Aluminum Castings Market Analysis

Global Aluminum Castings Market Overview

The Aluminum Castings Market Size was valued at USD 86.96 Billion in 2022. The Aluminum Castings industry is projected to grow from USD 87.34 Billion in 2023 to USD 92.8 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.56% during the forecast period (2023 - 2030). Aluminum casting is a process of making simple to complex parts by pouring molding liquid aluminum under high pressure. It is used in industries as lightweight, consisting of more surface finishing, and can withstand high temperatures. The process helps the producers produce parts faster and higher than any other alloy material. Due to the material's versatility, it can be used for different purposes.          Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Aluminum Castings Market Trends

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  The growing automobile sector and growing demand from various industries.

  
  

The increasing demand for energy-efficient and lightweight vehicles is the major driver of the Aluminum Castings Market. The increase in the replacement of steel and iron in many industries with aluminum is boosting the market. The features of aluminum, such as durability, good appearance, lightweight and corrosion resistance, influence the market to be design-oriented. Electrical & thermal conductivity, lightweight, complete recyclability, competitive cost, and attractive appearance are the additional characteristics of aluminum due to which the Aluminum Castings Market Size is increasing.  

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Additionally, the most suitable substitute in the automotive industry is aluminum due to the rise in the weight reduction of vehicles. The environmental benefit, fuel efficiency, and good aluminum properties investment create ample opportunity for the market. The use of aluminum in aerospace due to its lightweight and safe purpose and in the automotive industry is increasing new growth opportunities for the Aluminum Castings Market. Due to all of these, the market players will experience new opportunities in the market.

In October 2022, a strategic partnership was formed between China's largest producer of aluminum and Chinese electric vehicle start-up NIO.

In June 2022, three companies, Mitsubishi Corporation RtM Japan Ltd., NanoAL, and Nikkei MC Aluminium Co. Ltd., signed an agreement for the commercialization and development of high-pressure die-casting aluminum alloys for different industrial applications.

The Graphene Manufacturing Group (GMG) made a breakthrough in July 2024 with its graphene aluminum-ion battery technology. This could be disruptive technology when it comes to energy storage and batteries as this new type holds high power density and has negligible temperature rise during fast charging periods. GMG anticipates widespread applications of these batteries across multiple industries because of their enhanced safety and efficiency compared to conventional lithium-ion batteries​.

Aluminum Castings Market Segment Insights

Aluminum Castings End-Use Industry Insights

The Aluminum Castings Market segmentation, based on End-Use Industry, includes Building & Construction, Industrial, Transportation, and Others. The transportation segment is expected to dominate the market due to the enhancement of the end-user. The growth will accelerate in the future due to the increasing demand for lighter vehicles which leads to replacing the iron and steel parts on the vehicles with aluminum products. The rising demand for cast aluminum in the automobiles industries is attributed to the enhancement of light vehicles with better fuel efficiency in the Aluminum Castings Market. 

Aluminum Castings Process Insights

Based on Process, the Aluminum Castings Market segmentation includes Die Casting, Sand Casting, and Permanent Mold Casting. The die-casting variable is attributed to registering high growth in the forecast period due to the process's great efficiency and excellent economical acceptance. This offers a wide range of shapes and components than any other casting technique. The segment is gaining growth as it is mostly used in the automobile industry for the parts like engine blocks and wheel spacers. Other segments will also enhance the Aluminum Castings Market Growth in the forecast period.

In August 2022, Norwegian multinational aluminum company Norsk Hydro ASA announced plans to spend over $50 million expanding recycling capabilities at its Pennsylvania plant alone, among other places around America.

Figure 2: Aluminum Castings Market, by Process, 2023 & 2030 (USD Billion)            Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Aluminum Castings Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific is expected to hold the largest market share due to the rapid use of the market in industrial applications such as heavy machinery, automobiles, mass transportation, automobiles, and others. It is the reason for the foster of the market in the region. The increasing demand for lighter vehicles in the region also increases market growth. The region is gaining growth also due to the presence of the largest consumer and producer of aluminum casting all over the globe.

