The global metal casting market size was valued at US$ 164,097.35 million in 2022 and is projected to reach US$ 253,220.00 million by 2030; it is expected to grow at a CAGR of 5.6% from 2022 to 2030.
Advancements in casting technologies can transform the metal casting industry by improving efficiency, precision, and quality of production. Technological developments are expected to address constraints about complex geometries, material properties, and environmental sustainability. Several advanced technologies include digital simulation and modeling, additive manufacturing, vacuum casting, lost foam casting, high-pressure die-casting, low-pressure mold casting, and permanent mold casting. Permanent mold casting is termed as gravity die casting, that involves molten metal poured into the reusable mold. Additive casting utilizes additive manufacturing to produce molds and patterns, to cast metal components. The approach reduces the requirement for tooling and ensures the manufacturing of complex components. In 2021, Gen3D and Enable collaborated to design and produce a complex lattice structure using Enable’s Additive Casting process, which is a hybrid production method combining additive manufacturing and conventional casting. Additive manufacturing in metal casting has a wide scope of application in several end-use industries such as automotive, aerospace, engineering, and machinery industries. Thus, the advancement of casting technologies is expected to become a major trend in the metal casting market during the forecast period.
The global metal casting market has been segmented based on application into automotive, aerospace, marine, textile, building and construction, oil and gas, industrial machinery, and others. The automotive segment held the largest share in the global metal casting market in 2022. Industrial machinery segment is expected to be another attractive segment during 2022 to 2030. Metal casting is used to create metal components for many applications across manufacturing & assembly, agriculture, and other industries. It is also used in industrial pumps and commercial air compressors. Demand for complicated and high-quality products has increased with the expansion of manufacturing industries.
Based on region, the global metal casting market has been segmented into the North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, Asia Pacific held the largest revenue share of the global metal casting market. Europe is expected to be another attractive region in the near future. The metal casting industry in Europe is highly driven by technological advancements, skilled workforce availability, and adherence to stringent quality regulations. The strong manufacturing base of several industries, such as automotive, original equipment manufacturing, machinery, and aerospace and demand for high-quality metal components drive the metal casting market in the region.
ArcelorMittal SA, Posco Holdings Inc, Alcoa Corp, Lucchini RS SpA, RYOBI Aluminium Casting (UK) Ltd, Allard-Europe NV, FONDERIA AUGUSTA Srl, MEDEKO CAST Sro, Tycon Alloy Industries (HongKong) Co Ltd, and Novacast Ltd. are some of the major players operating in the global metal casting market. Players operating in the global metal casting market are adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitors in the market. Market players are highly focused towards the development of high quality and innovative product offerings to fulfil the customer’s requirements.
The size of overall global metal casting market has been derived using both primary and secondary source. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the global metal casting market.