According to AstuteAnalytica, the global aluminum casting market is expected to register a CAGR of 6.8% in terms of production value during the forecast period 2022-2030. The global aluminum casting market was valued at USD 61.3 billion in 2021 and is expected to reach USD 108.6 billion by 2030; in terms of volume, the market is expected to register a CAGR of 6.1% over the forecast period.
By region:
In 2021, North America will be the third largest market for aluminum castings in the world
The North American market has the largest market share of aluminum castings in the United States. The automotive industry is a large consumer of aluminum castings, and most of the products produced by American aluminum alloy die-casting companies are used in the automotive and construction industries. According to a report by the local aluminum industry association, the output value of aluminum die-casting shipments from U.S. die-casting plants exceeded $3.50 billion in 2019, compared with $3.81 billion in 2018. Shipments declined in 2019 and 2020 due to the Covid-19 pandemic.
Germany dominates the European aluminum casting market
Germany has the largest share of the European aluminium casting market, accounting for 20.2%, but German car production and sales have been hit hard by Brexit, with die-cast aluminium production falling by $18.4bn (£14.64bn) in 2021.
Asia Pacific holds the largest share of the global aluminum casting market
Benefiting from the multiple tech metropolises in Asia-Pacific countries such as China, South Korea and Japan, the Asia-Pacific region is expected to witness the fastest CAGR during the forecast period. China is a major supplier of primary aluminum to Western countries. In 2021, China’s primary aluminum production will reach a record 38.5 million tons, an annual increase of 4.8%. The output value of India’s auto parts industry accounts for 7% of India’s GDP, and the number of employees associated with it reaches 19 million.
The Middle East and Africa aluminum casting market has the highest compound annual growth rate
According to the Vehicle Production Development Plan – Vision 2020, South Africa plans to produce more than 1.2 million vehicles, which will create many favorable opportunities for South Africa’s aluminum casting market, where the majority of aluminum castings are used for body panels. As the demand for aluminium wheels in the South African automotive industry continues to increase, so will the demand for aluminium castings.
Brazil is the largest player in the South American aluminum casting market
According to the Brazilian Foundry Association (ABIFA), the aluminum casting market is mainly driven by the automotive industry. In 2021, the output of aluminum castings in Brazil will exceed 1,043.5 tons. The growth of the Brazilian foundry market is a key driver for the South American automotive and aluminum castings market. According to LK Group, a designer and manufacturer of die-casting machines based in Hong Kong, Brazil is one of its most important suppliers of major die-casting products. The total amount of die-casting products in Brazil ranks 10th in the world, and there are more than 1,170 die-casting enterprises and about 57,000 die-casting industry practitioners in the country. The country plays an important role in the BRICS die-casting industry, as die-casting holds a significant share of the market and Brazil’s growing production.
Post time: Jun-11-2022