Metal Casting Market size is estimated to reach USD 280 billion by the end of 2035, growing at a CAGR of 6% by 2023 – 2035. In the year 2022, the industry size of metal casting was USD 135 billion. Population growth doubled with rapid urbanization has raised the architecture and construction industry in developing as well as developed countries such as India, China, Japan, and other regions making use of metal casting to offer structural support. For instance, as per National Investment Promotion and Facilitation Agency, infrastructural activities held a 13% share in total FDI inflows in 2021.
Factors such as increase in disposable income, growing vehicle production, standards on fuel efficiency and gases emission from vehicles are estimated to propel the market expansion. As per the International Organization of Motor Vehicle Manufacturers, globally over 79 million vehicles were produced in 2021.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023 – 2035 |
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CAGR |
~6% |
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Base Year Market Size (2022) |
~USD 135 billion |
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Forecast Year Market Size (2035) |
~USD 280 billion |
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Regional Synopsis |
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Material (Aluminum, Iron, Steel)
The aluminum segment is anticipated to account for notable share of 50 % in the estimated period. Aluminum casting is widely used in vehicle production as a lightweight material for vehicles, and growing trend of aluminum metal die casting. Owing to a wide variety of advantages of aluminum such as fuel efficiency, durability, corrosion resistance, acceleration, better handling, and others, this type of advanced material metal casting is used in the automobile sector. As per a report from the European Aluminum Association, aluminum content reached around 180kg in 2020.
Application (Automotive & Transportation, Building & Construction, Industrial)
The automotive & transportation segment in the metal casting market is anticipated to account for the highest revenue share by the end of 2035. The growth can be attributed to the increasing disposable income and demand for OEMs which further is pushing the demand for metal casting in the automotive sector as metal casting is highly applied in the production process of pistons, engine blocks, brake drums, carburetors, and other vehicle parts.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Material |
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Process |
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APAC Market Analysis
The market in the Asia Pacific region is predicted to witness the largest gain of 35 % by the end of 2035. China is considered to be the largest producer as well as consumer of metal casting in this region. China held a production volume of 50,000 kilotons, in the same year India held a production volume of 12,100 kilotons. Also, the increasing demand for metal casting in end-user industries and growing disposable income are expected to boost the market’s growth in the region.
European Market Forecast
The Europe metal casting industry is anticipated to grow significantly in the predicted period. In the Europe region, there are more than 4,500 metal casting firms, with small organizations with less than 50 workers. However, the strong presence of the automobile industry in France, Germany, and Italy is expected to raise the demand for aluminum-based casting in the upcoming years.
Author Credits: Smruti Ranjan, Rajrani Baghel
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