In 2022, the global metal casting market was valued at approximately US$ 164,097.35 million and is anticipated to grow to around US$ 253,220.00 million by 2030, reflecting a compound annual growth rate (CAGR) of 5.6% during the period from 2022 to 2030.
Innovations in casting technologies are poised to revolutionize the metal casting sector by enhancing production efficiency, accuracy, and quality. These technological advancements aim to overcome challenges related to intricate geometries, material characteristics, and environmental sustainability. Notable 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, also known as gravity die casting, involves pouring molten metal into a reusable mold. On the other hand, additive casting employs additive manufacturing techniques to create molds and patterns for metal components, minimizing tooling needs and enabling the production of complex parts. A significant collaboration in 2021 between Gen3D and Enable led to the design and creation of a complex lattice structure utilizing Enable?s Additive Casting process, which merges additive manufacturing with traditional casting methods. The application of additive manufacturing in metal casting spans various industries, including automotive, aerospace, engineering, and machinery. Consequently, the evolution of casting technologies is anticipated to be a key trend in the metal casting market throughout the forecast period.
The global metal casting market is categorized by application into several segments, including automotive, aerospace, marine, textile, construction, oil and gas, industrial machinery, and others. The automotive sector represented the largest share of the global metal casting market in 2022, while the industrial machinery segment is projected to be another promising area from 2022 to 2030. Metal casting plays a crucial role in producing metal components for a wide range of applications across manufacturing, assembly, agriculture, and other sectors. It is also utilized in industrial pumps and commercial air compressors. The demand for intricate and high-quality products has surged alongside the growth of manufacturing industries.
Regionally, the global metal casting market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2022, the Asia Pacific region accounted for the largest revenue share of the global metal casting market. Europe is expected to emerge as another significant region in the near future. The metal casting sector in Europe is largely driven by technological progress, the availability of a skilled workforce, and compliance with strict quality standards. The robust manufacturing foundation of various industries, including automotive, original equipment manufacturing, machinery, and aerospace, along with the demand for high-quality metal components, propels the metal casting market in this region.
Key players in the global metal casting market include 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. These companies are employing various strategies, such as investing in research and development and launching new products, to establish themselves as formidable competitors in the market. Market participants are particularly focused on developing high-quality and innovative products to meet customer demands.
The overall size of the global metal casting market has been determined through a combination of primary and secondary research methods. The research process commenced with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry stakeholders to validate the information and gain deeper analytical insights. Participants in this process included industry experts such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the global metal casting market.