PUBLISHER: 360iResearch | PRODUCT CODE: 1494659
PUBLISHER: 360iResearch | PRODUCT CODE: 1494659
[189 Pages Report] The Industrial Casting Market size was estimated at USD 27.80 billion in 2023 and expected to reach USD 29.21 billion in 2024, at a CAGR 5.15% to reach USD 39.54 billion by 2030.
Industrial casting refers to pouring molten metal into molds to form diverse shapes that solidify and are subsequently used in various manufacturing methods including heavy and plant machinery. Manufacturers worldwide are increasingly adopting lightweight metals such as aluminum and magnesium in casting processes to reduce machinery weight and enhance automation and operational efficiency. This trend is expected to substantially boost the demand for industrial casting as the manufacturing industry grows and evolves towards more efficient and environmentally friendly solutions. However, environmental concerns and limitations in product features, such as size, weight, and complexity, can restrict the application of cast products in more demanding or specialized tasks. In addition, the lack of standardization across different markets and regions can complicate the production and approval processes, leading to inefficiencies and increased costs, thereby hindering market expansion. With ongoing technological advancements, the industrial casting sector stands to benefit significantly from improved production methods such as 3D printing, automation in sand casting, and enhanced metal casting processes. These technologies enable higher precision, reduced waste, and quicker turnaround times, making the process more efficient and environmentally friendly.
KEY MARKET STATISTICS | |
---|---|
Base Year [2023] | USD 27.80 billion |
Estimated Year [2024] | USD 29.21 billion |
Forecast Year [2030] | USD 39.54 billion |
CAGR (%) | 5.15% |
Regional Insights
In the Americas, the United States and Canada are significant in innovation in the industrial casting sector, focusing on investment casting and die casting technologies to primarily cater to automotive, aerospace, and construction industries. Recent patents reveal advancements in recyclable materials and energy-efficient processes. Customer purchasing behavior in the Americas leans towards high durability and sustainable products, influencing manufacturers to adopt eco-friendly processes. At the same time, EMEA countries exhibit a strong trend towards sustainable and innovative casting technologies due to stringent environmental regulations. The region is seeing a growing preference for lightweight material casting in the automotive and aerospace sectors. Research and innovation are largely driven by sustainability goals, leading to the adoption of advanced manufacturing technologies such as 3D printing in casting. Moreover, the Asia-Pacific region is experiencing significant industrial growth, particularly in emerging economies, including China, India, and Southeast Asia. This expansion boosts the demand for industrial castings manufacturing various equipment and machinery. The automotive industry, a major consumer of cast products, is growing in China, Japan, India, and South Korea. The increasing vehicle production to meet domestic and export demands has directly influenced the casting industry.
Market Insights
The market dynamics represent an ever-changing landscape of the Industrial Casting Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
FPNV Positioning Matrix
The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Industrial Casting Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
Market Share Analysis
The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Industrial Casting Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
Recent Developments
Expansion of Cooper Corporation's Manufacturing Units in India Enhance its Production Capacity and Technical Expertise
Cooper Corporation has broadened its manufacturing landscape with the opening of two new facilities in Maharashtra, India, significantly advancing its production and technological front. The second facility at E1 - MIDC specializes in aluminum high-pressure die casting, equipped with sophisticated machinery including Fanuc Robodrill, CNC, VMC, and HMC setups, as well as comprehensive quality assurance measures such as auto gauging and CMM. This unit extends over 12,000 square feet, adding 500 tons per month to production. [Published On: 2024-02-29]
Strategic Partnership Between PTC Industries and Safran Bolsters Global Aerospace Supply Chain
PTC Industries secured a significant multi-year contract with Safran Aircraft Engines (SAEs) to produce casting parts for LEAP engines. These components are essential for single-aisle jets such as the Airbus A320 neo, Boeing 737 MAX, and COMAC C919, marking an inaugural foray of Indian-produced castings into the global civilian aircraft market. This collaboration highlights a mutual commitment to the Indian government's 'Make in India' initiative, aimed at enhancing the nation's manufacturing sector. [Published On: 2023-11-14]
Strategic Expansion and Industry Impact of Pooja Castings Private Limited
Pooja Castings Private Limited is set to expand its global footprint by participating in Newcast 2023 in Dusseldorf, Germany, and aiming to showcase its capabilities and explore new business avenues amidst the shifting dynamics of global supply chains, particularly in light of the increasing demand for e-mobility solutions and the initiative 'Make in India'. The company seeks to leverage the expo to enhance its export prospects and achieve a significant growth rate by presenting its advanced manufacturing processes and high-quality aluminum casting solutions to potential global partners. [Published On: 2023-06-10]
Strategy Analysis & Recommendation
The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Industrial Casting Market. This critical assessment involves a thorough analysis of the organization's resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
Key Company Profiles
The report delves into recent significant developments in the Industrial Casting Market, highlighting leading vendors and their innovative profiles. These include Aero Metals, Inc., Ahresty Corporation, Aisin Corporation, Alcast Technologies Ltd., Alcoa Corporation, Arconic Corporation, Aristo Cast Inc., Ashland Foundry & Machine Works, Inc., Bradken Limited, Buhler AG, Consolidated Metco, Inc., Dandong Dawang Steel Castings Co.,Ltd, Dean Group International Ltd, Dynacast International, Electrosteel Castings Ltd., Georg Fischer Ltd, Hitachi Metals, Ltd., Kohler Co., Kubota Corporation, Precision Castparts Corp., Reliance Foundry Co. Ltd., Ryobi Limited, ThyssenKrupp AG, Waupaca Foundry Inc., and Weichai Holding Group Co., Ltd.
Market Segmentation & Coverage