Global Metal Casting Market Overview
Metal Casting Market size was valued at USD 139.0 billion in 2023. The metal casting industry is projected to grow from USD 149.8 Billion in 2024 to USD 211.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 4.40% during the forecast period (2024 - 2032). The automobile industry's rising demand for aluminum and the expansion of the main end-use industries are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Metal Casting Market Trends
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Growing manufacturing segment to boost market growth
By using cut-out moulds and metal casting, any desired 3D metal shape can be created for the production of goods for many industries. It's used to make lamp poles, bus pedals, and other things in addition to train wheels and vehicle parts. China, India, and the United States are the top metal casting suppliers. Casting is a typical essential step in the manufacturing of many goods. Casting of various parts is used in the production of over 90% of all durable goods. A few additional industries, including as defence, agriculture, oil & gas, aerospace, railroad, healthcare, and transportation, in addition to the automotive, construction, and mining sectors, have a wide range of applications for metal casting in the production of various parts.
Further, several conventional methods of die metal casting will be replaced by growing additive manufacturing, often known as 3D printing. As comparison to investments in die metal casting, 3D printing produces results that are more powerful and lifelike. Any form of silicone, composite material, metal, plastic, and sand may now be printed using technology in power-based additive manufacturing. It provides manufacturers with the ability for flexible designing, rapid prototyping, waste minimization, lightweight and strong parts, easy access, and cost-effectiveness, which is restricting demand for metal casting.
Therefore, increasing demand from manufacturing industries has enhanced the metal casting market CAGR across the globe in the recent years.
HoweverTechnological advancements, disruptions, changing consumer preferences, and rapid growth in disposable income are expected to drive market revenue growth of the Metal Casting market revenue.
Notably, it was announced by POSCO in November 2022 that two of its steel plants in Pohang and Gwangyang were certified for their laudable role in promoting sustainable development in the steel industry. This is a great testament to the unyielding efforts of these facilities, which are well-managed to achieve environmental, social and governance goals.
GF Casting Solutions of GF, based in Schaffhausen, Switzerland, signed an agreement with Bocar Group located in Mexico City, Mexico, in May 2022 to develop and invest in new technologies and services for customers on their way to sustainable mobility in North America as well as in Europe and Asia.
Metal Casting Market Segment Insights
Metal Casting Material Type Insights
The Metal Casting market segmentation, based on Materialtype, Cast Iron, Aluminum, Stainless Steel, Zinc, Magnesium. The cast iron industry contributed the most to total income. Cast iron, which is used in lost foam casting or sand casting, is a mixture of carbon, silicon, manganese, and other impurities, including phosphorus and sulphur. Due to its lower melting point, castability, good fluidity, machinability, deformation resistance, wear resistance, and other properties, cast iron is also used in machines, pipes, industry parts for automobiles, gearbox cases, and cylinder heads, these are the major contributions in respect to the Metal Casting market revenue.
Figure 1: Metal Casting Market, by Material type, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
June 2022: NanoAL, Nikkei MC Aluminium Co., Ltd., and Mitsubishi Corporation RtM Japan Ltd. commenced a partnership for the commercialization and development of innovative die-casting aluminium alloys to target various emerging applications, such as electronics and automotive.
Metal Casting Process Insights
The Metal Casting market segmentation, based on Process, includes Sand Casting, Die Casting, Shell Mold Casting, Gravity Casting, Vacuum Casting. In terms of revenue share in 2021, sand casting ranked first. The casting method reduces the cost of tools and allows for the recycling of scrap while allowing varying sizes of metal components to construct complicated designs. Sand casting is also used in the manufacturing of air compressor pistons, impellers, blowers, bearings, cams, engine oil pans, gears, valves, screw nuts, and mining machine parts. These applications are likely to support the segment's expected revenue growth. Throughout the projection period, the die casting segment is anticipated to experience moderate revenue growth. The vacuum casting market is anticipated to grow at a moderate rate in terms of revenue during the projected period. This casting process is widely employed in the automotive industry. Some limited batches of useful pieces are produced using this casting technique. Hence, rising development in these segments positively impacts the market growth.
