Albany, New York, Nov. 21, 2018 (GLOBE NEWSWIRE) -- Presence of a large number of players makes the global aluminum castings market fragmented and competitive. To stay on top of competition in such a crowded marketplace, players are seen investing in research and development of better products. They are diversifying their portfolios in order to cater to the wide ranging demand in the market so as to grow their sales and revenues. Nimble players in the global aluminum castings market are building cost-effective and high performing products in order to maintain their stronghold.
Banking upon such shrewd strategies, companies that have shot into prominence are Nemak, Ryobi Ltd., S.A.B. de C.V., Dynacast International, Alcoa Corporation, and Endurance Technologies Ltd.
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Between 2017 and 2025, the global aluminum castings market is predicted to rise at a steady 5.2% CAGR, finds a report by Transparency Market Research. The report valued the market at US$25.23 billion in 2016 and projects it to reach US$40.14 billion by the end of 2025.
The global aluminum casting market can be broadly bifurcated into primary and secondary depending upon the source of aluminum. The secondary aluminum source, which is basically recycled aluminum, is expected to account for a dominant share in the market in the near term. This is because recycled aluminum brings about 90.0% savings and does not compromise the quality of the product either. The segment is predicted to rise at a 4.5% CAGR. Geographically, Asia Pacific holds a leading share in the global aluminum castings market. In the next couple of years, the Asia Pacific market is predicted to increase its share further by rising at a 5.3% CAGR. China is mainly fuelling Asia Pacific aluminum castings market, finds the report.
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Automotive Industry Mainly Driving Demand in Global Aluminum Castings Market
A dynamic automotive industry always on the lookout to enhance efficiency of vehicles and reduce fuel usage is mainly driving demand in the global aluminum castings market. Elaborates our lead in-house analyst, “Aluminum castings are increasingly supplanting steel for making automobiles. The former is lightweight and thus serves to reduce the overall weight of the vehicle and make it more fuel efficient. Besides, they cannot be easily corroded, have excellent strength, and high conductivity. Thus, many automakers are adopting aluminum die castings for manufacturing automobile bodies.”
Demand from the industrial and infrastructure sectors too are driving demand in the global aluminum castings market.
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Aluminum Recycling Fuels Aluminum Castings Market
The global aluminum castings market is receiving a major boost from the practice of recycling aluminum too. The trend is most prominent in Europe and North America. Adds the TMR analyst, “The stringent rules pertaining to environment protection, particularly in North America and Europe have led to strong emphasis on recycling aluminum. This brings down costs of production and thus enables players to reap greater profits.”
The review is based on the findings of a TMR report, titled, “Aluminum Castings Market (Source - Primary and Secondary; Process - Die Casting, Permanent Mold Casting, and Sand Castings; Application - Automotive (Passenger Cars & LCV, Commercial Vehicles, and Motor Bikes) and Non-Automotive (Infrastructure and Industrial)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017–2025.”
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The report segments the Global Aluminum Castings Market into the following:
Global Aluminum Castings Market, by Source
- Primary
- Secondary
Global Aluminum Castings Market, by Process
- Die Casting
- Permanent Mold Casting
- Sand Casting
Global Aluminum Castings Market, by Application
- Automotive
- Passenger Cars & LCV
- Commercial Vehicles
- Motor Bikes
- Non-Automotive
- Infrastructure
- Industrial
- Consumer Products
- Aerospace
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