June 22, 2024

Metal Casting Market Size Will be USD 378.42 Billion By 2033

The global metal casting market size was valued at USD 155.22 billion in 2023 and is expected to grow around USD 378.42 billion by 2033 with a CAGR of 8.77% from 2024 to 2033.

Key Takeaways

  • Asia Pacific led the market with the biggest market share of 55.60% in 2023.
  • North America is expected to witness the fastest rate of growth in the Metal Casting market during the forecast period.
  • By material, the aluminum segment held the largest segment of the Metal Casting market in 2023.
  • By material, the steel segment is expected to grow at a significant rate during the forecast period.
  • By application, the automotive segment is expected to hold the dominating share of the market during the forecast period.
  • By application, the industrial segment is expected to grow at a notable rate.

Metal Casting Market Size 2024 To 2033

The metal casting market is a crucial sector within the manufacturing industry, playing a pivotal role in the production of a wide range of metal components used in various applications. Metal casting involves the melting of metals and pouring them into molds to create complex shapes, making it a fundamental process for industries like automotive, aerospace, construction, and more. This market is dynamic and continuously evolving to meet the growing demands for precision, efficiency, and sustainability in metal component manufacturing.

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Growth Factors

Several factors contribute to the growth of the metal casting market. The increasing demand for lightweight and durable materials in industries such as automotive and aerospace propels the adoption of advanced metal casting techniques. Additionally, the advancements in technology, such as 3D printing and simulation tools, are enhancing the efficiency and accuracy of metal casting processes. The rise in infrastructure projects globally further boosts the demand for metal casting products, fostering market growth.

Metal Casting Market Scope

Report Coverage Details
Growth Rate from 2024 to 2033 CAGR of 8.77%
Market Size in 2023 USD 155.22 Billion
Market Size by 2033 USD 378.42 Billion
Largest Market Asia-Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Material and By Application
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

Read More: Healthcare IT Services Market Size To Hit USD 184.82 Bn By 2033

Metal Casting Market Dynamics

Divers:

The metal casting market is diversified in terms of both materials and applications. Various metals, including iron, aluminum, zinc, and copper, are extensively used, offering a broad spectrum of casting options. Moreover, the applications span across automotive parts, industrial machinery, construction components, and consumer goods, showcasing the versatility of metal casting techniques. This diversity allows the market to cater to a wide range of industries with specific requirements.

Opportunities:

Opportunities in the metal casting market lie in the exploration of new materials, sustainable practices, and the adoption of digital technologies. Innovations in alloy development for improved performance and eco-friendly casting processes present avenues for market players. Additionally, expanding into emerging markets and diversifying product portfolios to meet evolving industry needs create growth opportunities for businesses operating in the metal casting sector.

Challenges:

Despite its growth potential, the metal casting market faces challenges, including environmental concerns related to traditional casting methods, stringent regulations, and the need for skilled labor. The market’s reliance on raw materials and susceptibility to price fluctuations in the metal industry can also pose challenges. Addressing these issues requires a strategic approach involving sustainable practices, compliance with regulations, and investment in workforce training.

Region Snapshot

The metal casting market exhibits geographical variation, with different regions contributing significantly to its growth. Asia-Pacific, driven by rapid industrialization and infrastructure development in countries like China and India, holds a substantial share. North America and Europe are characterized by technological advancements and a focus on sustainable practices. Emerging economies in Latin America and Africa present untapped opportunities, making the metal casting market a truly global landscape with diverse regional dynamics.

Reasons to Purchase this Report:

  • Comprehensive market segmentation analysis incorporating qualitative and quantitative research, considering the impact of economic and policy factors.
  • In-depth regional and country-level analysis, examining the demand and supply dynamics that influence market growth.
  • Market size in USD million and volume in million units provided for each segment and sub-segment.
  • Detailed competitive landscape, including market share of major players, recent projects, and strategies implemented over the past five years.
  • Comprehensive company profiles encompassing product offerings, key financial information, recent developments, SWOT analysis, and employed strategies by major market players.

Recent Developments

  • In November 2022, POSCO declared that its steel plants in Pohang and Gwangyang received certification for their outstanding contributions to advancing sustainability in the steel industry. This significant achievement highlights the plants’ unwavering dedication and effective management in promoting Environmental, Social, and Corporate Governance (ESG) objectives for a more sustainable future.
  • In June 2020, Endurance Technologies Limited successfully concluded the acquisition of Grimeca Srl, an Italian automotive parts manufacturer. Endurance reported securing complete ownership, acquiring a 100% stake in Grimeca for 2.25 million Euros, approximately USD 2.45 million, as disclosed in a stock exchange filing.

