Aluminum Castings Market to Observe Strong Development | 2025
The
market for aluminum castings is choc-o-bloc with regional and
international companies who compete against one another on the basis
of a well-diversified product portfolio. In order to grow their
market share further, the players are also seen coming up with
cost-effective products. They are banking upon latest technologies to
create more efficient products.
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Report Overview @
Arconic
Inc., Dynacast International, Endurance Technologies Ltd., Nemak, and
Ryobi Ltd. are some of the players that enjoy a stronghold over the
fragmented aluminum castings market.
A
recently added research study by Transparency Market Research expects
the aluminum castings market to rise at a steady 5.2% CAGR in the
forecast period starting from 2017 and ending in 2025. At this rate,
the market which was valued at US$ 25.23 bn in 2016, is projected to
reach US$40.14 bn by 2025.
The
two sources of aluminum castings are primary and secondary. The
secondary source, which consists of recycled aluminum, will likely
account for a dominant share – both vis-Ã -vis volume and value –
in the market in the next couple of years owing to mammoth savings
they bring about. Secondary aluminum segment held around 55.0% share
of the aluminum casting market in 2016.
Geographically,
the prominent segments of the global market for aluminum castings are
Latin America, North America, Asia Pacific, Europe, and the Middle
East and Africa. Asia Pacific currently holds over the half the share
in the global market for aluminum castings. In the years ahead, the
region is expected to further increase its share by pulling in a
maximum CAGR of 5.3% during forecast period between 2017 and 2025.
China is said to be mainly powering the growth in the region.
Automotive
Industry Lapping Up Aluminum Castings Due to their Ability to Reduce
Carbon Emissions
Automotive,
machinery and equipment, building and construction, and telecom,
among others, are some of the key end-use segments of aluminum
castings market. At the forefront of driving demand in the market is
the automotive sector. This is because aluminum has many advantages
over traditionally used steel. For starters, aluminum has high
strength. Second, it has a far lower weight. Elaborates the TMR
analyst who prepared the report, “With aluminum supplanting steel,
the overall weight of automobiles has been brought down by almost
half. This results in almost 17.0% reduction in emission of carbon,
thus making the vehicles fuel efficient.”
Third,
they are corrosion resistant and are highly conductive. Apart from
that, they can be easily customized through heat treatment. In fact,
because of so many unique perceived benefits, over half the
automobile in the world are currently made from aluminum castings.
Further, automotive manufacturers are moving from cast iron engine
blocks to aluminum engine blocks.
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Environmental
Regulations Lead to Surging Uptake of Recycled Aluminum
A
noticeable trend in the market is the rising manufacture of aluminum
castings from recycled aluminum, particularly in developed nations of
Europe and North America. This is because of strict rules pertaining
to protection of environment and promoting recycling of materials to
reduce waste. France, Austria, Germany, and Italy are some of the
European nations that are major recyclers of aluminum.
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