Metal Casting End-Use Industry Insights
The Metal Casting market data has been bifurcated by End-Use Industry into Automotive & Transportation, Building & Construction, Mining, Equipment & Machine, Consumer Goods. In 2021, the automotive and transportation category had the biggest revenue share. The largest market for metal casting parts is the worldwide automotive sector. For the production of various small parts in buses, cars, trucks, and other vehicles, there is an increasing demand for lightweight die castings in the automotive industry. Furthermore, complicated, lightweight, and high tensile structural components are needed for the aircraft sector. Die casting with aluminium and magnesium stimulates the production of lightweight, fuel-efficient aircraft. Many applications and rapid automotive industry expansion are anticipated to fuel this segment's revenue growth.
Metal Casting Regional Insights
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The Asia-Pacific Metal Casting Market accounted for USD 145.23 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. It held 45.80% of the entire market. Asia Pacific is the most advantageous region for manufacturers to set up production facilities since it is characterised by the presence of skilled workers at a low cost. Moreover, China Metal Casting market held the largest market share, and the India Metal Casting market was the fastest growing market in the Asia-Pacific region
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: METAL CASTING MARKET SHARE BY REGION 2023 (%) 
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Metal Casting market accounts for the second-largest market share. The demand for commercial vehicles is rising throughout Europe as a result of the expanding industrial sector and the expansion of business operations in logistics. This in turn serves as one of the important drivers of market expansion. Further, the Germany Metal Casting market held the largest market share, and the UK Metal Casting market was the fastest growing market in the European region.
Throughout the projected period, the North American Metal Casting Market is anticipated to have stable revenue growth. Heavy machinery used in agriculture and construction as well as automobiles, trucks, engines, and railroad cars are all processed using metal casting, which is a crucial element of the process. Further, the US Metal Casting market held the largest market share, and the Canada Metal Casting market was the fastest growing market in the region.
Metal Casting 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 metal casting market to 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 Metal Casting industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the Metal Casting industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Metal Casting industry has provided with outcomes with some of the most significant benefits. The Metal Casting market major player such as Alcast Technologies, Dynacast, ArcelorMittal, POSCO, and Reliance Foundry Co. Ltd are working to expand the market demand by investing in research and development activities.
Dynacast, An international producer of precisely manufactured metal components is Dynacast, a Form Technologies Company. They provide reliable solutions for a variety of industries, such as automotive, consumer electronics, and healthcare, by utilising their own die cast processes. Zinc, aluminium, and magnesium are used in the production of high-precision die cast parts by Dynacast. If we talk about the size of those parts, let's say from hand size down to nearly nothing. We definitely have some components that are very, very difficult to see.
Also, POSCO, originally known as Pohang Iron and Steel Company Ltd., is one of the top steel manufacturers in the world. Over 26 million tonnes of hot- and cold-rolled steel products, including coil, plate, wire rod, electrical sheets, and stainless steel, are produced by the firm each year. The shipbuilding, automobile, and home appliance industries in Korea use around 72% of the steel produced by POSCO; the remaining 26% is exported to about 60 other nations. Also, POSCO runs a large number of international joint ventures and subsidiaries. Since then, the company has concentrated on developing alliances with other steel producers, expanded its selection of steel products with added value, and withdrawn from joint ventures and non-performing enterprises. POSCO is also rapidly expanding in China.
Endurance Technologies Limited completed the acquisition of Italian auto parts manufacturer Grimeca Srl on June 30, 2020. In a filing made with the stock exchange Endurance disclosed that it acquired the remaining interest equaling upto100% shareholding valued at approximately USD $2.45 million or its equivalence of Euro €2.25million.
Kutes is a popular metal casting firm based out of Turkey that will undergo an energy efficiency makeover funded by Türkiye Sinai Kalkinma Bankasi (TSKB) and the European Bank for Reconstruction and Development (EBRD). TSKB has provided Kutes with a loan worth €15.4m to build two solar power plants located at Kirklareli and Edirne, amounting to 26 MW under the EBRD Risk Sharing Framework (RSF). In this groundbreaking move, EBRD takes only half credit risk from TSKB, signaling its commitment towards environment-friendly programs within the metals industries’ business in Turkey.
