Market outlook of the aluminum casting market
The market research analysts predict that the global aluminum casting market will grow at a CAGR of nearly 6% by 2020. An increase in the preference for aluminum casting for the production of vehicles and their components will drive the prospects for growth in this market. Aluminum castings are lightweight and can be easily customized through heat treatment. This makes them suitable for automobiles as they help to improve the fuel efficiency by reducing the overall weight of the vehicle.
The growing preference for corrosion-resistant and highly conductive materials will drive the demand for aluminum casting until 2020. Also,automotive manufacturers are moving from cast iron engine blocks to aluminum engine blocks. This shift in the preference for non-ferrous materials,such as aluminum casting,will incite market growth during the forecast period.
Process-based segmentation of the aluminum casting market
die casting
Permanent molding
In this market study,analysts have estimated the aluminum
die casting segment to be the largest market segment during the predicted period. This segment currently accounts for more than 51% of the total market share and is anticipated to further enhance its hold over the market by 2020 owing to its cost effectiveness. The ability of this process to enable dimensional stability in complex shapes and thin surfaces will foster its adoption during the forecast period.
Segmentation and analysis by application of the global aluminum casting market
Automobiles
Heavy machinery and industrial
Aerospace and marine
Building and construction hardware
Power and hand tools
Telecom
The market research analyst has estimated the automobiles segment to account for approximately 55% of the total market share by 2020. The growing demand for fuel-efficient and lightweight vehicles will drive the utilization of aluminum casting in the automobile industry. Also,the introduction of stringent regulations to reduce carbon emissions will force automotive manufacturers to use materials like aluminum as they help to reduce emissions by decreasing the overall weight of the vehicle.