Metal Casting Market Size, Share, Growth Analysis, By Material(Iron, Steel), By Application(Automotive & Transportation, Industrial) - Industry Forecast 2024-2031

Report ID: SQMIG15J2034 | Region: Global | Published Date: April, 2024
Pages: 184 | Tables: 65 | Figures: 77

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Metal Casting Market size was valued at USD 151.94 billion in 2022 and is poised to grow from USD 160.75 billion in 2023 to USD 252.37 billion by 2031, at a CAGR of 5.8% during the forecast period (2024-2031).

Due to the prevalence of several small and medium-sized businesses (SMEs) and the unorganized character of the industry structure, the metal casting market is fragmented. Several major players are concentrating on boosting their production capabilities internationally and expanding their footprint. Players in the metal casting production industry face a number of difficulties, such as underutilization of capacity, resource optimization, high energy usage, and adherence to strict standards. 'Alcoa Corporation (United States)', 'Thyssenkrupp AG (Germany)', 'General Electric Company (United States)', 'Nemak (Mexico)', 'Buhler AG (Switzerland)', 'Bharat Forge Limited (India)', 'Hitachi Metals, Ltd. (Japan)', 'Arconic Inc. (United States)', 'CITIC Dicastal Co., Ltd. (China)', 'Xinxing Ductile Iron Pipes Co., Ltd. (China)', 'Amsted Industries Incorporated (United States)', 'China First Heavy Industries (CFHI) (China)', 'Weichai Group (China)', 'Grupo Industrial Saltillo (Mexico)', 'Neenah Foundry Company (United States)', 'Metal Technologies Inc. (United States)', 'Ryobi Limited (Japan)', 'Aisin Takaoka Co., Ltd. (Japan)', 'Waupaca Foundry, Inc. (United States)', 'Gibbs Die Casting Corp. (United States)', 'Kocel Machinery Co., Ltd. (China)', 'Shiloh Industries, Inc. (United States)'

The demand for metal castings is closely linked to industrialization and infrastructure development. As countries undergo industrialization, there is a rising need for metal castings in sectors such as automotive, construction, energy, and machinery manufacturing. The construction of infrastructure projects, including buildings, bridges, and transportation networks, further drives the demand for metal castings.

With increasing consumer expectations and aesthetic requirements, there is a rising demand for metal castings with superior surface finishes. Manufacturers are investing in advanced surface treatment techniques, such as shot blasting, sandblasting, powder coating, and electroplating, to achieve high-quality finishes and enhance the visual appeal of cast components.

In terms of volume, Asia Pacific dominated the regional metal casting market in 2022. Asia Pacific is the most profitable location for manufacturers to set up production facilities because of the availability of trained labor at reasonable prices. Over the course of the projected period, a shift in the production environment in favor of emerging economies, particularly China and India, is anticipated to positively impact market growth. Over the course of the forecast period, the region's quickly growing vehicle industry is anticipated to further fuel market growth.

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Global Metal Casting Market

Product ID: SQMIG15J2034