Industrial casting is a process in which liquid or molten metal is poured into a mold. These molds comprise a hollow cavity of the desired shape to form complex geometrical parts. A mold can be produced from materials such as ceramic and sand plaster. Metals and alloys such as iron, aluminum, magnesium, zinc, steel, and copper are primarily used for casting. The aluminum casting is widely used in industrial casting, henceforth, expected to expand during the forecast period due to increase in use of the automotive industry and a rise in new applications of industrial casting. Aluminum parts, metal of casting are widely used in vehicles in place of steel and iron components due to their light weight and ability to increase fuel efficiency. Demand for industrial casting metals such as aluminum is high due to its intrinsic properties such as corrosion resistance, light weight, high stability for complex shapes, high electrical and thermal conductivity, and high tensile strength. This is expected to be a significant driver for the industrial casting market.
Increased use of simulation-based castings is expected to be another key driver of the industrial casting market. High energy requirement for the industrial casting process is anticipated to restrain the industrial casting market in near future. A revival in the world economy, rapid industrialization in China and India, and government initiatives are significant factors likely to drive the industrial casting market. Government introduces environmental friendly legislations in order to reduce pollution by adopting technologies to reduce emissions. This can be an opportunity to propel the industrial casting market during the forecast period.
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The industrial casting market can be segmented based on product, end-user, and region. In terms of product, the industrial casting market can be divided into ferrous castings and non-ferrous castings. Ferrous castings can be further classified into grey CI, ductile iron, steel, and malleable iron. Non-ferrous castings can be further split into aluminum, copper, zinc, and magnesium. Non-ferrous materials such as magnesium and aluminum enable production of lighter parts and offer better structural strength.
Based on end-user, the industrial casting market can be classified into transportation, industrial, building & construction, and others. The others segment includes household appliances, engineering tools, and telecom. The transportation sector accounts for a prominent share in the industrial casting market. Stringent government regulations to control fuel emission and high demand for fuel-efficient vehicles is propelling the industrial casting market in the transportation sector. Moreover, use of metals such as aluminum is projected to rise in the aerospace industry due to the rapid growth of airplane usage across the globe. Furthermore, industrial casting metals are also used in other transportation mediums such as waterways and trains. This is expected to augment the industrial casting market.
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Based on region, the market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is a dominant region of the industrial casting market due to the rapid development of the building and construction industry in China and India. Population growth together with a rise in disposable incomes is responsible for high demand in the building and construction industry in the region. These significant factors are likely to drive the industrial casting market in in the Asia Pacific region. Most developed countries are employing stringent government regulations on the industrial sector in order to reduce fuel emissions. The United States Environmental Protection Agency (EPA) has introduced several restrictions to reduce greenhouse gas (GHG) emissions and emission levels in the power and automotive industries. Therefore, manufacturers are engaged in research & development activities in order to increase power, reduce the weight of automobile components, and improve their fuel efficiency.
Key players operating in the global industrial casting market include Alcoa, Ryobi, Martinrea Honsel, Gibbs Die Casting, Alcast, Hitachi Metals, Dynacast, Consolidated Metco, Precision Castparts, and ThyssenKrupp.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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