Global Automotive Casting Market Size, Share, Growth Analysis, By Material(Iron, Steel), By Process(Sand casting, Die casting) - Industry Forecast 2024-2031

Global Automotive Casting Market size was valued at USD 96.85 billion in 2022 and is poised to grow from USD 102.27 billion in 2023 to USD 158.15 billion by 2031, at a CAGR of 5.60% during the forecast period (2024-2031).

The global automotive casting market is experiencing significant growth due to increased automotive manufacturing activity worldwide. Vehicle manufacturers utilize various casting methods such as die casting, investment casting, and sand casting to produce intricate components essential for vehicle assembly, including transmission housing and engine blocks. This surge is fueled by heightened vehicle sales and the growing demand for diverse automotive parts. As the need for consistent casting part supply rises, opportunities emerge for automotive casting companies. Moreover, the pursuit of vehicle efficiency has led to a greater adoption of aluminum and magnesium cast components. The market is further propelled by innovations in casting technology, aimed at achieving precise and defect-free complex components, alongside meeting demands for enhanced surface finishes. Companies in the automotive casting sector are prioritizing automation and advanced technologies to enhance productivity and reduce costs. Looking ahead, the unique design requirements of electric vehicles (EVs) present a promising avenue for automotive casting providers to innovate with lighter materials, aligning with the trend towards improved EV range and efficiency. Additionally, stringent safety regulations and ongoing advancements in casting technology are poised to sustain market growth in the foreseeable future.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Casting Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive Casting Market Segmental Analysis

The global automotive casting market is segmented on the basis of material, process, application, distribution channel, vehicle, and region. Based on Material, the market is bifurcated into iron, steel, aluminum, others. On the basis of Process, the market is segmented into sand casting, die casting, investment casting, and others. Based on application, the market is divided into Engine, Transmission and suspension, Brakes and wheels, and others. On the basis of distribution channel, the market is segmented into OEMs and aftermarket. Based on vehicle, the market is bifurcated into passenger cars, light commercial vehicles, heavy commercial vehicles, and two wheelers. On a regional level, the market is divided into North America, Europe, Middle East and Africa, Asia-Pacific, and Latin America.

Drivers of the Global Automotive Casting Market

The surge in disposable income across developing nations alongside the increasing adoption of electric vehicles stands as pivotal drivers propelling global automotive production forward, consequently fueling the demand for automotive casting.

Restraints in the Global Automotive Casting Market

The emission of greenhouse gases and waste from foundries has sparked significant environmental concerns due to their detrimental effects on the environment. The imposition of stringent regulations aimed at reducing pollution from the manufacturing sector could potentially hinder the growth of the automotive casting market.

Market Trends of the Global Automotive Casting Market

The pursuit of lighter vehicle weights has prompted the incorporation of lightweight automotive parts crafted from materials like magnesium and aluminum. This trend is expected to gain further momentum with the increasing popularity of electric vehicles, driving up the demand for lightweight materials in the automotive casting sector.