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Market Summary The aluminum casting market was valued at USD 90.98 billion in 2021 and it is predicted to reach USD 135.20 billion by 2030, rising at a compound annual growth rate (CAGR) of 5 % from 2022 to 2030.
The aluminum casting products have several applications in transportation sector, industrial sector, and building and construction sector. The transportation sector is the biggest consumer of aluminum cast products globally. Furthermore, growth in population, rise in standard of living in developing countries, and expansion of developing economies are expected to increase the demand for aluminum casting products over the forecast period.
The COVID-19 pandemic has tremendously affected the production of aluminum worldwide, as China is the leading producer of aluminum globally and it was highly affected by the pandemic. The manufacturers and end-users from Europe and North America also had to close their operations, resulting in a demand contraction.
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SEGMENT OUTLOOK: By Type: The die casting method holds the largest share in 2021, because of the rising demand for aluminum casting products in the automobile industry. Automobile parts such as engines, cylinders, gears are made with die casting method for rapid and mass production of vehicles. The die casting method is further categorized into pressure die casting, vacuum and squeeze die casting. The rise in demand for vehicles will increase the production of automobile parts, resulting in rise in demand for aluminum cast products over the forecast period.
By Applications: The transportation sector is the largest consumer of aluminum cast products globally, with increasing demand for lightweight and electric vehicles, aircraft, bicycles, and public transport. As aluminum is lightweight, it makes the vehicle more efficient and increases the range especially in the case of electric vehicles. Electric vehicle market is growing, and it is going to increase the usage of aluminum in its production. This will likely drive the aluminum cast market over the forecast period.
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By Regional Outlook: The Asia Pacific region is the leader in aluminum casting market, and it is likely to have higher CAGR over the forecast period. Countries like China and India contributed majorly, with their rapidly expanding manufacturing sector. Automobile companies are setting up their manufacturing units in India and China, because of low labor cost in these countries to reduce the cost of production of vehicles.
In North America, to increase the fuel efficiency of vehicles, the companies are utilizing the aluminum casting products to reduce the weight of the vehicles and increasing the efficiency of vehicles.
By Key Competitors and Market Share Analysis: As a result, leading firms are focused on maintaining long-term operations and developing manufacturing and distribution capabilities to increase their market position.
The following are some of the major market players operating across the globe:
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Segments Covered in the Report This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2030. For the purpose of this report, Data Lab Forecast has segmented the global Aluminum Casting Market report on the basis of Product, Application, and region:
The report segment of the global Aluminum Casting market is as follows: Global Aluminum Casting Market: By Product Outlook (Revenue, USD Million, 2021 – 2030)
Global Aluminum Casting Market: By Application Outlook (Revenue, USD Million, 2021 – 2030)
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