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The metal casting market operates within a dynamic landscape influenced by various factors that shape its growth and development. Metal casting is a manufacturing process used to produce metal components of various shapes and sizes by pouring molten metal into a mold and allowing it to solidify. One of the primary drivers of market dynamics is the increasing demand for metal castings across diverse industries such as automotive, aerospace, construction, and manufacturing. Metal castings are essential components used in the production of a wide range of products, including automotive parts, machinery, valves, and tools. As industries continue to expand and innovate, the demand for metal castings is expected to grow, driving market growth.
Aluminum is extensively used in the manufacturing of components used in electric vehicles, such as battery housings, E-drivers, inverters, brake components, and charging stations. Besides, the automobile components made using metals such as aluminum, magnesium, and advanced high strength steel are being preferred for application in electric vehicles owing to their lightweight, which enhances the battery performance for the long run and thus, increases the driving range.
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Technological advancements play a crucial role in shaping the competitive landscape of the metal casting market. Innovations in casting processes, materials, and equipment have led to improvements in efficiency, productivity, and product quality. Advanced casting techniques such as investment casting, die casting, and sand casting allow manufacturers to produce complex shapes with tight tolerances and superior surface finishes. Moreover, the development of new metal alloys and composites expands the range of applications for metal castings, offering opportunities for market players to diversify their product offerings and cater to emerging customer needs.
Market dynamics in the metal casting industry are also influenced by economic factors such as industrial production, infrastructure spending, and global manufacturing trends. Economic growth and industrial expansion drive demand for metal castings used in construction projects, machinery manufacturing, and infrastructure development. Conversely, economic downturns or recessions may lead to reduced demand for metal castings as industries cut back on production and capital expenditures. Moreover, fluctuations in commodity prices, currency exchange rates, and trade policies can impact the cost of raw materials and affect the profitability of metal casting companies operating in the global market.
Environmental regulations and sustainability concerns are increasingly shaping the dynamics of the metal casting market. Metal casting processes can generate emissions, waste, and environmental pollutants if not properly managed. As a result, governments and regulatory bodies are implementing stricter environmental regulations to reduce emissions, improve energy efficiency, and promote sustainable practices in the manufacturing sector. Metal casting companies are investing in technologies and practices to minimize environmental impact, such as implementing cleaner production processes, recycling scrap metal, and reducing energy consumption. Additionally, there is a growing demand for eco-friendly casting materials and processes that minimize waste and emissions, driving innovation and market growth in sustainable casting solutions.
Customer preferences and industry trends also influence market dynamics in the metal casting sector. End-users are increasingly seeking lightweight, durable, and cost-effective components for their applications, driving demand for innovative casting materials and technologies. Industry trends such as additive manufacturing, digitalization, and Industry 4.0 are transforming the metal casting landscape by enabling companies to optimize production processes, reduce lead times, and customize products according to customer specifications. Furthermore, the shift towards electric vehicles, renewable energy systems, and green technologies is creating new opportunities for metal casting companies to supply components for sustainable applications.
The competitive dynamics within the metal casting market are characterized by intense rivalry among key players competing for market share and profitability. Market participants range from large multinational foundries to smaller regional casting shops and specialized manufacturers. Strategies such as vertical integration, product diversification, and geographic expansion are commonly employed by companies to strengthen their market position and differentiate themselves from competitors. Additionally, quality assurance, on-time delivery, and customer service initiatives are essential for companies to maintain customer satisfaction and retain their competitive edge in a highly competitive market environment.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Material Type, Process, End-Use Industry and Region |
Metal Casting Market Highlights:
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
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Dynacast
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ArcelorMittal
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POSCO
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Metal Casting Industry Developments
October 2020: The Northern Endurance Partnership (NEP), which will be operated by bp, has been founded by Equinor, National Grid, Shell, and Total. Its goal is to build offshore carbon dioxide (CO2) transport and storage infrastructure in the UK North Sea.
February 2021: Clearlake announces the formation of Newfold Digital and completes the acquisition of Endurance International Group and strategic investment transactions with Web.com and affiliates of Siris.
July 2023: The American Foundry Society (AFS) announced the launch of a new initiative to promote the use of additive manufacturing in metal casting. The initiative, called AM for Metal Casting, aims to help metalcasters adopt additive manufacturing technologies to improve their products and processes.
In December 2020, Ryobi Aluminum Casting (UK) Ltd won a key new multi-million-pound contract with an emerging transmission supplier specializing in electrified drivetrains to manufacture clutch and transmission cases at a target production rate of 150k per annum for new hybrid vehicles from 2023 onwards.
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
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Automotive & Transportation
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Building & Construction
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Mining
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Equipment & Machine
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Consumer Goods
Metal Casting Regional Outlook
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North America
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US
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Canada
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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
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