The global aluminum casting market held a market value of USD 61.3 billion in 2021 and is expected to grow at a CAGR of 6.8% from 2022 to 2030. The market volume is estimated to account around 30,025.3 MT in 2021.
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The aluminum casting market is growing extensively owing to the rising applications in the aerospace, defense, construction, as well as automotive industries. The rising electric vehicles and lightweight military equipment contributes significantly towards the growth rate of the aluminum casting industry. On the other hand, the high capital investment is restraining the market.
Based on region, the global aluminum casting market has been segmented into North America, Middle East & Africa, Europe, Asia Pacific, and Latin America. The North American market for aluminum casting is projected to hold an opportunity of USD 7.85 billion during 2022 to 2030. Moreover, the Asia Pacific industry for aluminum casting is likely to hold the highest growth rate of 7.5% over the forecast period.
The global aluminum casting market is segmented based on product, methods, and industry applications. Based on application, the electrical and electronics application segment is likely to cross the mark of USD 10 billion revenue by 2028.
The major players operating in the global aluminum casting market include Alcast Technologies Ltd., Arkema SA, Arrmaz, BASF Corporation, Dupont De Nemours Inc., Dynacast Deutschland GmbH, Honeywell International Inc., Huntsman Corporation, Ingevity Corporation, Kao Corporation, Kraton Corporation, MartinreaHonsel Germany GmbH, Nouryon, Sasol Limited, and among others. The top four players in the market held near about 25% market share.
Recent Developments by Market Players in the Global Aluminum Casting Market
- In June 2021, Rio Tinto partnered with Comptech to launch aluminum alloys which can be used in advanced technologies including electric vehicles and 5G antennas
- In April 2021, RUSAL, a leading global aluminium producer, acquired Aluminium Rheinfelden GmbH following approval by the German Federal Cartel Office and the German Federal Ministry for Economic Affairs and Energy.
- In September 2020, Tesla unveiled the installation of aluminum casting machines for the production of chassis at a German plant, for supporting its EV production
- In September 2020, Alcoa Corporation expanded its Sustana line with the introduction of EcoLum aluminum, which will perform 3.5 times better than the industry average
- In December 2018, Continental, a Germany-based automaker, capitalized USD 25.65 million for setting up of a premium surface materials facility in India
- Die Casting
- Permanent Mold Casting
- Investment Casting
- Sand Casting
By Industry Application
- Commercial Transport Planes
- Fuselages and Wings
- Space Station Shuttles/Structures
- Construction and Architecture
- Power Grids and Electrical Transmission Lines
- High Rise Buildings
- Site Furnishings (Removable Bollard Applications)
- Food and Beverage (cans)
- Electrical and Electronics Equipment
- Lightweight Aluminum Frames
- Body Panels
- Sensor and Airbag Housings
- Seat Belt Retractor Spools
- Lock Barrels
- Connectors for Autonomous Vehicles
- Steering and Braking Systems
- Crankcase Housings
By Region Segment of the Global Aluminum Casting Market is sub-segmented into:
- North America
- The U.S.
- The UK
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Rest of South America
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