Key Companies in the Metal Casting Market includes
Metal Casting Industry Developments
The Northern Endurance Partnership (NEP), which BP will manage in the future, was created in October 2020 by Equinor together with National Grid, Shell, and Total. Its purpose is to construct offshore CO2 transport and storage facilities in the UK North Sea.
In February 2021, Clearlake stated that Newfold Digital had been formed, and Endurance International Group, along with strategic investment transactions with Web.com and Siri's affiliates, were completed.
Furthermore, in July 2023, the American Foundry Society (AFS) reported the start of the program, which aims to enhance the utilization of additive manufacturing in metal casting. The program is called AM for Metal Casting and is targeted toward metal casters willing to improve their products and processes by means of additive manufacturing technologies.
December 2020 saw Ryobi Aluminum Casting (UK) Ltd secure a major new multi-million-pound contract with an emerging transmission supplier focusing on electrified drivetrains able to produce clutch and transmission cases at 150k per annum for new hybrid vehicles starting from 2023 and onwards.
In June 2020, Endurance Technologies Limited completed the purchase of Grimeca Srl, which is an Italian manufacturer of auto parts. In one of the filings to the stock exchange, Endurance reported that Grimeca's stock was 100% owned for 2.25 million Euros, about 2.45 million dollars.
On the other hand, in November 2022, POSCO reported that two of its steelwork plants - in Pohang and Gwangyang - have received acknowledgments for their efforts in supporting the sustainable development of the steel industry. This outstanding achievement emphasizes the plant's management fluently and firmly integrates into the management of environmental, social and corporate best management practices (ESG) policies.
Alcoa Corporation said in July 2022 that it will construct a project at its Deschambault smelter in Canada to upgrade its capacity to cast standard ingots. The smelter has a nameplate capacity of 287,000 metric tonnes of aluminum per year.
Metal Casting Market Segmentation
Metal Casting Material Type Outlook
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Cast Iron
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Aluminum
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Stainless Steel
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Zinc
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Magnesium
Metal Casting Process Outlook
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Sand Casting
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Die Casting
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Shell Mold Casting
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Gravity Casting
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Vacuum Casting
Metal Casting End-Use Industry Outlook
Metal Casting Regional Outlook
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North America
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Europe
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Germany
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France
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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Japan
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India
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Australia
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South Korea
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Australia
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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
| Report Attribute/Metric |
Details |
| Market Size 2023 |
USD 139.0 billion |
| Market Size 2024 |
USD 149.8 billion |
| Market Size 2032 |
USD 211.6 billion |
| Compound Annual Growth Rate (CAGR) |
4.40% (2024-2032) |
| Base Year |
2023 |
| Market Forecast Period |
2024-2032 |
| Historical Data |
2018 & 2021 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Material Type, Process, End-Use Industry and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and Rest of the World |
| Countries Covered |
The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled |
Alcast Technologies, Dynacast, ArcelorMittal, POSCO, Reliance Foundry Co. Ltd |
| Key Market Opportunities |
Increasing demand for aluminum in the automotive industry |
| Key Market Dynamics |
Metal casting foundries rely on metal recycling as a cost-efficient source of raw material, which significantly reduces scrap metal. Technological developments in the automotive field are propelling the demand for automotive products. |
Metal Casting Market Highlights:
Frequently Asked Questions (FAQ) :
The Metal Casting market size was valued at USD 139.0 Billion in 2023.
The market is projected to grow at a CAGR of 4.40 % during the forecast period, 2024-2032.
Asia-Pacific had the largest share in the market
The key players in the market are Alcast Technologies, Dynacast, ArcelorMittal, POSCO, Reliance Foundry Co. Ltd
The cast iron segment dominated the market in 2023.
The automotive and transportation segment had the largest share in the market.
