January 12, 2022 08:01 ET | Source: Vantage Market Research Vantage Market Research
WASHINGTON, Jan. 12, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the global metal casting market finds that rising sales of electric and hybrid vehicles is expediting market growth. Primarily driven by growing stringency in emissions and fuel efficiency regulations, the total global metal casting market is estimated to reach USD 50.97 Billion by 2028, up from USD 26.55 Billion in 2021, at a compound annual growth rate (CAGR) of 8.7%.
Furthermore, the increase in the demand for aluminium from automotive industry is also anticipated to augment the growth of the global metal casting market, states Vantage Market Research, in a report, titled “Metal Casting Market by Process (Gravity, High & Low Pressure, Sand), by Application (Body Assembly, Engine, Transmission), by Material (Iron, Al, Mg, Zn), by Component (ICE, EV), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Stringent Emission and Fuel Efficiency Regulations to Fuel Global Metal Casting Market
The increase in demand for aluminium owing to the increased fuel economy and emission regulation is anticipated to augment the growth of the metal casting market during the forecast period. Most of the OEMs now days have significantly increased the use of lightweight materials such as aluminium and composite in order to reduce fuel consumption since it is been estimated that they consume low energy during acceleration. The proper range and selection of material, design, manufacturing, and assembly will result in essential light weighting of the products. Aluminium is considered to be one of the most efficient lightweight materials in the automotive industry and is manufactured by forming techniques; this inclination of weight reduction will drive the metal casting market in the years to come.
Increasing Sales of Electric and Hybrid Vehicles to Stimulate Market Growth
The rising sale of electric and hybrid electric vehicle (HEV) market is expected to augment the growth of the metal casting market. According to IEA, global electric car stock reached 10 million in 2020 and electric car sales reached a record of 3 million in 2020, which is 40% more from 2019. This is attributable to the rising concerns of global warming and air pollution and increasing government support and regulations to reduce air pollution. Furthermore, better fuel efficiency and lower greenhouse gas emissions with the use of effective environment sustainable batteries and other products are driving the growth of the HEV market. The decreased cost of EV batteries has led to a decrease in cost of the electric vehicles which is further expected to drive the demand for metal casting. Furthermore, the increasing adoption of personal and luxurious vehicles has also increased the global sales of electric and hybrid electric vehicle and hence its production by the manufacturers as well which in turn is expected to support the growth of the metal casting market in the forecast period.
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The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the energy & power industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
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The report on Metal Casting Market highlights:
Asia Pacific Dominates the Global Metal Casting Market
Asia Pacific has dominated the global metal casting market in 2021 and is likely to continue the same trend during the forecast period. This is attributable to the increasing demand for passenger cars from consumers owing to the economic growth and rising disposable income of the consumers in the region. Furthermore, increasing demand for luxury vehicles is also expected to support the regional growth of the market.
North America & Europe is likely to witness substantial growth in the metal casting market during the forecast period. This is attributable to the presence of prominent manufacturers of electric vehicle industry, such as Tesla Motor Inc., Ford Motor Company, and Bayerische Motoren Werke AG, which are located in the U.S. and Germany. Additionally, the increased production of automobiles is also expected to support the growth of the metal casting market in near future.
List of Prominent Players in the Metal Casting Market:
Important questions answered in this report:
April, 2020: Arconic Corporation launched advanced aluminum sheet, plate, extruded and architectural products that primarily advance the ground transportation, aerospace, industrial, packaging, and commercial building markets. The Company’s common stock was expected to begin trading on the New York Stock Exchange under the ticker "ARNC" at 9:30 a.m. Eastern Daylight Time on April 1, 2020.
This market titled “Metal Casting Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Browse market data Tables and Figures spread through Pages and in-depth TOC on "Metal Casting Market by Process (Gravity, High & Low Pressure, Sand), by Application (Body Assembly, Engine, Transmission), by Material (Iron, Al, Mg, Zn), by Component (ICE, EV), by Regions (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)" View detailed Table of Content here – https://www.vantagemarketresearch.com/press-release/metal-casting-market-761899
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