Published Date : Feb 06, 2018
ALBANY, New York, February 6, 2018 –MarketResearchReports.biz has announced the addition of a new report “Aluminum Castings Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025”, titled to its offering. The report on the global aluminum castings market offers a critical assessment of key growth drivers, notable adoption trends, share and size of major application segments, the prevailing regulatory framework in key regions, and the competitive landscape.
The marked presence of global, regional, and domestic players in the global aluminum castings market account for the strikingly fragmented landscape. Top players enjoy prominence in the market with their diversified product portfolios. They are employing a mix of strategies that include introducing inexpensive products, to consolidate their shares in the global market. In addition, a number of leading players are focusing on technologies for developing high-performing products, in a move to stay ahead of others.
Top players operating in the global aluminum castings market include Ryobi Ltd., Nemak, Endurance Technologies Ltd., Dynacast International, and Arconic Inc.
The global aluminum castings market stood at US$ 25.23 bn in 2016 and is projected to expand at a CAGR of 5.2% from 2017 to 2025. The market is anticipated to reach a valuation of US$40.14 bn by the end of the forecast period.
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The key source of aluminum castings is bifurcated into primary and secondary. Of the two, the secondary sources consisting of recycled aluminum held a dominant share of 55.0% in 2016. The segment is expected to continue holding its sway throughout the assessment period. The widespread adoption of these sources is driven by the vast savings their application is poised to bring forth.
Regionally, Asia Pacific accounted for the leading share of the global market presently. The regional market is anticipated to retain its lead and the share is likely to rise further over the forecast period. The regional market is projected to rise at a CAGR of 5.3% from 2017 to 2025. Among the various regional markets, China is likely to be at the forefront of the regional market’s growth. Meanwhile, North America and Europe are prominent markets rising at an impressive pace over the assessment period.
The substantial demand for aluminum casting in the automotive sector and its increased preference over steel as manufacturing materials in making various automotive parts is a key factor driving the market. Several advantages such as notably lower weight and higher strength of aluminum are bolstering the demand for aluminum castings.
Some of the major non-automotive applications of aluminum casting include industrial and infrastructure.
The adoption of aluminum castings in various automotive parts world over has led to significant reduction of the overall weight of vehicles, thereby improving the fuel economy. Furthermore, the sustained focus on reducing carbon emissions in several developing and developed nations is a notable factor is stimulating the demand for aluminum castings in the automotive manufacturing industry. The notable shift of manufacturer from using cast iron engine blocks to engine blocks made of aluminum is also bolstering the uptake.
The rising interest in manufacturing aluminum casting from recycled aluminum is a prominent trend accentuating the growth of the market. In particular, developed nations of Europe and North America are witnessing wide demand for recycled aluminum, which bodes well for the overall market. The governmental focus on recovering aluminum from recycled waste in a number of emerging economies is a notable factor significantly contributing to the growth of the market. Furthermore, a thriving automotive manufacturing in developing and developed regions will open up lucrative prospects in the coming years.
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