금속 주조 시장 : 재료별, 프로세스별, 최종사용자 산업별, 지역별(2024-2031년)

Metal Casting Market Valuation - 2024-2031

Expansion of aerospace and defense sectors. These industries require high-precision, lightweight metal components for aircraft, spacecraft, and military equipment. Thus, the growing aerospace and defense sectors surge the growth of market size surpassing USD 53.04 Billion in 2024 to reach a valuation of USD 215.31 Billion by 2031.

Increasing adoption of 3D printing in metal casting. Additive manufacturing technologies are revolutionizing the metal casting process, allowing for more complex designs and faster prototyping. Thus, the growing adoption of 3D printing in metal casting enables the market to grow at aCAGR of 19.14% from 2024 to 2031.

Metal Casting Market: Definition/ Overview

Metal casting is a fundamental process in modern manufacturing, where molten metal is poured into a mold cavity to create objects of specific shapes. This method is highly versatile and cost-effective, making it indispensable for producing complex components with high precision. The process begins by heating metal in a furnace until it reaches a molten state, after which it is poured into a prepared mold designed to meet the desired specifications. Once poured, the metal cools and solidifies, forming the final shape within the mold. The type of metal used is chosen based on the specific properties required for the end product, such as strength, durability, or heat resistance.

Metal casting finds applications across a wide array of industries, including automotive, aerospace, construction, and heavy machinery. It is utilized to produce everything from large engine blocks to delicate, intricate machinery parts, thanks to its ability to create both simple and complex shapes with high accuracy. Moreover, metal casting is suitable for mass production for rapid prototyping and customization. An added benefit is its contribution to sustainability, as the process often incorporates recycled scrap metal, reducing waste and environmental impact. The method's efficiency, combined with its ability to deliver intricate metal forms at scale, solidifies its role as a cornerstone in global manufacturing.

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How Does the Rising Demand for Renewable Energy Infrastructure Surge the Growth of the Metal Casting Market?

Wind turbines, solar panel frames, and other renewable energy components often require metal castings. The International Energy Agency (IEA) reports that renewable electricity capacity additions reached 290 GW in 2021, setting a new record. Urbanization and construction boom in developing countries. Rapid urbanization drives demand for metal castings in construction, particularly for pipes, valves, and fittings. The United Nations Department of Economic and Social Affairs projects that 68% of the world's population will live in urban areas by 2050, up from 55% in 2018.

Growing industrialization and infrastructure development. Growing industrialization drives the need for machinery, equipment, and infrastructure components, all of which heavily rely on metal castings. Supporting stat: The World Bank reports that the global industry (including construction) value added as a percentage of GDP was 26.3% in 2020, highlighting the significant role of industrialization in the global economy. The automotive sector is a major consumer of metal castings, particularly for engine components, transmission parts, and structural elements. Supporting stat: According to the International Organization of Motor Vehicle Manufacturers (OICA), global motor vehicle production reached 80.1 million units in 2021, a 3% increase from 2020.

The advancements in materials, processes, and customization. Innovations in materials science have led to advanced alloys with enhanced strength, durability, and corrosion resistance, expanding applications in demanding industries like automotive and aerospace. Customization and rapid prototyping also boost innovation, enabling faster product development and precision manufacturing. Sustainability plays a vital role, with recycling initiatives, energy-efficient technologies, and waste reduction programs reducing environmental impact and supporting industry growth.

How the Environmental Regulations and Emissions Control Impede the Growth of Metal Casting Market?

Stricter environmental regulations pose challenges for metal casting operations, particularly regarding air emissions and waste management. According to the U.S. Environmental Protection Agency (EPA), the metal casting industry reduced its hazardous air pollutant (HAP) emissions by approximately 75% between 1990 and 2014. Metal casting processes are energy-intensive, leading to high operational costs and environmental concerns. The U.S. Department of Energy reports that the metal casting industry consumes approximately 55 trillion BTU of energy annually, accounting for about 2.2% of the total U.S. manufacturing energy use.

The metal casting industry faces challenges in attracting and retaining skilled workers, which can impact production and quality. A study by the American Foundry Society found that 90% of metal casting facilities reported difficulty in hiring qualified employees, with an average of 2.3 unfilled positions per facility in 2019. Advancements in plastics, composites, and other materials pose a threat to traditional metal castings in certain applications. The high initial tooling costs in metal casting arise primarily from the need to create molds and patterns for specific components. Supporting stat: According to a report by the National Institute of Standards and Technology (NIST), tooling costs account for up to 10-15% of the total production cost in metal casting, with complex parts potentially requiring tooling investments of $50,000 to $200,000 or more.

Category-Wise Acumens

How did the Lightweight Nature and High Strength-Weight Ratio Foster the Growth of the Aluminum Segment?

The aluminum segment dominates in the metal casting market, owing to the exceptional properties of aluminum alloys. Aluminum's lightweight nature, combined with its high strength-to-weight ratio, makes it highly attractive for industries such as automotive and aerospace, where reducing weight is essential for improving fuel efficiency and performance. This advantage has led to its widespread use in producing engine components, structural parts, and other intricate machinery.

