Aluminium Casting Market by Casting Type (Die Casting, Permanent Mould Casting, Sand Casting, Lost Foam Casting, Investment Casting, and Other Casting Type), by Alloy Type (Aluminium-Silicon Alloys, Aluminium-Magnesium Alloys, Aluminium-Copper Alloys, and Other Alloy Type), by End User (Transport, Consumer Goods, Machinery & Equipment, Construction, Foil and Packaging, Electrical Engineering, and Other End User)–Global Opportunity Analysis and Industry Forecast 2024-2030
Industry: Materials and Chemical | Publish Date: 02-Mar-2024 | No of Pages: 369 | No. of Tables: 245 | No. of Figures: 210 | Format: PDF | Report Code : N/A
Market Definition
The Aluminium Casting Market size was valued at USD 59.16 billion in 2023 and is predicted to reach USD 86.90 billion by 2030 with a CAGR of 5.0% from 2024-2030.
Aluminium casting refers to the process of pouring molten aluminium into a mould cavity to create a specific shape or part. The casting method is widely used to produce various components and products ranging from small intricate parts to large structural components.
It offers properties such as corrosion resistance, high thermal conductivity, and dimension stability. These properties make casted aluminium products suitable for a wide range of applications where lightweight, durable, and corrosion-resistant materials are required. They are widely used in numerous industries including electronics industry, aerospace industry, and energy sector to provide lightweight and durable components and products.
Market Dynamics and Trends
The increasing use of aluminium within the aviation industry for the construction of airframes, wings, and structural components is propelling the growth of the market. These components which are made up of aluminium provides high strength-to-weight ratio to the airplanes, ensuring structural integrity while keeping weight to a minimum.
According to a report published by International Civil Aviation Organization, the demand for air transport is expected to rise by an average of 4.3% annually over the next 20 years. This rise in air transport demand significantly rises the airplane manufacturing sector and thereby surges the aluminium casting market.
Moreover, the surging adoption of aluminium within consumer electronics devices such as laptops, smartphones, tablets, and others boost the growth of the market. The casted aluminium components are widely use to design the casing and enclosures of the devices, reducing the weight and comfortability of the devices.
Additionally, the enhanced thermal conductivity property of aluminium makes it an ideal material for heat sinks and cooling systems in electronic devices. Thus, the increasing production of consumer electronics propel the growth of the market.
Furthermore, the growing utilization of casted aluminium within the automotive sector, particularly for crafting various car components such as pistons, suspension systems, and chassis, is further driving the growth of the market. Aluminium components offer mechanical strength, durability, and corrosion resistance, making them well-suited for crucial automotive parts. Therefore, the rising adoption of aluminium in the automotive industry is boosting the aluminium casting market.
However, high energy costs act as a restraining factor to the growth of the market. The casting processes requires substantial energy input, to achieve the casting temperature. Fluctuating energy prices directly affect operational expenses thus impacting overall production costs and profitability in the market.
On the other hand, the adoption of advance casting techniques such as low pressure die casting, vacuum die casting, and thinwall die casting is expected to create future opportunities for the market. These techniques are poised to enable the production of high-quality metal products, thereby enhancing the efficiency and reducing the production costs of the final product.
Market Segmentations and Scope of the Study
The aluminium casting market share is segmented on the basis of casting type, alloy type, by end user, and region. On the basis of casting type, the market is divided into die casting, permanent mould casting, sand casting, lost foam casting, investment casting, and other casting type. On the basis of alloy type, the market is bifurcated into aluminum-silicon alloys, aluminum-magnesium alloys, aluminum-copper alloys, and other alloy type. On the basis of end user, the market is divided into transport, consumer goods, machinery & equipment, construction, foil and packaging, electrical engineering, and other end user. Regional breakdown and analysis of each of the aforesaid segments include regions comprising North America, Europe, Asia-Pacific, and RoW.
Geographical Analysis
Asia-Pacific holds the dominant share of aluminium casting market at present and is expected to continue its dominance during the forecast period. This is due to the rapid growth of automotive industry, particularly electric vehicles within the region.
According to a report published by East India Forum, China produced around 60% of total EV's around the world, which was estimated to reach 8 million in the year 2023. This prominent rise in automotive industry consequently surges the demand for the market.
Additionally, the rapid and escalating production of consumer electronic devices, including smartphones, laptops, and tablets, in the Asia Pacific region is significantly boosting market growth.
According to a report published by World Economic Forum, in November 2022, around 1.47 billion mobile phones were produced in China in the year 2020. This increase in production of smartphones significantly surges the demand for aluminium casting market.
