Die Casting segment likely to hold largest share of the aluminum casting market.

Northbrook, IL 60062 -- (SBWire) -- 10/26/2023 --The report "Aluminum Casting Market by Process (Die Casting, Permanent Mold Casting, Sand Casting), End-use Sector (Transportation, Industrial, Building & Construction), and Region (APAC, Europe, North America, South America, MEA) - Global Forecast to 2026" The global aluminum casting market size is estimated at USD 70.4 billion in 2021 and is projected to reach USD 100.5 billion by 2026, at a CAGR of 7.4%. The market for aluminum casting has experienced significant growth, primarily due to its use in passenger cars, motorbikes, aerospace, railways, shipbuilding, commercial vehicles, heavy machinery, building & construction hardware, power & hand tools, and telecom. With the emergence of new industries, the need for lightweight vehicles and automobiles is also increasing; this is creating scope for the aluminum casting market. Economic development, coupled with easy availability of labor and raw materials, particularly in China, is driving the continuous expansion of production facilities across industries in the country.

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Die Casting segment likely to hold largest share of the aluminum casting market during the forecast period.
Die Casting is the largest process segment of the aluminum casting market. Die casting processes find wide application in any production process that creates high volume metal components. The dominant market position of the die casting segment can be attributed to the efficiency and economical nature of the process that offers a broader range of shapes and components than other casting techniques. Die casting is extensively used in the automobile sector for parts such as engine blocks, wheel spacers, valve covers, and others. The advantage associated with die casting is that the parts produced deliver a long service life. High reliability, quick production, and versatility in design are others benefits related to the die casting technique.

The Industrial sector is projected to witness the highest growth in demand for aluminum casting market during the forecast period.
Aluminum castings find a wide range of applications in the industrial sector. Aluminum cast products find applications in various heavy equipment used in industries such as engineering and manufacturing. These products are cost-effective to implement and offer better strength and temperature resistance; they can be installed relatively quickly as compared to traditionally used materials in various sectors, ranging from manufacturing to medical. Manufacturers are therefore opting for aluminum cast products.

Rapid economic growth in China, India and Japan is expected to propel the APAC aluminum casting market in the coming years.
APAC is the largest market for aluminum casting market, in terms of value. The demand for aluminum casting is highly dependent on the economic growth of a region. According to the International Monetary Fund (IMF), China and India are among the fastest-growing economies, globally. Countries such as Japan and China are expected to post steady growth in the aluminum casting market due to the growing industrial, automotive, and construction projects. The APAC aluminum casting market has been growing rapidly over the past few years with the rising income level of the middle-class population and increasing government investments in the industrial, automobile, and Building & Construction sectors.

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The key companies profiled in this report on the aluminum casting market include Rio Tinto (UK), Ryobi Limited (Japan), United Company RUSAL (Russia), China Hongqiao Group Limited (china), Aluminum Corporation of China Limited (China), Alcoa Corporation (US), are key players in aluminum casting market.

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