The aluminum's standout feature is its strong corrosion resistance, which makes it ideal for applications in harsh environments, including marine and outdoor industries. This durability ensures that components made from aluminum can withstand exposure to elements without compromising structural integrity, thus extending product lifespan. Aluminum also boasts excellent thermal conductivity, which is beneficial for industries requiring efficient heat dissipation, such as electronics and energy systems. Its ease of machining and forming allows for the production of complex geometries and intricate shapes, enabling manufacturers to meet the diverse demands of various sectors.

In addition to these functional benefits, aluminum's recyclability contributes to its growing importance in the metal casting market. Recycling aluminum alloys conserves energy and resources, aligning with global sustainability efforts aimed at reducing waste and promoting eco-friendly manufacturing practices.

How the Increasing Demand for High-Performance, and Lightweight Materials Surge the Growth of the Automotive Segment?

The automotive segment dominates the metal casting market, driven by the industry's demand for high-performance, lightweight, and durable components. Metal casting produces a wide range of automotive parts, including under-hood components, engine blocks, transmission parts, interior elements, and critical structural components. These cast metal parts are essential for ensuring vehicle performance, safety, and longevity.

The increasing demand for lightweight materials, as manufacturers seek to improve fuel efficiency and reduce emissions in line with global sustainability goals. Metal casting processes are instrumental in meeting this need by producing components that combine high strength with reduced weight. This is especially important for engine components, where the balance between heat resistance, strength, and dimensional accuracy is critical. Metal casting methods can efficiently deliver such precision, making them indispensable for automotive manufacturers.

Additionally, the cost-effectiveness of metal casting is a major driver of its dominance in the automotive industry. The process allows for mass production of intricate components with minimal material waste, lowering manufacturing costs and reducing lead times. The diversity of materials available for casting, such as aluminum, magnesium, and steel, enables manufacturers to select the most suitable material for each component, further enhancing performance and efficiency.

Country/Region-wise Acumens

How Rapid Industrialization and Manufacturing Growth Accelerates the Growth of the Metal Casting Market in Asia Pacific?

Asia Pacific substantially dominates the metal casting market owing to rapid industrialization. The Asia Pacific region, particularly countries like China and India, has experienced significant industrial expansion, driving demand for metal castings across various sectors. According to the World Bank, manufacturing value added (% of GDP) in East Asia & Pacific was 26.2% in 2021, compared to the world average of 16.7%. This indicates the region's strong industrial base and manufacturing prowess. The automotive sector in the Asia Pacific has seen remarkable growth, with increasing vehicle production and sales driving demand for metal castings used in engine components, transmission parts, and other automotive applications. The International Organization of Motor Vehicle Manufacturers (OICA) reports that in 2021, Asia-Oceania accounted for 55.9% of global motor vehicle production, with China alone producing 32.5% of the world's vehicles.

Rapid urbanization and large-scale infrastructure projects across the Asia Pacific region have fueled demand for metal castings in construction, transportation, and utilities. The Asian Development Bank (ADB) estimates that developing Asia will need to invest $26 trillion from 2016 to 2030, or $1.7 trillion per year, in infrastructure to maintain its growth momentum, tackle poverty, and respond to climate change.

How does the Transition to Electric Vehicles (EVs) and Sustainable Transportation Escalate the Growth of the Metal Casting Market in Europe?

Europe is anticipated to witness the fastest growth in the metal casting market driven by Europe's push towards electric mobility is driving innovation in lightweight metal castings for EV components, batteries, and charging infrastructure. According to the European Automobile Manufacturers Association (ACEA), electric car registrations in the EU increased by 63.1% from 2020 to 2021, reaching nearly 880,000 units. The market share of battery electric vehicles in the EU reached 9.1% in 2021.

Europe's aerospace sector, including commercial aviation and defense, is driving demand for high-performance metal castings. The AeroSpace and Defence Industries Association of Europe (ASD) reports that in 2021, the European aerospace and defense industry achieved a turnover of €228 billion, employing over 870,000 people directly.

Europe's focus on sustainability and circular economy principles is driving innovation in metal casting processes, including increased use of recycled materials and energy-efficient technologies. According to the European Aluminium Association, the recycling rate for aluminum beverage cans in Europe reached 76.1% in 2019. The overall recycling rate for aluminum packaging in Europe was 81.1% in the same year, demonstrating the region's commitment to circular economy principles in metal use.

Competitive Landscape

The Metal Casting Market is dynamic and subject to ongoing changes, with new players emerging and existing ones adapting to market trends. By understanding the competitive landscape and implementing effective strategies, companies can position themselves for long-term success.

