Metal Casting Market Scope
Metal Casting is majorly involved in the manufacture of durable goods and machinery. Casting is an efficient way to make complex metal shapes. Metal Casting is the process of pouring molten metal into a mold to create a 3D metal part. This is majorly utilized in industries such as automotive, medical, electronics, aerospace, and plant machinery. The advantages offered by metal casting include cost-effectiveness, speed, and product quality, recyclability. Owing to the increase in demand for high-quality and complex industrial products coupled with the unavailability of alternate manufacturing processes, there has been a growing requirement for metal casting. Increasing adoption of electric vehicle that uses lightweight material is also contributing significantly to the utilization of metal casting in industrial processes.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
Key Companies Profiled | POSCO (South Korea), Dynacast (United States), Arconic (United States), Ryobi Limited (Japan), Endurance Technologies Limited (India), Alcast Technologies (Canada), UNI Abex (India), Reliance Foundry Co. Ltd. (Canada), CALMET (United States) and MES, Inc. (United States) |
CAGR | % |
Various large and small industry players participate extensively in metal casting value chain phases. By upgrading their recycling capabilities and environmentally sustainable approaches, major companies are cultivating their position in the market. With the increase in the adoption of automation and environment-friendly initiatives, many companies form strategic partnerships to gain a competitive advantage and market share and to establish a robust market presence. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Metal Casting market throughout the predicted period.
POSCO (South Korea), Dynacast (United States), Arconic (United States), Ryobi Limited (Japan), Endurance Technologies Limited (India), Alcast Technologies (Canada), UNI Abex (India), Reliance Foundry Co. Ltd. (Canada), CALMET (United States) and MES, Inc. (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Waupaca Foundry Inc. (United States), Eastern Metal Supply, Inc. (United States), Impro Industries USA, Inc. (United States), MetalTek International (United States), Sigma OEM (United States), Charlotte Pipe & Foundry Co. (United States), Bradken, Inc. (Engineered Products Business) (Australia), EJ Group, Inc. (United States), Precision Castparts Corp. (United States), Xometry, Inc. (United States) and ArcelorMittal (Luxembourg).
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.
Segmentation Overview
The study have segmented the market of Global Metal Casting market by Type and Region with country level break-up.
On the basis of geography, the market of Metal Casting has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
region held largest market share in the year 2021.
Market Leaders and their expansionary development strategies
On 3rd October 2022, Winsert acquired Alloy Cast Products, Inc., an investment casting and machining specialist. The acquisition enhanced the company’s metal forming capabilities, in addition to increasing the offering of additional products to existing and prospective customers. Winslet’s extensive alloy portfolio consists of wear-resistant, corrosion-resistant, and high-temperature alloys designed for several applications within the internal power generation, combustion engines, emissions controls, aerospace, and industrial valves.
On 3rd June 2022, The Defense Logistics Agency signed a contract with Concurrent Technologies Corporation for USD 15 million to enhance the practicality of producing old-fashioned critical castings through 3D printed sand-casting mold technology. The project will further help in developing the science and technology of 3D-printed sand-casting molds
Influencing Trend:
The emergence of Novel Casting Techniques that Reduce Expenses
Market Growth Drivers:
Encouraging Government Initiatives Boosting Utilization of Aluminium Casting in the Automotive Industry and Increasing Preference for Electric Vehicles
Challenges:
Inability to Cope With Technological Transition
Restraints:
High-Cost Investment for Metal Casting and Establishment of Manufacturing Facility and Rising Additive Manufacturing and Supply Chain Disruptions
Opportunities:
Wide Scale Adoption of Electric Transportation
Key Target Audience
Automotive Component Manufacturers and Suppliers, Government Agencies, Regulatory Bodies, Potential Investors, Research and Development Institutes, End Users and Others