The global non-ferrous castings market to grow at a CAGR of 5.84% during the period 2017-2021.
Global Non-ferrous Castings Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report also includes a discussion of the Key vendors operating in this market. To calculate the market size, the report considers the retail selling price as the average selling price for the product.
The latest trend gaining momentum in the market is Shift from ferrous to non-ferrous casting. In recent years, the metal castings market has been shifting toward non-ferrous castings, especially aluminum castings, due to their favorable features. Also, end-user industries, such as automotive, telecommunications, and industrial machinery, are focusing on lightweight products to improve their quality and efficiency by reducing the overall weight.
According to the report, one of the major drivers for this market is Increased simulation-based castings. Simulation-based casting technology is widely used in metal casting industries and foundries. It is a virtual software that gives a virtual casting process, such as mold filling, cooling, and solidification, with respect to direction and time. They also help in predicting and identifying the location of internal defects and optimizing the design and process methods of casting. They are useful for the production of economic, reliable, and high accuracy cast components.
Further, the report states that one of the major factors hindering the growth of this market is Need for high initial investment. Casting products are developed by the effective deployment of high-quality casting equipment, metals, and dies that deliver high-precision products in a minimal time. The high cost of casting equipment limits the production volume of manufacturers.