The organizations are focusing on innovating their product line to serve the vast population in diverse regions. Some of the prominent players operating in the metal casting market include:

• Nemak
• Ryobi LimitedRheinmetall Automotive
• GF Casting Solutions
• Ahresty Corporation
• Dynacast
• Endurance Technologies Limited
• Mino Industrial

Latest Developments:

• In January 2024, Nemak announced a collaboration with Xpeng Motors on battery enclosures for electric vehicles. This strategic partnership aims to increase the range and efficiency of Xpeng's electric vehicles by leveraging Nemak's sophisticated aluminum casting capabilities.
• In January 2024, Ryobi increased its aluminum die-casting capacity in North America. The company invested $50 million in a new factory in Kentucky to address the growing demand for aluminum castings in the automotive and electronics industries.

TABLE OF CONTENTS

1 INTRODUCTION OF GLOBAL METAL CASTING MARKET

• 1.1 Overview of the Market
• 1.2 Scope of Report
• 1.3 Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH

• 3.1 Data Mining
• 3.2 Validation
• 3.3 Primary Interviews
• 3.4 List of Data Sources

4 GLOBAL METAL CASTING MARKET OUTLOOK

• 4.1 Overview
• 4.2 Market Dynamics
  • 4.2.1 Drivers
  • 4.2.2 Restraints
  • 4.2.3 Opportunities
• 4.3 Porters Five Force Model
• 4.4 Value Chain Analysis

5 GLOBAL METAL CASTING MARKET, BY MATERIAL

• 5.1 Overview
• 5.2 Cast Iron
• 5.3 Aluminum
• 5.4 Stainless Steel
• 5.5 Zinc
• 5.6 Magnesium

6 GLOBAL METAL CASTING MARKET, BY PROCESS

• 6.1 Overview
• 6.2 Sand Casting
• 6.3 Die Casting
• 6.4 Shell Mold Casting
• 6.5 Gravity Casting
• 6.6 Vacuum Casting

7 GLOBAL METAL CASTING MARKET, BY END-USE INDUSTRY

• 7.1 Overview
• 7.2 Automotive & Transportation
• 7.3 Building & Construction
• 7.4 Mining
• 7.5 Equipment & Machine
• 7.6 Consumer Goods

8 GLOBAL METAL CASTING MARKET, BY GEOGRAPHY

• 8.1 Overview
• 8.2 North America
  • 8.2.1 U.S.
  • 8.2.2 Canada
  • 8.2.3 Mexico
• 8.3 Europe
  • 8.3.1 Germany
  • 8.3.2 U.K.
  • 8.3.3 France
  • 8.3.4 Rest of Europe
• 8.4 Asia Pacific
  • 8.4.1 China
  • 8.4.2 Japan
  • 8.4.3 India
  • 8.4.4 Rest of Asia Pacific
• 8.5 Rest of the World
  • 8.5.1 Latin America
  • 8.5.2 Middle East & Africa

9 GLOBAL METAL CASTING MARKET COMPETITIVE LANDSCAPE

• 9.1 Overview
• 9.2 Company Market Ranking
• 9.3 Key Development Strategies

10 COMPANY PROFILES

• 10.1 Nemak
  • 10.1.1 Overview
  • 10.1.2 Financial Performance
  • 10.1.3 Product Outlook
  • 10.1.4 Key Developments
• 10.2 Ryobi Limited
  • 10.2.1 Overview
  • 10.2.2 Financial Performance
  • 10.2.3 Product Outlook
  • 10.2.4 Key Developments
• 10.3 Rheinmetall Automotive
  • 10.3.1 Overview
  • 10.3.2 Financial Performance
  • 10.3.3 Product Outlook
  • 10.3.4 Key Developments
• 10.4 GF Casting Solutions
  • 10.4.1 Overview
  • 10.4.2 Financial Performance
  • 10.4.3 Product Outlook
  • 10.4.4 Key Developments
• 10.5 Ahresty Corporation
  • 10.5.1 Overview
  • 10.5.2 Financial Performance
  • 10.5.3 Product Outlook
  • 10.5.4 Key Developments
• 10.6 Dynacast
  • 10.6.1 Overview
  • 10.6.2 Financial Performance
  • 10.6.3 Product Outlook
  • 10.6.4 Key Developments
• 10.7 Endurance Technologies Limited
  • 10.7.1 Overview
  • 10.7.2 Financial Performance
  • 10.7.3 Product Outlook
  • 10.7.4 Key Developments
• 10.8 Mino Industrial
  • 10.8.1 Overview
  • 10.8.2 Financial Performance
  • 10.8.3 Product Outlook
  • 10.8.4 Key Developments
• 10.9 Aisin Automotive Casting
  • 10.9.1 Overview
  • 10.9.2 Financial Performance
  • 10.9.3 Product Outlook
  • 10.9.4 Key Developments
• 10.10 Gibbs Die Casting
  • 10.10.1 Overview
  • 10.10.2 Financial Performance
  • 10.10.3 Product Outlook
  • 10.10.4 Key Developments

11 KEY DEVELOPMENTS

• 11.1 Product Launches/Developments
• 11.2 Mergers and Acquisitions
• 11.3 Business Expansions
• 11.4 Partnerships and Collaborations

12 Appendix

• 12.1 Related Research