On the other hand, North America is expected to show a steady rise in the aluminium casting market, due to the rapid growth of aerospace industry backed by the increasing space exploration programs.
According to a report published by Space Foundation, in January 2023, in recent years the U.S. witnessed a total of 33% rise in satellite launch attempts, thereby propelling the growth of the market.
Furthermore, the substantial growth of the maintenance, repair, and operations (MRO) sector in aviation, maritime, and automotive industries, dedicated to deliver routine maintenance and repair services within these industries, is fuelling the expansion of the market. The integration of casted aluminum parts in MRO operations provides strength and durability to the components, indicating promising prospects for the aluminum casting market's growth. As per a December 2023 report issued by the American Institute of Aeronautics and Astronautics, the MRO market is anticipated to account for 21.8% of the global total share between the years 2024-33.
Competitive Landscape
The aluminium casting market trends comprising of various market players such Alcoa Corporation, Ryobi Die Casting, Aluminium Corporation of China Limited, Rio Tinto, Alcast Technologies Ltd., Endurance Technologies Limited, Jiangsu Xingyong Aluminium Technology Co., Ltd., Chongqing Yujiang Die Casting Co., Ltd., Dynacast, and Zetwerk among others. These market players are adopting various strategic launching across various regions to maintain their dominance in the aluminium forging market.
For instance, in January 2024, Endurance Technologies Limited invested around USD 4.5 million to expand aluminium die casting facilities in India, which will upgrade the exiting sites. This strategic investment by Endurance Technologies aligns with its goal to enhance production capabilities and cater to the growing market needs.
For instance, in August 2022, Alcoa Corporation invested around USD 8 million in Canada to increase casting capabilities within the region. The project involves constructing new casting equipment within an existing building. This strategic move by Alcoa aligns with the company's goal to expand its casting capabilities and meet evolving market requirements.
Moreover, in May 2022, Buvo Castings collaborated with Green Mobility to develop thermal management solutions for aluminum casting in electronically powered vehicles. The new management solutions will produce advanced and high-quality castings ensuring longevity and heat dissipation in electrically driven vehicles.
Furthermore, in May 2021, Rio Tinto collaborated with Comptech to produce new aluminium alloys. This partnership aims to provide high-performance, cost-effective solutions for advanced sectors such as electric vehicles and 5G antennas with enhanced thermal conductivity and sealing features.
Key Benefits
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The report provides quantitative analysis and estimations of the aluminum casting market from 2024 to 2030, which assists in identifying the prevailing market opportunities.
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The study comprises a deep dive analysis of aluminum casting market including the current and future trends to depict prevalent investment pockets in the market.
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Information related to key drivers, restraints, and opportunities and their impact on the aluminum casting market is provided in the report.
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Competitive analysis of the players, along with their market share is provided in the report.
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SWOT analysis and Porters Five Forces model is elaborated in the study.
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Value chain analysis in the market study provides a clear picture of roles of stakeholders.
Key Market Segments
By Casting Type
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Die Casting
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Permanent Mould Casting
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Sand Casting
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Lost Foam Casting
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Investment Casting
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Other Casting Type
By Alloy Type
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Aluminum-Silicon Alloys
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Aluminum-Magnesium Alloys
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Aluminum-Copper Alloys
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Other Alloy Type
By End User
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Transport
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Consumer Goods
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Machinery & Equipment
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Construction
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Foil and Packaging
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Electrical Engineering
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Other End User
By Region
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North America
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The U.S.
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Canada
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Mexico
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Europe
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The UK
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Germany
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France
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Italy
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Spain
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Denmark
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Netherlands
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Finland
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Sweden
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Norway
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Russia
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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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South Korea
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Australia
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Indonesia
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Vietnam
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Taiwan
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Thailand
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Rest of Asia Pacific
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RoW
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Latin America
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Middle East
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Africa
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REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size in 2023 |
USD 59.16 Billion |
|
Revenue Forecast in 2030 |
USD 86.90 Billion |
|
Growth Rate |
CAGR of 5.0% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Countries Covered |
28 |
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Companies Profiled |
10 |
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Market Share |
Available for 10 companies |
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Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Alcoa Corporation
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Ryobi Die Casting
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Aluminum Corporation of China Limited
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Rio Tinto
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Alcast Technologies Ltd.
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Endurance Technologies Limited
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Jiangsu Xingyong Aluminum Technology Co., Ltd.
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Chongqing Yujiang Die Casting Co., Ltd.
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Dynacast
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Zetwerk
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