging the potential of their technological core competencies to stay ahead of others.
Top players operating in the global aluminum castings market include Ryobi Ltd., Nemak, S.A.B. de C.V., Endurance Technologies Ltd., Dynacast International, and Alcoa Corporation.
The global aluminum castings market stood at US$25.23 billion in 2016 and is projected to expand at a CAGR of 5.2% during the forecast period 2017–2025. Rising at this rate, the opportunities in the global market is anticipated to touch a valuation of US$40.14 billion by 2025 end.
The two key application areas of aluminum castings are automotive and non-automotive, with the former enjoying a clear lead over the other. The dominant demand for aluminum castings is driven by the preference of automakers world over for light-weight vehicles for increasing the fuel efficiency.
The various regional markets are the Middle East and Africa, Latin America, North America, Europe, and Asia Pacific. Of these, Asia Pacific leads the pack and holds over half of the global market share. The regional market will further gain share over the assessment period rising at 5.3% CAGR during 2017–2025.
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Extensive Application for making Vehicles’ Bodies support Rapid Growth
The aluminum castings market is primarily driven by several bold strides being made by the automotive manufacturing industry in various parts of the world. The substantial demand for aluminum castings to replace steel in automobiles for making light-weight vehicles is a key factor boosting the market. The lucrative demand hinges on several attractive benefits aluminum has over steel in making vehicles’ bodies. Some of them are its remarkable strength combined with low weight, high conductivity, and high corrosion-resistance.
The drive for making fuel-efficient vehicles across the globe is supporting the rapidly rising demand for aluminum castings in automotive applications. In recent years, several automakers have been increasingly using aluminum die castings for manufacturing automobile bodies owing to several other benefits. This is providing a robust forward thrust to the aluminum castings market.
Bold strides by Aluminum Recycling creates Vast Lucrative Avenues
The market growth is also catalyzed by the rising preference of recycled aluminum. This is especially evident in several economies of North America and Europe. The emphasis of regulators in these countries on supporting the recycling of commercially useful metals underpins the substantial demand for recycled aluminum in the market. The stricter implementation of these environmental regulation in countries such as Austria, Italy, France, and Germany is accentuating the demand for aluminum castings.
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