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The automotive metal casting market is influenced by various market factors that play a crucial role in its growth and development. One significant factor is the demand for automobiles. As the automotive industry experiences fluctuations in demand for vehicles, it directly impacts the demand for metal castings used in the manufacturing process. Factors such as consumer preferences, economic conditions, and government policies affect the demand for automobiles, consequently affecting the automotive metal casting market.
Automotive metal casting market has witnessed a significant surge, mainly, due to the current hype regarding mobility services, autonomous driving, digitization and electric powertrains dominating the automotive industry.
Moreover, technological advancements play a pivotal role in shaping the automotive metal casting market. Innovations in casting processes, materials, and equipment enhance the efficiency and quality of metal castings, making them more desirable for automotive manufacturers. For instance, advancements in computer-aided design (CAD) and simulation technologies enable manufacturers to optimize casting designs and minimize defects, thus improving overall product quality.
Furthermore, raw material prices and availability significantly impact the automotive metal casting market. Metals such as aluminum, iron, and steel are primary materials used in casting processes. Fluctuations in the prices of these raw materials, as influenced by factors like mining regulations, geopolitical tensions, and market demand, directly affect the production costs of metal castings. Additionally, the availability of these raw materials can be constrained by factors such as supply chain disruptions or resource depletion, posing challenges for automotive casting manufacturers.
Another market factor influencing the automotive metal casting industry is environmental regulations and sustainability initiatives. Governments worldwide are implementing stringent emissions standards and promoting sustainable manufacturing practices to mitigate environmental impact. As a result, automotive manufacturers are increasingly opting for lightweight materials like aluminum and magnesium, which offer better fuel efficiency and reduced emissions compared to traditional materials like iron and steel. This shift towards lightweighting in the automotive industry creates opportunities for metal casting manufacturers specializing in these materials.
Furthermore, market competition plays a crucial role in shaping the dynamics of the automotive metal casting industry. With a growing number of players in the market, competition intensifies, leading to innovations, cost reductions, and improved product quality. Additionally, factors such as globalization and trade agreements influence market competition by enabling companies to expand their presence in new markets and access a broader customer base.
Moreover, the automotive metal casting market is influenced by trends in vehicle design and manufacturing. As automotive manufacturers strive to meet consumer demands for fuel efficiency, safety, and performance, they continuously innovate in vehicle design and incorporate advanced technologies. This includes the integration of complex metal cast components in modern vehicle designs, such as engine blocks, transmission housings, and suspension components. Consequently, automotive metal casting manufacturers must stay abreast of these trends to align their product offerings with evolving industry requirements.
Automotive Metal Casting Market Highlights:
Automotive Metal Casting Market Scenario:
Automotive metal casting market size was valued at USD 24.79 Billion in 2022. The automotive metal casting industry is projected to grow from USD 28.98 Billion in 2023 to USD 79.75 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 10.7% during the forecast period (2024 - 2032).
Automotive metal casting market has witnessed a significant surge, mainly, due to the current hype regarding mobility services, autonomous driving, digitization and electric powertrains dominating the automotive industry. With the boom in automotive production, across the globe the automotive chassis and exterior account for a major share in the development of the automotive metal casting market. Weight reduction in vehicles is another major trend in the market that is expected to boost the demand, with manufacturers opting for lightweight materials to ensure reduction in emission rates. As a result, the use of lightweight materials such as aluminum, magnesium and zinc, has increased in the automotive industry. With major manufacturers and suppliers in the automotive industry competing at globally, the intensity of competition within the automotive industry has increased. Such intense competition is pushing various manufacturers and suppliers across the supply chain to develop high quality metal casting solutions to acquire greater market share. Fluctuating cost of metals is expected to be a major retraining factor in the automotive metal casting market. The increasing demand for steel is directly proportional to the increasing demand for automobiles, across the globe.
The global metal casting market has been segmented on the on the basis of application as Body Assembly, Engine, and Transmission. On the basis of materials, the market has been segmented as aluminum casting, cast iron, magnesium casting and zinc casting. On the basis of region, the market for metal casting has been segmented into North America, Europe, Asia Pacific, Middle East & Africa and South America.
December 2023
Proterial Ltd., a global leader in high-performance materials for mobility, industrial infrastructure, and electronics, announced today that it has signed a definitive agreement whereby Monomoy Capital Partners (“Monomoy”) will acquire Waupaca Foundry, Inc., North America’s leading supplier of cast and machined iron castings. The current management team at Waupaca Foundry will continue to run the company under the leadership of Michael Nikolai, who is the President, CEO, and COO. The financial terms of this private deal were not made public.
With its roots dating back to 1871 and headquarters in Wisconsin, Waupaca Foundry deploys advanced processes and technology driven by talented people with high potential to produce grey and ductile iron for a range of markets. Automotive represents one of several industries where Waupaca Foundry is acknowledged as the largest provider of castings made from gray and ductile irons using methods such as machining or coating. It also possesses five foundries with an annual iron output capacity of 1.4m tonnes, making it one of the world's biggest metal casting suppliers, employing over four thousand workers.
Regional Analysis:
The automotive metal casting market is currently booming in the Asia Pacific region. Rapidly rising vehicle production in this region is one of the primary driving factors. Improving infrastructure in this region combined with improving living standards, have positively impacted the automotive industry, as a whole. Additionally a global shift has been witnessed in the Asia Pacific region providing opportunities to major manufacturers in the market in the form of tax cuts and government subsidies. Availability of cheap labor in this region has also been a key factor in the automotive metal casting market. China is the key growth driver as it is expected that its body safety structures will be adapted to European standards, including wider use of metal casting components.
North America and Europe are the other two leading regions, mainly due to the established automotive industry. Existence of major manufacturers in this region is also a key driver of the automotive metal casting industry. Heavy investment in research and development enables manufacturers in this region to develop new techniques and products to utilize the future market trends. A key trend in this region has been the development of the lightweight material so as to tackle the problem of high emission rates.
Key Players:
The key players of global Automotive Metal Casting market are Nemak (Mexico), Ryobi Limited (Japan), Rheinmetall Automotive (Germany), GF Automotive (Switzerland), Ahresty Corporation (Japan), and Dynacast (U.S.). In 2023, these companies accounted for a share of XX% of the global market.
Market Segmentation:
Intended Audience:
- Distributer & Supplier companies
- End-users
- Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
Product Analysis:
- Product matrix which gives a detailed comparison of the market for different recycled product types
Additional Information:
- Regulatory Landscape
- Pricing Analysis
- Macroeconomic Indicators
Geographic Analysis:
- Geographical analysis across 15 countries
Recent Development
January 2024
Rane (Madras) Ltd has created a greenfield facility at Aguascalientes in Mexico through its wholly-owned subsidiary Rane Automotive Components Mexico (RACM) to manufacture steering & suspension components for passenger vehicles.
The first business for this facility includes an order from a top-tier automotive OEM dealing with electric vehicle platforms for inner and outer ball joints. This program is expected to go live in 2025, and based on the company's news release, it would increase sales by INR80 crore annually.
There was no better choice than selecting Aguascalientes since it shares a strategic location within Mexico. There are five states that make up central Mexico's Bajio region which include Aguascalientes – having Nissan plants and many top tier-1 automotive suppliers.
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