Metal Casting Market is predicted to reach USD 584.49 billion at a CAGR of 7.8% during the forecast period

Pune, India, July 2023, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Metal Casting Market.

Metal Casting Market Highlights

The MRFR analysis reports state that the global Metal Castings market was worth nearly USD 345.5 billion in 2022. The reports further project the market worth to attain around USD 584.49 billion by the end of 2032 while thriving at a substantial growth rate of around 7.80%.

The global Metal Castings market has grown in the last few years. The main aspect causing a surge in the performance of the market is the automobile industry's rising demand for aluminum across the globe. Furthermore, the growth of the main end-use industries is also considered to be one of the vital aspects causing a surge in the performance of the global market. Moreover, the expanding manufacturing segment is also projected to positively impact the development of the global market over the assessment timeframe. In addition, factors such as rapid growth in disposable income, changing consumer preferences, disruptions, and technological advancements are also likely to boost the global market performance over the coming years.

Segment Analysis

The global market for Metal casting is fragmented into various segments based on Process, Material Types, End-Use Industry, and region.

Based on the Material Types, the global market for Metal casting has been split into Magnesium, Zinc, material type, Stainless Steel, Cast Iron, and Aluminum.

Based on the Process, the global market for Metal Castings has been split into Vacuum Casting, Sand Casting, Gravity Casting, Shell Mold Casting, and Die Casting.

Based on the End-Use Industry, the global market for Metal Castings has been split into Consumer Goods, Automotive & Transportation, Equipment & Machine, Mining, and Building & Construction.

Regional Analysis

The global market for Metal casting is analyzed across five major geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The MRFR analysis reports the Asia-Pacific regional Metal Castings market leading spot across the global market for Metal Castings in 2022 with the largest contribution of around USD 145.23 billion, which is nearly 45.80% of the entire market. The region has China as the largest contributor in terms of revenue share. On the other hand, the Indian market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is that the region is characterized by skilled workers at a low cost.

The European regional market for Metal Castings is anticipated to ensure the second position across the global market over the assessment period. The region has the German market as the largest contributor in revenue share. On the other hand, the UK market is likely to grow at the highest pace over the coming years. The main parameter enhancing regional market development is the rising demand for commercial vehicles across the region given to the rapidly expanding industrial sector. Furthermore, the expansion of business operations in logistics is also projected to impact the regional market's growth positively.

The North American region will likely demonstrate maximum growth over the coming years. The region has the US market as the largest contributor in revenue share. On the other hand, the Canadian market is likely to grow at the highest pace over the coming years. The main parameter enhancing the development of the regional market is the growing use of heavy machinery in agriculture and construction, as well as engines, trucks, automobiles, and railroad cars.

Competitive Analysis

The global market for Metal casting is known to have a strong and competitive landscape. The players across the market are focusing on investments in research & development activities to expand their product lines, which will help the Metal Castings market grow even more. They are also considering several strategic activities to expand their footprint, with vital market developments including new product launches, higher investments, mergers & acquisitions, contractual agreements, and collaboration with other organizations. The list of prominent participants across the global market for Metal casting includes players such as Reliance Foundry Co. Ltd, ArcelorMittal, Alcast Technologies, POSCO, and Dynacast, among various others.