Metal Casting Market Companies

  • Alcoa Corporation
  • Thyssenkrupp AG
  • Bharat Forge Limited
  • Norsk Hydro ASA
  • Arconic Inc.
  • Nemak
  • Kobe Steel, Ltd.
  • Georg Fischer AG
  • Waupaca Foundry, Inc.
  • Precision Castparts Corp. (PCC)
  • Endurance Technologies Limited
  • American Axle & Manufacturing Holdings, Inc.
  • Zynq Foundry
  • Aisin Seiki Co., Ltd.
  • Bühler AG

Segments Covered in the Report

By Material

  • Iron
  • Steel
  • Aluminum
  • Others

By Application

  • Automotive & Transportation
  • Industrial
  • Building & Construction
  • Others

By Geography

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East and Africa

TABLE OF CONTENT

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology (Premium Insights)

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis

4.3.2. Sales and Distribution Channel Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Metal Casting Market 

5.1. COVID-19 Landscape: Metal Casting Industry Impact

5.2. COVID 19 – Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Metal Casting Market, By Material

8.1. Metal Casting Market Revenue and Volume, by Material, 2023-2032

8.1.1. Iron

8.1.1.1. Market Revenue and Volume Forecast (2020-2032)

8.1.2. Steel

8.1.2.1. Market Revenue and Volume Forecast (2020-2032)

8.1.3. Aluminum

8.1.3.1. Market Revenue and Volume Forecast (2020-2032)

8.1.4. Others

8.1.4.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 9. Global Metal Casting Market, By Application

9.1. Metal Casting Market Revenue and Volume, by Application, 2023-2032

9.1.1. Automotive & Transportation

9.1.1.1. Market Revenue and Volume Forecast (2020-2032)

9.1.2. Industrial

9.1.2.1. Market Revenue and Volume Forecast (2020-2032)

9.1.3. Building & Construction

9.1.3.1. Market Revenue and Volume Forecast (2020-2032)

9.1.4. Others

9.1.4.1. Market Revenue and Volume Forecast (2020-2032)

Chapter 10. Global Metal Casting Market, Regional Estimates and Trend Forecast

10.1. North America

10.1.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.1.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.3. U.S.

10.1.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.1.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.1.4. Rest of North America

10.1.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.1.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2. Europe

10.2.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.3. UK

10.2.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.4. Germany

10.2.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.5. France

10.2.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.2.6. Rest of Europe

10.2.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.2.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3. APAC

10.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.3. India

10.3.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.4. China

10.3.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.5. Japan

10.3.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.3.6. Rest of APAC

10.3.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.3.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4. MEA

10.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.3. GCC

10.4.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.4. North Africa

10.4.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.5. South Africa

10.4.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.4.6. Rest of MEA

10.4.6.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.4.6.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5. Latin America

10.5.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.5.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.3. Brazil

10.5.3.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.5.3.2. Market Revenue and Volume Forecast, by Application (2020-2032)

10.5.4. Rest of LATAM

10.5.4.1. Market Revenue and Volume Forecast, by Material (2020-2032)

10.5.4.2. Market Revenue and Volume Forecast, by Application (2020-2032)

Chapter 11. Company Profiles

11.1. Alcoa Corporation

11.1.1. Company Overview

11.1.2. Product Offerings

11.1.3. Financial Performance

11.1.4. Recent Initiatives

11.2. Thyssenkrupp AG

11.2.1. Company Overview

11.2.2. Product Offerings

11.2.3. Financial Performance

11.2.4. Recent Initiatives

11.3. Bharat Forge Limited

11.3.1. Company Overview

11.3.2. Product Offerings

11.3.3. Financial Performance

11.3.4. Recent Initiatives

11.4. Norsk Hydro ASA

11.4.1. Company Overview

11.4.2. Product Offerings

11.4.3. Financial Performance

11.4.4. Recent Initiatives

11.5. Arconic Inc.

11.5.1. Company Overview

11.5.2. Product Offerings

11.5.3. Financial Performance

11.5.4. Recent Initiatives

11.6. Nemak

11.6.1. Company Overview

11.6.2. Product Offerings

11.6.3. Financial Performance

11.6.4. Recent Initiatives

11.7. Kobe Steel, Ltd.

11.7.1. Company Overview

11.7.2. Product Offerings

11.7.3. Financial Performance

11.7.4. Recent Initiatives

11.8. Georg Fischer AG

11.8.1. Company Overview

11.8.2. Product Offerings

11.8.3. Financial Performance

11.8.4. Recent Initiatives

11.9. Waupaca Foundry, Inc.

11.9.1. Company Overview

11.9.2. Product Offerings

11.9.3. Financial Performance

11.9.4. Recent Initiatives

11.10. Precision Castparts Corp. (PCC)

11.10.1. Company Overview

11.10.2. Product Offerings

11.10.3. Financial Performance

11.10.4. Recent Initiatives

Chapter 12. Research Methodology

12.1. Primary Research

12.2. Secondary Research

12.3. Assumptions

Chapter 13. Appendix

13.1. About Us

13.2. Glossary of Terms

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