Industrial Castings Market Analysis, Size, Share, Growth and Trends by Forecast to 2025
25 October 2018
The global industrial castings market size is anticipated to expand at a healthy CAGR over the forecast period. It is prominently due to an increase in manufacturing activity coupled with high demand from automobile industry. Metals such as magnesium, aluminum, copper-based alloys, zinc, steel, and iron are widely used for industrial castings.
These products are used in engine blocks, crankshafts, turbochargers, and other automotive parts. Apart from automobile industry, it is used in telecommunication mobile phone casing, aerospace, oil and gas, and chemical industries. This factor is anticipated to positively influence market growth in the forthcoming years. Excellent bearing properties and suitability for mass production are expected to drive demand in future. However, key disadvantages such as shrinkage, development of cracks, and metal projections may restrain growth to an extent.
Metal castings are used to produce over 90% goods and equipment worldwide. Increasing demand for light metal cast parts in automobile industry is expected to drive the industrial castings market. Also, demand for magnesium dye castings is on the rise. Rising focus of Original Equipment Manufacturers (OEM) and suppliers is encouraging the use of magnesium parts in vehicle. This factor is anticipated to boost demand in the forthcoming years.
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Increasing demand for simulation-based castings is expected to be another major market driver. A large number of industries require these components with exact dimensions to manufacture parts with varied dimensions and complex shapes. Simulation-based material helps reduce wastage and operational costs as it can produce close tolerance materials. It facilitates manufacturing precise parts to meet end user specifications. Other factors such as increased oil and gas production leading to high demand for heavy industrial machinery will possibly boost market growth. Also, assembly line upgrades in automotive plants can positively impact demand during the forecast period.
Emergence of lightweight materials made out of plastic is expected to restrain growth. Plastics are widely used in manufacturing interior parts in various automobiles. Further, environmental regulations such as the U.S. Environmental Protection Agency (EPA) norms related to greenhouse gas (GHG) emissions in power plants are expected to restrain demand.
Industrial castings are segmented into ferrous and nonferrous. Ferrous variants are made of ductile iron, steel, malleable iron, and gray iron. Ferrous metal is expected to be witness significant growth in the years to come due to its broad application in heavy machinery, aircraft, and valve industry. Non-ferrous variants, on the other hand, are made using aluminum, copper, and magnesium. Demand for aluminum and magnesium castings is expected to rise as they provide better structural strength and are lighter in weight than the traditional components.
Asia Pacific is anticipated to be the fastest growing market owing to rise in outsourced manufacturing activities in China and India. Continuous development in manufacturing activities in countries such as Korea, Taiwan, Indonesia, and Singapore make Asia Pacific a dominant region. Middle-East is considered to be an emerging market due to technological innovations in heavy equipment manufacturing industry. Such heavy equipment is widely used in construction and earthmoving vehicles. Spares for these equipment are manufactured using casting process.
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