The global metal casting market size was valued at USD 136.71 billion in 2022 and is anticipated to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2030. Increasing demand for casting from the automotive sector is anticipated to drive market growth over the forecast period. Metal casting is one of the popular manufacturing processes and involves pouring molten metal into a die or sand mold to get the desired shape. It helps produce complex and large-size parts for various industrial applications. Stringent regulations regarding pollution and energy efficiency requirements in vehicles are triggering the growth of the metal casting industry. Regulations have forced automakers to shift to lightweight vehicles to improve fuel efficiency.
Increasing use of casting on account lightweight properties and aesthetic appeal imparted by it is driving the demand for aluminum casting in the construction market. Finished products can be used in construction equipment & machinery, heavy vehicles, curtain walling, door handles, windows, and roofing. The ability to recycle aluminum products is becoming a crucial factor as building owners are increasingly moving toward deconstruction instead of demolishing old or out-of-use buildings. Extracting recyclable materials from buildings also reduces the environmental impact of construction activities.
Gather more insights about the market drivers, restrains and growth of the Metal Casting Market
Material Insights
The aluminum segment accounted for the largest revenue share of 38.3% in 2022. The major portion of the demand in this segment is projected to come from emerging markets, especially from the automotive, construction, and oil & gas sectors. Finished casting products are likely to remain a key area for investors. As per the World Foundry Organization, the production volume of iron casting increased by 0.8% in 2017 compared to the previous year. It was 156.58 kilotons in 2017. The production of ductile iron and grey iron metal products observed a growth rate of 1.1% and 1.3%, respectively, in 2017 compared to 2016.
Application Insights
The automotive segment held the largest revenue share of 59.5% in 2022. The global automotive production has been observing gradual yet encouraging growth in global automotive production over recent years. The global automotive production rose by 2.3% in 2017, according to data from the International Organization of Motor Vehicle Manufacturers. The incorporation of aluminum in order to achieve weight reduction will continue to hold significant importance for both automakers and market vendors.
Regional Insights
Asia Pacific dominated the market and accounted for the largest revenue share of 55.4% in 2022. Asia Pacific is characterized by the presence of skilled labor at low cost, which makes it the most lucrative region for manufacturers to set up production facilities. A shift in the global production landscape toward emerging economies, especially China and India, is expected to positively influence market growth over the forecast period. The rapidly expanding automobile sector in the region is expected to further boost the market growth over the forecast period.
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• The global advanced carbon materials market size was valued at USD 4.92 billion in 2023 and is projected to grow at a CAGR of 4.5% from 2024 to 2030. The major factors that drive the advanced carbon material market include the demand for lightweight and durable materials in the healthcare, automotive, and other sectors.
Key Companies profiled:
• POSCO
• Dynacast
• Arconic
• Ryobi Limited
• Endurance Technologies Limited
• Alcast Technologies
• UNI Abex
• MES, Inc.
• CALMET
• Hitachi, Ltd.
Metal Casting Market Segmentation
Grand View Research has segmented the global metal casting market based on material, application, and region:
Metal Casting Material Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
• Iron
• Steel
• Aluminum
• Others
Metal Casting Application Outlook (Revenue, USD Million; Volume, Kilotons, 2018 - 2030)
• Automotive & Transportation
• Industrial
• Building & Construction
• Others
Metal Casting Regional Outlook (Revenue in USD Million, Volume, Kilotons, 2018 - 2030)
• North America
o U.S.
o Canada
o Mexico
• Europe
o UK
o Germany
o France
o Italy
o Spain
o Russia
• Asia Pacific
o Japan
o China
o India
o Australia
o Thailand
o South Korea
o Indonesia
o Malaysia
• Central & South America
o Brazil
• Middle East & Africa (MEA)
o South Africa
o Saudi Arabia
o UAE
o Nigeria
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Recent Developments
• In June 2020, Endurance Technologies Limited completed the acquisition of Grimeca Srl, an Italian auto parts manufacturer. In a filing made to the stock exchange, Endurance announced the attainment of a complete ownership stake of 100% in Grimeca for a sum of 2.25 million Euros, equivalent to approximately USD 2.45 million.
• In November 2022, POSCO announced that two of its steel plants, located in Pohang and Gwangyang, have achieved certification for their commendable contributions towards fostering a sustainable future for the steel industry. This remarkable accomplishment underscores the plants' steadfast commitment and effective management in promoting environmental, social, and corporate governance (ESG) objectives.
• Following a rigorous nine-month evaluation conducted by the Future Strategy Forum based in Memphis, Tennessee, the Pohang and Gwangyang plants were awarded the certification. Notably, these plants hold the distinction of being the first steel facilities in Asia to receive certification from ResponsibleSteel, a renowned non-profit organization acclaimed for its comprehensive ESG standards and certification program.