Figure 3: ALUMINUM CASTINGS MARKET SHARE BY REGION 2023 (%)Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe is showcasing significant growth due to the strict European emission laws and strict penalty payments in case of excess emissions driving the market in the region. France and Germany accounted for over 47.9% of the total European region of the market in 2020

Aluminum Castings Key Market Players & Competitive Insights

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Aluminum Castings market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Aluminum Castings industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Aluminum Castings. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their global presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Aluminum Castings industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Aluminum Castings industry to benefit customers and expand the market sector. The Aluminum Castings market has recently given medicine some of the most important advantages. Major Aluminum Castings market players, including Alcast Technologies Ltd. Canada, Alcoa Corporation USA, Aluminum Corporation of China Limited China, Arconic Inc., the USA, Dynacast Charlotte USA, and others, are attempting to increase market demand by funding R&D initiatives.

Alcoa (formerly known as Alcoa Upstream) is a company that produces and sells bauxite, alumina, and aluminum products. It is engaged in bauxite mining operations, processes bauxite into alumina, and sells bauxite to customers who process it into industrial chemical products. The company is also involved in the aluminum smelting, casting, and rolling businesses.

Also, Rio Tinto is a global mining and metals company. Its focus is on finding, mining, and processing mineral resources. The company produces iron ore, aluminum, copper, diamonds, coal, uranium, gold, and industrial minerals (borates, titanium dioxide, and salt).

Lankwitzer Lackfabrik’s liquid coatings business for aluminium wheels was acquired by AkzoNobel in December 2022; enriching their performance coatings portfolio with Lankwitzer products as well as their existing range of powder coatings. It is expected that this acquisition will enable the expansion of product ranges, particularly targeting the automotive industry, where Lankwitzer’s paints are already approved by key car manufacturers such as Daimler, Audi, and VW.

Key Companies in the Aluminum Castings market include

• Alcast Technologies Ltd. (Canada)


• Alcoa Corporation (USA)


• Aluminum Corporation of China Limited (China)


• Arconic Inc. (USA)


• Dynacast Charlotte (USA)


• Endurance Technologies (India)


• Gibbs Die Casting Corp (USA)


• Kaiser Aluminum (USA)


• Martinrea Honsel (Germany)


• Nemak S.A.B. de C.V. (Mexico)


• Rio Tinto (UK)


• Rockman Industries Ltd. (India)


• Ryobi Limited (Japan).

Aluminum Castings Industry Developments

In November 2021, Saturnose stated its plans to make a solid-state rechargeable aluminum battery based on the Enhanced Altered Aluminum Ion (Ea2I) battery chemistry that was subjected to independent testing. In its first year of operation in 2022, it will be the initial commercial-grade aluminum-ion solid-state battery, opening up a long, drawn-out gradual exit from lithium-ion battery chemistry that is considered more dangerous.

In November 2021, Rio Tinto spent $87m on its AP60 smelter in the Saguenay-Lac-Saint-Jean region of Quebec to increase its low-carbon aluminum production in Canada with 16 new smelting cells. The company says that they plan to produce 86,500 metric tonnes of primary aluminium per annum at the facility – this is an increase of nearly 45% or around 26,500 metric tonnes due to this investment. According to Rio Tinto, global aluminum demand is expected to grow at a CAGR of about 3.3% over the next ten years driven by solid demand for energy transition and decarbonization.

In July 2024, Hydro signed a partnership agreement with Interpon in order to develop sustainable coating solutions. One such collaboration is focused on developing environmentally friendly high-performance aluminum coatings for architectural and automotive applications. The aim of this alliance is to further improve the durability and environmental benefits of Hydro’s aluminum products by leveraging the expertise in powder coatings that Interpon possesses.

Aluminum Castings Market Segmentation

Aluminum Castings End-use Industry Outlook

• Building & construction


• Industrial


• Transportation


• Others

Aluminum Castings Process Outlook

• Die Casting


• Sand Casting


• Permanent Mold Casting

Aluminum Castings Regional Outlook

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  North America

  
  
  
  
  • US
  
  
  • Canada
  
  
  
  


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  Europe

  
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


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  Asia-Pacific

  
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


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  Rest of the World

  
  
  
  
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    Middle East

    
    
  
  
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    Africa

    
    
  
  
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    Latin America