iCrowd Newswire – Jun 1, 2020
The global aluminum casting market has reached USD 64.1 Billion in 2019 and estimated to reach USD 104.12 Billion in 2026 at a significant CAGR of 7.2% during the forecast period 2020-2026. Rising construction activities and increasing demand for light-duty vehicles are factors that drive the growth of the market during the forecast period from 2020-2026.
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Cast aluminum is also referred to as tempered aluminum, which is not harmful. Aluminum is lightweight and possesses high thermal, outstanding strength and electrical conductivity, superior workability, moderate reflectivity, and desirable appearance, which ensures that aluminum is typically cast over iron and steel. The increasing use of aluminum is commonly used in various end-use applications and is a significant driver of the growth of the global aluminum casting industry worldwide. The demand for aluminum casting from the general transport segment is expected to increase with the expansion of the automotive sector.
Die Casting market estimated to dominate the market during the forecast period of 2020-2026, due to its advantage of producing high volume products coupled with steady demand in automotive industry. In addition, die castings can be made with thinner walls than those obtained by other casting methods and are much stronger than plastic injection moldings of the same size. The die castings are monolithic, which means that they combine several functions in one complex shaped component. As die castings do not consist of separate parts, fastened or welded together, the strength is that of the material, not that of welds or threads.
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Geographically, the Global aluminum casting market is bifurcated into North America, Asia Pacific, Europe, Middle East, Africa & Latin America. The Asia-Pacific market is expected to dominate the global aluminum casting market during the forecast period owing to the production of automotive vehicles in the region which is coupled with the steady development of the automotive sector.
The major market players in the aluminum casting market are Alcoa Corporation, Ryobi Limited, Rio Tinto, Aluminum Corporation of China Limited, United Company Rusal, China Hongqiao Group Limited, Arconic Inc., Gibbs Die Casting Corp, Dynacast Charlotte, Nemak S.A.B. de C.V., Kaiser Aluminum, Honsel Germany GmbH, Martinrea Honsel Germany GmbH, Endurance Technologies Limited, Consolidated Metco, Inc., Dynacast Charlotte, Bodine Aluminum Inc., Alcast Technologies Ltd., Walbro, and Other Prominent Players are expanding their presence in the market by implementing various innovations and technology.
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Keywords: Aluminum Casting Market, Aluminum Casting Market Size, Aluminum Casting Market Share, Aluminum Casting Market Growth, Aluminum Casting Market Trends, Aluminum Casting Market Forecast