Aluminum Casting Market expected to reach USD 79.13 billion by 2022

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Jun 06, 2017, 12:23 ET

LONDON, June 6, 2017 /PRNewswire/ -- Highlights

· Aluminum casting market is projected to grow at a CAGR of 7.33% during the forecast period.

· The aluminum casting market is projected to grow at a CAGR of 7.33% from 2017, to reach USD 79.13 billion by 2022.

· The aluminum casting market is witnessing considerable growth due to advancements in technology and high efficiency of aluminum cast products.

· Growing demand in the automobile and consumer applications, rising military investment in lightweight weaponry, and industrial expansion in emerging economies are the key factors fueling the growth of the aluminum casting market.

· The transportation segment is estimated to dominate the aluminum casting market through 2022.

· The transportation segment is estimated to dominate the end-use segment of the aluminum casting market and is also projected to be the fastest-growing segment during the forecast period.

· The growing demand for lighter automobiles globally has led to the replacement of steel and iron parts in automobiles with aluminum products.

· The rising demand for aluminum cast products in the transportation sector is attributed to the growing popularity of lightweight vehicles with better fuel efficiency.

· The Asia-Pacific aluminum casting market constituted the largest market share and is projected to register the highest growth rate during the forecast period.

· In 2016, Asia-Pacific dominated the total aluminum casting market, in terms of value and volume, followed by Europe and North America.

· The growth in the Asia-Pacific market is attributed to the increasing usage of aluminum casting in applications such as automobiles, heavy machinery, building & construction, and mass transportation.

"Aluminum casting market is projected to grow at a CAGR of 7.33% during the forecast period."
The aluminum casting market is projected to grow at a CAGR of 7.33% from 2017, to reach USD 79.13 billion by 2022. The aluminum casting market is witnessing considerable growth due to advancements in technology and high efficiency of aluminum cast products. Growing demand in the automobile and consumer applications, rising military investment in lightweight weaponry, and industrial expansion in emerging economies are the key factors fueling the growth of the aluminum casting market. The aluminum casting market has come across new opportunities as aluminum is preferred over iron and steel products in the automobile industry; moreover, investments in the automobile industry is growing, which will drive the demand for cast aluminum products. However, factors such as environmental effects of aluminum castings and requirement of high capital investments restrain the growth of the market.

"The transportation segment is estimated to dominate the aluminum casting market through 2022."
The transportation segment is estimated to dominate the end-use segment of the aluminum casting market and is also projected to be the fastest-growing segment during the forecast period. The growing demand for lighter automobiles globally has led to the replacement of steel and iron parts in automobiles with aluminum products. The rising demand for aluminum cast products in the transportation sector is attributed to the growing popularity of lightweight vehicles with better fuel efficiency.

"The Asia-Pacific aluminum casting market constituted the largest market share and is projected to register the highest growth rate during the forecast period.'
In 2016, Asia-Pacific dominated the total aluminum casting market, in terms of value and volume, followed by Europe and North America. The growth in the Asia-Pacific market is attributed to the increasing usage of aluminum casting in applications such as automobiles, heavy machinery, building & construction, and mass transportation. China is projected to be the fastest-growing country-level market in the region for the aluminum casting market. The growing automobile industry has resulted in a steady demand for aluminum casting supported by the country's government policies, which have boosted car sales and driven the domestic demand.

Breakdown of Primaries
Primary interviews were conducted with a number of industry experts in order to collect data related to different aspects of the aluminum casting market. Estimates reached after analyzing secondary sources were validated through these interviews. Primary sources included professionals such as manufacturers, distributors, consultants, and academic professionals. The distribution of primary interviews is as follows:

By Company Type: Tier 1 –35%, Tier 2 – 30%, Tier 3 – 35%
By Designation: Director Level – 65, Manager Level – 35%
By Region: North America – 25%, Asia-Pacific – 22%, Europe – 28%, Middle East and Africa – 15%, South America– 10%

Note: The tier of the companies is defined on the basis of their total revenue, as of 2015.
Tier 1: Revenue > USD 500 million; Tier 2: USD 100 million < USD 500 million; Tier 3: Revenue < USD 100 million

The various key players profiled in the report are as follows:
1. Alcoa Corporation (U.S.)
2. Ryobi Limited (Japan)
3. Aluminum Corporation of China (China)
4. Nemak S.A.B. de C.V. (Mexico)
5. Rio Tinto (U.K.)
6. United Company Rusal (Russia)
7. China Hongqiao Group Limited (China)
8. Arconic Inc. (U.S.)
9. Gibbs Die Casting Corp (U.S.)
10. Dynacast Charlotte (U.S.)

Research Coverage
The segmentation considered for this report is based on process, end-use industry, and regions that constitute the key markets. The report covers detailed information regarding the major factors influencing the growth of the aluminum casting market such as drivers, restraints, challenges, and opportunities. A detailed analysis of the key industry players has been done to provide insights into their business overview, products & services, key strategies, and recent developments associated with the aluminum casting market.

Reasons to buy the report
The report will help the market leaders/new entrants in this market in the following ways:
1. This report segments the aluminum casting market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across the different verticals and regions.
2. The report helps stakeholders to understand the market and provides them information on the key market drivers, restraints, opportunities, and challenges.
3. This report will help stakeholders to better understand their competitors and gain more insights with regard to their position in the business. The company profiles section includes strategies adopted by aluminum casting manufacturers such as new product & technology launches, mergers & acquisitions, agreements & contracts, joint ventures, and expansions & investments.
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